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1 <br /> <br />ECONOMIC DEVELOPMENT ADVISORY COMMITTEE <br />AGENDA ITEM 3A <br /> <br />STAFF ORIGINATOR: Michael Grochala, Community Development Director <br /> <br />EDAC MEETING DATE: September 5, 2024 <br /> <br />TOPIC: Roers Companies, Proposed Land Purchase <br /> <br />BACKGROUND <br /> <br />The City’s Economic Development Authority (EDA) has received a letter of intent from Roers <br />Companies to purchase 6.27 acres of EDA owned property in the Legacy at Woods Edge <br />Development. Roers Companies is a national real estate development firm based in the Twin <br />Cities. Their focus is on multi-family residential developments and generally collaborate with <br />partners on commercial components. Roers has multiple successful projects throughout the <br />Twin Cities region including the recently opened Lexi Apartments in Blaine. The Woods Edge <br />project would include a market rate multi-family building with opportunities for commercial <br />development on a portion of the property. This use is generally consistent with the land use <br />plan and zoning for the site. <br /> <br />The EDA discussed the proposal at the August 1, 2024, work session and directed staff to <br />continue negotiations with Roers to reach an agreement. As with previous proposals the EDA <br />included, as a condition of sale, that a commercial component be constructed prior to or in <br />conjunction with a multi-family building. While committed to development the entire site, <br />Roers has expressed concern over this requirement. <br /> <br />A similar condition included in the previous Silver Creek Equities purchase agreement on the <br />same site, in 2022, also proved problematic. With that proposal the EDAC recommended <br />moving forward with the multi-family component with a deed restriction requiring commercial <br />development on the balance of property. <br /> <br />Representatives of Roers Companies are meeting with the City Council on Tuesday, September <br />3, 2024, to discuss concerns, limiting factors and market forces that relate to this condition. <br />Staff will provide an update to the EDAC regarding this discussion and direction received from <br />the City Council. <br /> <br />EDAC CONSIDERATION <br /> <br />Staff is requesting discussion on the proposed commercial construction condition. <br /> <br />ATTACHMENTS <br />1. Property Map <br />2. Concept Plan