07/23/2007 Council Packet (2) - Laserfiche WebLink

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• • STAFF ORIGINATOR: AGENDA ITEM 6Aii Mary Alice Divine DATE: July 23, 2007 TOPIC: Consideration of Resolution No. 07 -100 Approving a Preliminary Development Agreement with Greg Anderson Development, LLC Vote Required: Simple Majority BACKGROUND: Anderson Builders has expressed interest in future redevelopment of properties on Lake Drive and has reached agreements with two properties on the west side of Lake Drive, south of 77th Street. One of the city's long term objectives has been realignment of 77th Street to provide a 4 -way signalized intersection at Market Place Drive. The first phase of the developers' project on the 3 -acre city owned land north of 77th Street can proceed without this realignment taking place. A number of activities need to occur before the developers' project moves into future phases and before it can be determined if the realignment project is feasible. The Preliminary Development Agreement before the council outlines activities that will need to occur, including a preliminary feasibility study of the realignment project, the submission by the developer of a conceptual site plan for the property, and a determination of the method and projected amount of the special assessment for the realignment project that can be allocated to the property or adjacent benefiting properties. Upon completion of these activities the city and developer will negotiate the terms of a Purchase Agreement for conveying the property necessary for the realignment project; establish the purchase price for the right -of -way, not to exceed $12 per square foot, and cause the vacation of the existing 77th Street right -of -way. It is anticipated these actions can occur by the end of the year. RECOMMENDATION: Staff recommends the Approval of the Resolution No. 07 -100 approving a Preliminary Development Agreement with Greg Anderson Development, LLC