08/13/2007 Council Packet - Laserfiche WebLink

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• AGENDA ITEM 6Ai STAFF ORIGINATOR: Mary Alice Divine DATE: August 13, 2007 TOPIC: Second Reading of Ordinance 06 -07, conveying City owned land to Greg Anderson Development, LLC Vote Required: Simple Majority BACKGROUND: At the July 9, 2007 city council meeting the council approved the first reading of an ordinance to sell three acres of city -owned property on Lake Drive to Anderson Builders for commercial uses. The developers have proposed a commercial project in two distinct phases. The purchase agreement for consideration in this ordinance is for the sale of three acres of city property to be developed in substantial conformance to what the developers have proposed in the Development Plan (Exhibit H). Phase I Development Agreement Since the first reading of the ordinance, language changes have been made in Section 35(a): Special Provisions Relating to the Development, to read " When Purchaser constructs building improvements on the Subject Property, "Purchaser shall construct such improvements in substantial conformance with the Development Plan (Exhibit H) to generally include approximately 26,900 sq. ft. of professional office, medical and multi - tenant retail development. unless withheld#. ". Sale Price of City Land The purchase offer is $830,000, with some adjustment that will be calculated for an existing storm water pond for Lake Drive. Council's consideration of this development proposal should be based on consideration of the strength of the opportunity and whether this private development meets economic development and redevelopment objectives. There are several factors the city council can consider for the sale of city land and redevelopment of Lake Drive: • Tax benefits of increased market value • Leveraging additional private investment in the Town Center • Motivated and qualified developer