Milford Redevelopment Commission president Dan Brown shared information on the finances of the Eastfield subdivision project at the Monday, Sep. 9 meeting. The town has made its money back on the project, though some unexpected expenses did crop up. Photo by Lilli Dwyer.

By Lilli Dwyer
InkFreeNews

MILFORD — The Milford Redevelopment Commission discussed costs of the Eastfield subdivision project at its Monday, Sept. 9 meeting.

According to the commission’s president, Dan Brown, the town of Milford and KEDCO each put in $25,000 for identifying land and preliminary engineering for the Eastfield subdivision project. Both the town and KEDCO have made that money back since construction on the project got started.

“In the process of transferring land to the developer, there was a gain that was used in offsetting expenses for all the stuff that had to be done to get the project up and moving, including all the legal work,” Brown explained.

There were some unexpected costs from infrastructure appraisals that the town is responsible for. The commission approved paying a total of $5,879.68, which will come out of TIF 1 increments funds as a project expense.

“Most of our industry is in TIF 1, housing is a problem, and this benefits TIF 1 through the development of new housing in the town of Milford … they expand the housing the housing opportunities for our employers that are located within the TIF district,” said Brown.

Milford Clerk-Treasurer Tricia Gall gave a brief update on spending plans, which legislation from the Department of Local Government Finances now requires the town to create by Dec. 1. Gall stated the DGLF had released new information on spending plans guidelines and financial adviser Jim Higgins would communicate with her about the town’s next steps by the end of the week.

Discussion of an agreement of services with KEDCO was tabled for next month.

The next Milford Redevelopment Commission meeting will be Monday, Oct. 14.