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The City is working with Anoka County, investors and developers to reinvigorate the development as the <br />economy begins to show signs of recovery. To facilitate the Legacy at Woods Edge development, street, <br />streetscape, water, sewer and storm water improvements have been installed, as well as the addition of a <br />small community park. Improvements to Lake Drive and construction of a new interchange at <br />I-35W/County Road 23 have also been completed. Because of the tax forfeiture mentioned above, special <br />assessments in the principal amount of approximately $5 8 million were cancelled, subject to potential <br />reimbursement in part from future sale of tax forfeited land and future reinstatement of assessments if the <br />land returns to private ownership. In 2013, the State of Minnesota approved special legislation to allow <br />conveyance of the property fee title from the State of Minnesota to the City. The City approved a 36 -unit <br />memory care facility for development on this site, which was completed and occupied in 2014. <br />Residential Development <br />The following table shows projected lot development in existing subdivisions for single-family homes: <br />As of February 2015 <br />Subdivision Total Lots Lots Remaining <br />Byrne Langer 2 2 <br />Century Farm North 3rd Addition 52 4 <br />Century Farm North 4th Addition 43 10 <br />Foxborough 57 7 <br />Highland Meadows East 2nd Addition 18 2 <br />Marshan Estates 4 2 <br />Marshan Meadows 2nd Addition 2 1 <br />Northpointe 22 16 <br />Northpointe 2nd Addition 40 40 <br />Oakwood View Addition 10 1 <br />Pine Glen 2nd Addition 37 1 <br />Turnberry Crossing (Marshan Townhomes 2nd) 23 17 <br />After several years of a slow economy, development activities continued to rebound in 2014. Both <br />residential and commercial development showed signs of recovery as new construction activities and <br />development planning emerged. The City approved preliminary plats for the 56 -lot Saddle Club <br />development and the 315 -unit NorthPointe residential developments in 2014, and construction has started <br />for each of these developments. Additionally, a new 21,000 -square -foot assisted living facility featuring <br />39 resident rooms was recently approved and is currently under construction. <br />Financial Institutions* <br />City residents are served by First Resource Bank, which had total deposits of $52,408,000 as of <br />December 31, 2014. In addition, branch offices of Farmers & Merchants Savings Bank; Wells Fargo <br />Bank, National Association; and U.S. Bank National Association are located throughout the City. <br />* This does not purport to be a comprehensive list. <br />Source: Federal Deposit Insurance Corporation, http://www2. dic.gov/idasp/main. asp. <br />- 18 - <br />