Laserfiche WebLink
ECONOMIC DEVELOPMENT AUTHORITY <br />STAFF REPORT <br />AGENDA ITEM 3A <br />STAFF ORIGINATOR: Michael Grochala, Community Development Director <br />MEETING DATE: November 27, 2023 <br />TOPIC: Closed Session. Discuss Off for Sale of Property, Lots 1-3, Block 2 <br />and Outlots B& C, the Village No. 4 <br />VOTE REQUIRED: Simple majority to close meeting <br />INTRODUCTION <br />The Economic Development Authority (EDA) has received an offer to purchase 6.27 acres of <br />EDA owned land. Staff is requesting that the meeting be closed to discuss the offer and <br />potential counteroffer regarding the proposal. <br />BACKGROUND <br />The EDA owns 6.27 acres of property located within the Legacy at Woods Edge development. <br />The property was obtained at no cost through special legislation in 2013. In 2022 the EDA <br />entered into a purchase agreement with Silvercreek Equity for the sale of property. However, <br />the developer was unable to secure a commercial component and the agreement lapsed. <br />The EDA has recently received interest from a developer proposing to construct a mixed use <br />development including market rate multi -family residential building and commercial pad sites. <br />The proposed uses are generally consistent with the Town Center Master Plan and Legacy at <br />Woods Edge Planned Unit Development. <br />Staff will provide additional information regarding the proposal at the meeting. <br />Sale of property by the EDA requires a public hearing prior to approval. <br />RECOMMENDATION <br />Staff is requesting that the meeting be closed pursuant to Minn. Stat. Sec. 13D.05, Subd. 3(b) to <br />discuss the offer and possible counteroffer regarding the proposal. <br />ATTACHMENTS <br />None. <br />