ROCKLAND — The Rockland City Council unanimously approved Monday evening, Aug. 1, creating a tax district where the proposed 49-unit senior housing project will be built.

The Peasley Park Affordable Housing Development Tax Increment Financing District would be for 30 years, running through 2053.

The estimated cost of the development is $10-$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.

Community and Economic Development Director Julie Hashem said if the development was not in a TIF district, the city would lose 59 cents of every tax dollar through loss of state aid and by paying more school and county costs. In addition, Hashem pointed out being in a TIF allows the developer to leverage additional money.

The city plans to use its tax revenues from the project for an affordable housing fund to help with future affordable housing projects.

City Councilor Nate Davis noted for the city to have economic development it needs housing for workers.

Councilor Sarah Austin also voiced support for the package.

“We’re in desperate need for housing and desperate need for affordable housing,” Austin said. “This is an opportunity we should jump on and maximize.”

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

The Rockland Planning Board is scheduled to tour the Maverick Street property at 4 p.m. Tuesday, Aug. 2, followed by a 5:15 p.m. meeting at City Hall.