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1 <br />ECONOMIC DEVELOPMENT ADVISORY COMMITTEE <br />AGENDA ITEM 3C <br />STAFF ORIGINATOR: Michael Grochala, Community Development Director <br />MEETING DATE: January 9, 2025 <br />TOPIC: Legacy at Woods Edge Property <br />BACKGROUND <br />The Legacy at Woods Edge Planned Unit Development was approved in 2004. As discussed in <br />the City’s Comprehensive Plan, the site is intended to integrate a mixture of commercial, <br />medium and high density residential, and public land uses in an attractive and cohesive design. <br />City Hall, Rookery Activity Center and a community green emphasize the community focus. <br />The EDA obtained the 20-acre undeveloped balance of the property following tax forfeiture in <br />2013. 11 acres were sold to DR Horton in 2015 for completion of the townhome area. The <br />remaining 9 acres includes the 6.27 acres across from City Hall, 2 acres abutting the Rookery <br />Activity Center, and approximately a .7 acre building site adjacent to 35W. <br />The City’s Economic Development Authority (EDA) and City Council have received multiple <br />inquiries regarding the sale and development of the 6.27 acres. Commercial interest has been <br />limited at best, but strong interest remains for multi-family on the site. The City entered into a <br />purchase agreement with SilverCreek Equities in 2022. This agreement included a clause that <br />required construction of a commercial component prior to or in conjunction with development <br />of the multi-family building. However, the agreement was terminated due to the inability to <br />meet the commercial component requirements. The City was also unable to reach terms with <br />Roers Companies in 2024 due to similar terms. <br />Sell and development of the city meets several objectives including implementation of <br />Comprehensive Plan housing goals, recoupment of development costs, and increasing in tax <br />base. To market the land effectively, the City needs to develop a clear strategy for <br />development of the land. <br />Staff is requesting a discussion by the EDAC regarding development objectives and any <br />recommendations for pursing development of the site.