The Centralia City Council has agreed to a further development agreement for Castle Ridge.
Under the agreement, Meadow Woods Holdings, LLC will have the cap for funding through the tax increment financing district increased from $2.5-million to $5.75-million and will be able to keep a larger amount of the special one cent sales tax that is collected at Castle Ridge.
Managing Partner Greg Sutton explains what the new agreement means.
“Begin the engineering for the cottages and lodges, which is the next phase of the development. So once we finish that we will be looking for some lakeshore stabilization along our waterfront for the cottages and lodges as well as the water course that was talked about to support kayak runs. It is one of the fastest growing leisure activities in the country and a lot of opportunities to get people to come into the community.”
Sutton says the goal is to construct four lodges and 12 cabins with a total of 28 rooms in 2024, the water craft watercourse in 2028, and the construction of six single family residential estate homes in 2029. Sutton says infrastructure improvements will also allow for future development of the amphitheatre and other entertainment facilities.
Under the bonding for the additional improvements, Castle Ridge will pay back the city $350,000 for improvements to the road leading into the facility now instead of later during the life of the TIF agreement.
