For the Hub City Times
MARSHFIELD – Marshfield aldermen are moving forward with plans to create a new subdivision.
With Alderman Peter Hendler voting “no,” the common council voted 9-1 on May 11 in favor of moving ahead with the concept, presented by Development Services Director Josh Miller.
“If we act quick enough this year, we could have lots open up by the end of this year,” he said.
“The cost estimate, it’s about a $1.5 million price tag, and that’s just based on an estimate. Obviously, there are some risks. The benefits, once it’s built out, we’ll generate over $9 million in tax base.”
Under Miller’s proposal, the city would contribute $622,000 toward the startup costs, with the remaining $900,000 coming from the city’s Economic Development Board (EDB). That money would be used to develop a 10-acre piece of property with room for approximately 23 lots. The EDB would get its money back through the sale of lots, while the city’s money would come back in the form of new property taxes.
The individual lots would sell for $40-45,000, and the average assessed value of each new home would be roughly $400,000. Local realtor, Ashley Fredrick told the Council that’s exactly what a lot of people are looking for in Marshfield right now.
“That higher end is kind of where it is at today. Basically, my last five listings that were at $380,000 went for $20-40,000 over asking,” she said. “I am also married to a contractor, so I know what it costs to build a house. My husband typically tells people that he can’t build anything for less than $300,000. That’s what it is today.
“We do have to remember that we do have a large employer here that has large incomes, but you also have to remember that people have saved a lot over the last couple of years, especially with COVID.
Fredrick also pointed out the cost of a typical rental in the city and how it compares to the typical mortgage payment.
“When we talk about those price points, our rentals are getting up there in cost where it is somewhat comparable to a mortgage,” she explained.
But it’s not just the lack of housing that is hurting the city right now. Miller said it’s also the number of buildable lots available.
Miller told the council the city has not seen a new subdivision in 13 years, and a number of people have not taken jobs in Marshfield because they couldn’t find acceptable housing, or they’ve had to purchase a home outside the city.
The council agreed to advance the subdivision plan, with a contingency that at least 12 of the available lots be pre-sold within the next month. If that threshold is met within the next two weeks, Miller said that would allow for the project to be put out for bids by the end of May.
He said the goal from there would be to get the infrastructure built this year and open up lots for construction before winter. The city council still has to finalize the acquisition of property for the new subdivision, which was the subject of a closed session held by the aldermen at the end of that night’s meeting.
City officials have not disclosed the potential location.
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May 13, 2021 at 02:09AM
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City looks at creation of new subdivision - Hub City Times
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