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• AGENDA ITEM 6E STAFF ORIGINATOR: Michael Grochala DATE: 10/12/04 TOPIC: Continuation of Public Hearing: Consideration of Resolution No. 04 -139, Approving a Redevelopment Contract for Legacy at Woods Edge Vote Required: Simple Majority BACKGROUND: Hartford Group, Inc. has submitted a proposal for development of Legacy at Woods Edge, the mixed use downtown project on 35W and Lake Drive. Estimated market value of this project is in the range of $116 million -$138 million. In 1997 the Town Center Committee, a group of citizens who were selected to develop the concept, formulated a list of objectives (see attached) for the town center. The Hartford project realizes the vision of the original ideal. The following is a summary of the project and the benefits to Lino Lakes: PROJECT 1. Diversity of Housing • Total of 450 Housing Units • 60 Affordable Rental Units • 60 Units Senior housing • At least 30 Units Market Rate Affordable For -Sale Housing • Market Rate For -Sale Townhomes 2. Commercial • Up to 350,000 sq. ft. of commercial uses, including first floor tenant space with housing above, and separate for -sale retail and office pads. 3. Open Space • Approximately one acre in the center of the project area dedicated to public use. This area will have a water feature, gardens, and a band shell fnr nnmmtinity events. • A neighborhood park area within the townhome site. • Nine acres of natural open space adjacent to the regional park. 4. High amenity public improvements • Town Center Parkway will be improved with a center boulevard, decorative lighting with planters, paver bricks on the public sidewalks and crossings, planters and other public amenities. A traffic circle at the center of the project will provide a focal point for auto and pedestrian traffic.