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Narrative <br />December 29, 2023 <br />Legends of Lake Elmo is proposed as an open space development, located in <br />the northeastern portion of the City, Section 1, Township 29N, Range 21W. The <br />project property consists of 110.1 acres, bordered on the south by 50th Street, <br />Tamarack Farm Estates and Carriage to the east, St. Croix Sanctuary to the <br />north and large agricultural properties to the west. The site is best characterized <br />as rolling open farm fields surrounded by existing mature oak stands, pines and <br />wetlands and by far one of the nicest natural parcels in Lake Elmo. <br />The property is located in the Southeast Quarter of Section 1, Township 29 <br />North, Range 21 West, Washington County. The parcel id numbers are: <br />01.029.21.42.0003, 01.029.21.41.0001 & 01.029.21.43.0001. <br />DENSITY / LOTS / ANTICIPATED PRICING <br />The density of the project is based on the underlying zoning for an open space <br />development. With a total gross area of 110.1 acres, the density allowed yields <br />50 units, which is what is proposed. <br />The pricing of a house and lot package is expected to start at $1.2 MM based <br />on our market research of similar comparable developments in the area. <br />OPEN SPACE / TRAILS / SIDEWALKS <br />The open space as proposed is predominately preserving high value wetlands, a <br />tamarack swamp/island and mature hardwood forests/groupings with a <br />majority of oak trees. The open space outlots are planned to be placed into a <br />permanent conservation easement as well as a drainage and utility easement. <br />Ownership of proposed outlots to be designated as HOA owned or city owned.