ROCKLAND — The Rockland City Council will hold a public hearing Monday evening, Aug. 1, and then vote on creating a tax district where the proposed 53-unit senior housing project will be built.

The details of the Peasley Park Affordable Housing Development Tax Increment Financing District are still being worked out, however, a draft outlines what is expected to be before Councilors. The TIF would be for 30 years, running through 2053.

The estimated cost of the development is $10 million to $13 million and will take 12-14 months to complete following approval. The estimated tax revenues from the completed project would be $103,000 annually, based on the current city tax rate.

Half the taxes from the project would go to the city and be directed for affordable housing projects. The other half would be returned to the owner.

Having the property in the TIF district will shield it from being counted toward the city’s state valuation. That benefits the city, since the higher the city’s state valuation is, the less state education aid and less state revenue sharing Rockland would receive.

The development would consist of a two-and-a-half story residential building with 53 units of affordable housing at 118 Maverick St., located between North Main and Maverick streets. There would be 49 one-bedroom apartments and four studio apartments. Each living unit would be 25-feet-by-25-feet.

The Council meeting starts at 5:30 p.m. Monday, Aug. 1, at City Hall. The meeting is also streamed live and will be on Zoom.