Almost one year to the day after a special project at Stony Point was announced to the public, the project is one step closer to becoming a reality.
On Tuesday night, the Watertown City Council approved a Tax Increment Financing District for the Stony Point Development at Lake Kampeska, unanimously. The “TIF”, which had to be approved by the city planning commission and the council, will be created to pay the costs of public infrastructure, property acquisition, and other expenses needed to facilitate construction of the project.
The City of Watertown was requested to assist in the development project by creating the district to fund a portion of eligible site improvements at the property located at what is referred to as “Stony Point” in Watertown. The Watertown Development Company made the request on behalf of the owner, Stony Point Investments, who is the primary owner of the development property.
Mike Lawrence who is assisting with the project tells KXLG News that with the approval of the TIF, construction on the new marina will begin next week.
The current plan, which was announced at a public meeting last September, is to develop a mixture of eating places, temporary and permanent housing, recreational activities that include swimming, zip lining, picnicking, and other recreational amenities. The Developer and Managing Partner, Robert Drake, along with Kenneth Berg, Partner, of Stony Point Investments, will construct the facility which is expected to result in over $19 million dollars in investment over a two-year time frame.
The development is estimated to produce an incremental valuation over $5.2 million dollars over the 20-year life of the TIF District.
The plan, prepared by the Watertown Development Company says the project is expected to enhance the region by creating additional jobs, housing for professionals and having a substantial annual economic impact to the region and the state. More information on the Stony Point project can be seen by going to their website at www.stonypointsd.com.