A former Monticello Public Works storage site will be developed soon into a residential subdivision.
What was known not long ago as the Edmonson Farm is now earmarked to be developed as Edmonson Ridge, a community of 54 single-family homes on Monticello’s southeast side.
The Monticello City Council on Monday, Dec. 14 approved a request to annex the property into the city from Monticello Township. The City Council also approved a final stage planned unit development (PUD), a final plat and developers agreement, and a request to rezone the property from agriculture to PUD.
The requests came from developer LSW Investments, LLC., which also developed the Featherstone neighborhood in Monticello.
A preliminary plat and development stage PUD was approved by the city on November 23. That action came after the planning commission moved the project forward at its November 2 meeting.
LSW Investments asked that the project be given PUD status as opposed to the general residential zoning a single-family home development would generally fall under in order to achieve some flexibility in terms of lot sizes within the development. A couple lots look to be slightly smaller than what is allowed under R-1 residential zoning. Some flexibilty was also sought in the 2,000 square-foot finishable requirement, as well as some flexibility in the maximum driveway width allowed under R-1 zoning.
With the zoning changes, the development’s housing density is estimated to be 2.7 units per acre, well below the 4.4 unit/acre requirement of a traditional neighborhood plan and the 3.1 unit/acre maximum requirement of R-1 zoning.
Because of the current state of the housing market, LSW Investments estimated that the build-out of Edmonson Ridge would likely be about five years. The developer noted that Edmonson Ridge will be an upscale development valued at about $20 million when completed.
In addition to the zoning changes, the Monticello City Council approved a deferal program for the payment of trunk fees associated with the project.
On most projects, sanitary sewer fees are paid to a city upfront. In the case of Edmonson Ridge and LSW Investments, a two-year deferral was put in place to allow the developer some financial flexibility while the project gets off the ground.
Under the deferral agreement, LSW Investments will face no interest charges on the value of the deferred fees, while locking in a 2020 rate in regards to the trunk fees. If any homes are constructed over the course of the next two years before the deferral expires, trunk fees would be paid to the city at the time the developer applies for a building permit.
The measures were approved unanimously by the City Council.