Findlay may help advance Casto development

FINDLAY — Findlay may take the step needed to push the Casto Communities development forward — including a land purchase and infrastructure — but the city still hasn't settled on how it will cover the cost. Findlay City Council's Finance Committee voted earlier this month to recommend that council agree to the land purchase and infrastructure improvements that will allow the housing development to move forward, but financing is still in question. The recommendation appears on council's agenda for today's meeting. The Finance Committee is chaired by Councilman BJ Preston, R-2, and includes councilmen Dan DeArment, R-4; Rodney Phillips, R-6; Dan DeLong, R-7; and L. Reed Needles, R-at-large. Council meets in regular session at 6 p.m. today in the Findlay Municipal Building, 318 Dorney Plaza. All council meetings are open to the public and are livestreamed on the city's YouTube channel: Findlay Ohio. The land purchase includes a 21-acre parcel, which city officials said would be used as green space for stormwater management, utility and infrastructure placement, and future recreation or park-related uses. Developers say the tract offered to the city is only partially usable because of wetlands and site configuration, but is well-suited for stormwater and other public infrastructure functions. Infrastructure improvements include extending public roadway, water, sewer and related utilities to open up the adjoining development sites, which the administration says are otherwise difficult or impossible to build out due to fragmented property lines and limited access. The city could pay for the project in cash, issue short-term debt, or package the costs with future capital borrowing. To combine the land purchase with the infrastructure work, the city is considering borrowing about $2.75 million, with debt service estimated at approximately $333,000 annually for 10 years at 3.75%. At its Feb. 3 meeting, the committee was told that the 374-unit Casto project — planned east of Wellness Way near the diverging-diamond interchange on Interstate 75 — cannot advance until the land-purchase and infrastructure issues are resolved. Officials said the development relies on both the 21-acre acquisition and the construction of a north–south connector road to open access across multiple privately owned parcels. Casto, a Columbus-based developer, plans a mix of townhomes and one-, two- and three-bedroom apartments, along with single-story options and amenities such as a clubhouse, fitness center, pool, coffee bar and internal sidewalks. Construction is expected to take 24 to 28 months. City officials say multiple landowners in the area have raised similar concerns: without new roadway access, they cannot fully develop their sites. The proposed connector road would run from County Road 99 to Midwest Court, crossing several parcels. Committee members have questioned why the city should buy the property and how borrowing for the work might affect Findlay's broader capital plans and debt capacity. The entire area lies within the County Road 99/I-75 tax increment financing (TIF) district approved in 2024. The TIF redirects future property-value growth to eligible public infrastructure while preserving tax revenue for Van Buren Local Schools. The city has also negotiated participation agreements with Casto and two neighboring property owners. Casto would contribute $140,000 per year for 10 years, while the neighboring owners would provide $500,000 up front to offset city costs. Both Casto and another nearby development are planning to break ground this summer.