12-07-2015 EDA Packet - Laserfiche WebLink

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WS — Item #1 ECONOMIC DEVELOPMENT AUTHORITY STAFF REPORT Close Meeting Item No. 1 Confidential Date: December 7, 2015 To: City Council From: Michael Grochala, Community Development Director Re: Legacy at Woods Edge Land Sale Background In 2010 the Legacy at Woods Edge Property forfeited to the State of Minnesota for failure to pay property taxes. At the time of forfeiture $5,851,618 remained in unpaid special assessments. In June of 2013 the City facilitated the sale of approximately 1 acre of land to Lino Lakes Assisted Living in the amount of$321,000. The sale allowed for a 36 unit expansion of the existing facility with a value of nearly $2,000,000. The City's Economic Development Authority (EDA) obtained title for the remaining 20 acres of undeveloped land in September of 2013. The acquisition was made possible through special legislation approved in the 2013 legislative session. The property transfer was made at no cost to the City. The purpose of the transfer was to streamline the conveyance process and allow the City opportunity to recoup outstanding special assessment debt with land sale proceeds. When the Legacy project was first envisioned and approved it was based on a set of core principles and objectives: • Develop land uses linked to local and regional transportation systems. • Connect housing and centers of employment, education, retail and recreational uses • Provide a range of housing choices • Protect and enhance natural resources Site Development The Planning & Zoning Board and City Council reviewed the site design/layout and reaffirmed the development principles in March of 2014. The master plan breaks of the project into blocks to recognize the different landuse areas within the development that can function independently and would likely be sold/developed separately. We have identified these as the Neighborhood Block, Town Square Block and the Urban Block.