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HOBART —The Cressmoor Estates residential/commercial development could be close to a launch as multiple city agencies have approved a development agreement associated with the initiative.

The agreement, which has gone before the Board of Public Works and Safety, Plan Commission and the Sanitary/Stormwater District Board, covers a variety of matters.

City engineer Phil Gralik said it gives developer Randy Hall 20 years to complete the infrastructure in the entire development. The city normally grants about five years, Gralik said.

The Cressmoor development will bring single-family and multi-family homes to 113 acres of property west of Rand Street and Lake Park Avenue. The development also will include a commercial area and storage units.

“We know this is a big project,” Mayor Brian Snedecor said.

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The agreement also creates a procedure in which Hall could receive preliminary plat approval for the entire property and final plat approval — when needed — for each phase of the development.

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Gralik said that will permit Hall to post bonds associated with infrastructure when each phase starts, instead of one large bond at the beginning of the project.

Gralik said Hall will need to update engineering work for Cressmoor before he could go before the Plan Commission for plat approvals, and it's possible construction could get started this year.

The agreement with Hall also grants an easement through his property so Hobart can install a new sanitary sewer to serve the development and surrounding areas.

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