VERSAILLES — During its Wednesday night meeting, the Versailles Village Council unanimously approved an ordinance establishing a Downtown Redevelopment District.
“Village officials are very happy to have this Downtown Redevelopment District created,” Village Administrator Rodd Hale said. “While the district will not bring immediate revenue to the village, it is a 30-year plan that will eventually provide some significant revenue to help maintain and revitalize our downtown and surrounding areas. We appreciate the cooperation of Superintendent Aaron Moran and the Versailles School District for partnering with us on this DRD project.”
The village is seeking to preserve its history while also supporting businesses, jobs and commerce in town. The primary goal of the Versailles DRD will be new capital investment. A secondary, but equally important, goal is the creation of jobs in the DRDs.
The DRD will be 10 acres in size, roughly defined as parcels located along Main Street bounded by East Water, East Wood and North West streets. The Versailles DRD has a continuous boundary connected by the right-of-way of the public streets.
In order to encourage development in the Versailles DRD, the primary purpose of the DRD will be to incentivize developers and building owners to make capital investments in properties within the DRD. Revenue within the Versailles DRD will be generated through building investment, which will cause an increase in building value, resulting in an increase in property taxes. The DRD takes 70 percent of the new property tax generated and uses it to fund grants, loans, public infrastructure, and economic development and non-profit organizations.
The village intends to use the DRD as a marketing tool to encourage further development in the downtown. The creation of the Versailles DRD could produce initial revenue of more than $500,000 through the development of the Casey’s General Store. This new property tax could benefit and renovate the Village Hall, which is listed on the National Register of Historic Places, and serves as the anchor of the Versailles DRD. Additional investment in the DRD, including the addition of second floor apartments along Main and the renovation of existing businesses will generate additional revenue for the DRD.
In other business, council approved a new five-year contract for Hale as village administrator. He has been with the village for six years, previously working under two three-year contracts.
“I’m very thankful Mayor Jeff Subler and the Village Council have the confidence in me to provide me a five-year contract. The Village of Versailles, and its team of employees, are a fantastic organization and I’m grateful to be a part of it,” he said.