The Sheridan City Council approved an agreement Monday night that is another step in facilitating economic development within the community. Attempts to bring the Sheridan Commercial Park subdivision to fruition began in the early 1970's.
City of Sheridan Public Works Director Nic Bateson says that over the past four years, the City has worked closely with the twelve lot owners and developer Brad Waters.
The agreement states that the City will receive three lots from the developer in exchange for providing sewer infrastructure to the subdivision.
The estimated cost for the City is $786,000; however, the agreement states that there is no timetable on when the improvements need to be made, and that no General Fund monies will be used for the infrastructure.
The twelve lot owners will be responsible for a $395,000 Special Improvement District fee that will reconstruct Commercial Lane and Public Road B.
The Sheridan Commercial Park subdivision is located just east of Interstate 90 where East Brundage Lane turns into US Highway 14. Since the subdivision is still in the County, the 56.9 acres must still be annexed into City limits, which will require three readings by City Council.
We'll have more from Monday night's Council meeting for you a little bit later today.