A proposed Rural Housing Incentive District, or RHID, a developer sought to build out the remainder of the Prairie Crossings Housing Development in Louisburg, has been scrapped. Tercet Homes had asked council members to approve a resolution for a hearing for the Rural Housing District Incentive District and allow the City and developer to enter into negotiations to finalize the Development Agreement before the hearing date.
An RHID captures 100% of the incremental increase in property taxes created by the housing development project, for up to 25 years, to help the developer pay down the cost of extending streets, utilities and some other pre-approved costs. Under the RHID, three taxing entities, the city, school board and county, would have to agree to forgo incremental increases in property taxes for up to 25 years to cover development costs, or the length of the negotiated terms. When a motion to pass a resolution came up, there was no second and it died. After the rejection, another developer pulled his RHID project. There was strong public opposition when the same issue came up a couple years ago.
