06/02/2022 EDAC Packet - Laserfiche WebLink

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ECONOMIC DEVELOPMENT ADVISORY COMMITTEE AGENDA ITEM 3A STAFF ORIGINATOR: Michael Grochala, Community Development Director EDAC MEETING DATE: June 2, 2022 TOPIC: Purchase Offer — Lot's 1-3 and Outlots B & C, The Village No. 4 — Silvercreek Equities BACKGROUND The Legacy at Woods Edge Planned Unit Development was approved in 2004. As discussed in the City's Comprehensive Plan, the site is intended to integrate a mixture of commercial, medium and high density residential, and public land uses in an attractive and cohesive design. City Hall, Rookery Activity Center, and a community green emphasize the community focus. The EDA obtained the 20 acre undeveloped balance of the property, following tax forfeiture, in 2013. 11 acres were sold to DR Horton in 2015 for completion of the townhome area. The remaining 9 acres includes the 6.27 acres under consideration, 2 acres abutting the Rookery Activity Center, and approximately a .7 acre building site adjacent to 35W. The Economic Development Authority (EDA) has been working with Silvercreek Equity regarding the acquisition and development of 6.27 acres. Silvercreek is proposing to construct a 132 to 150 unit market rate, age targeted apartment building, a 10,000 SF multi -tenant building and two restaurants buildings. Following discussion between the two parties Silvercreek has submitted an offer of $2,376,154.00 ($8.70 SF) for purchase of the property. Following review at their May 25, 2022 meeting, the EDA directed staff to schedule a public hearing to consider the sale of the property. Analysis Proposed Use The PUD land use plan allows for both commercial and residential uses on the property proposed for purchase. The proposed uses are generally consistent with the overall site master plan. Multi -family residential is allowed on the site proposed, but not on the ground floor. This would require an amendment to the Planned Unit Development district. Residential density is consistent with the overall development plan and what was originally planned for the site. The remaining retail and restaurant uses are permitted within the district. A more formal review will be completed during the project's entitlement process. The final development plan will require City approval.