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AGENDA ITEM 6C STAFF ORIGINATOR: Mary Alice Divine DATE: 09/27/04 TOPIC: Public Hearing: Consideration of Resolution No. 04- 139, Approving a Redevelopment Contract for Legacy at Woods_ Edge Vote Required: Simple Majority BACKGROUND: On November 24, 2003 the City established TIF District No. 1 -11. This district is a 25 -year redevelopment district intended to provide a source of revenue for development of the city's downtown area, known as Woods Edge. Hartford Group, Inc. has submitted a proposal for development of this project, estimated to develop market value in the range of approximately $116 million - $138 million: This proposal is-in-keeping with the city's Comprehensive Plan, which designates the area for high density, pedestrian oriented mixed -use. The Comprehensive Plan's objective for development of this site is to establish a central gathering place, or "downtown" for residents that will be a source of community identity and pride. This development has not occurred solely through private efforts and Hartford Group has requested public participation to develop in a manner consistent with the Comprehensive Plan goals for this site. In addition, improvements to Lake Drive and the 35W bridge may justify some public expenditure. The major components of the Redevelopment Contract are explained in the attached report from Springsted, the city's financial consultant on the project. The city's Economic Development Advisory Committee has reviewed the applicant's request and recommended approval of the proposal. EDAC also recommended that the city pursue addressing the 35W bridge replacement option to take best advantage of the $2.4 million in Lake Drive improvements. EDAC also recommended the city continue to pursue senior housing options. Members want to encourage a senior rental component, but do not want to tie a developer to pursue options the market does not support. After taking public testimony, staff recommends the public hearing be continued to Monday, October 11, 2004 at 6:30 p.m. On October 11 both the EDA and the City Council will consider approving the Redevelopment Contract . RECOMMENDATION: Open the public hearing.