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1 <br /> <br />ECONOMIC DEVELOPMENT ADVISORY COMMITTEE <br />AGENDA ITEM 3B <br /> <br /> <br />STAFF ORIGINATOR: Michael Grochala, Community Development Director <br /> <br />EDAC MEETING DATE: May 5, 2022 <br /> <br />TOPIC: Purchase Offer – Lot’s 1-3 and Outlots B & C, The Village <br />No. 4 – Silvercreek Equities <br /> <br />BACKGROUND <br /> <br />Staff has been working with Silvercreek Equity regarding the acquisition and development of <br />6.27 acres of Economic Development Authority (EDA) owned property in the Woods Edge <br />development. Silvercreek is proposing to construct a 132 unit market rate age restricted 55+ <br />apartment building, a 10,000 SF multi-tenant building and two restaurants. The EDA will be <br />discussing development at a closed meeting to discuss the offer on May 2, 2022. <br /> <br />The proposed uses are generally consistent with the overall site master plan. Multi-family <br />residential is allowed on the site proposed, but not on the ground floor. This would require an <br />amendment to the Planned Unit Development district. Residential density is consistent with the <br />overall development plan and what was originally planned for the site. The remaining retail and <br />restaurant uses are permitted within the district. <br /> <br />Staff will provide an update of the EDA’s consideration at the meeting. <br /> <br />EDAC CONSIDERATION <br /> <br />Discussion only. <br /> <br />ATTACHMENTS <br /> <br />1. Concept Plan <br /> <br />