Milton council to hold special Granary meeting

Milton Town Council will meet Monday, July 1, to finalize agreements for releasing bonds as part of the Granary at Draper Farm’s special development district.

The meeting will be a bit different in structure than the usual Milton council meeting, with a 5 p.m. start time at Milton library. At about 5:30 p.m., council will go into executive session until 6:30 p.m. Council will then go back into regular session and continue discussion of the Granary project. 

Among the topics to be discussed will be bond pricing and documentation, construction and funding agreements, collection agreement and projects to be funded by the special development district.

A special development district is a special tax levy to be paid by Granary residents. The proceeds from that tax will be put into a special fund to be used for public infrastructure improvements within and potentially outside the Granary. 

The first phase of the Granary project, proposed as a 1,350-unit development on a 450-acre parcel on Sand Hill Road, is set to break ground this summer and will include 175 units. The build-out is scheduled to take place over 20 years in 10 sections. 

The developer, Convergence, would use the money from the bonds to pay for infrastructure projects benefiting the public, which could include streets, sidewalks, and parks and recreation facilities. It has agreed to give the town up to $5 million from proceeds raised by the special development district to use on other infrastructure projects in three tranches. The first is expected in 2024. Council has narrowed its list of potential projects to use the money to replace radio read-style water meters throughout town, land acquisition, a basketball court and the shared-use path between Cannery Village and Heritage Creek. The town will have about $1.5 million to spend on projects from the first tranche of money from the Granary project.