PL PACKET 02262018 - Laserfiche WebLink

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You will also note that we have sought to balance the need for green space and the need for adequate parking. The Village believes that between the underground parking, the surface parking, and the street parking on the internal street there is sufficient parking for all uses in the Property. But it also recognizes that the demographics of each development and the parking needs of that demographic can vary dramatically between projects. To ensure that it has capacity if the reality of the Project proves more surface parking is necessary, The Village has built a buffer known as “proof of parking.” If The Village is correct and it has adequate parking, precious green space will be preserved. But in the event that more parking is needed, The Village has identified a location of 37 additional stalls that would be constructed upon triggering events set out in the master development agreement that will be entered into between the City and The Village as part of any PUD approval. Status of Bremer Property Before turning to the specifics of the Applications, a clarification is in order about the status of the Bremer Property. The Village had a fully executed purchase agreement allowing it to acquire the Bremer Property (the “Bremer PA”). The Bremer PA has expired. Additionally, The Village had previously reached a contingent agreement to eventually transfer the Bremer Property (and a portion of the Property) to Aeon (the “Aeon PA”). But the contingencies in the Aeon PA were not met, and the parties have agreed to cancel the Aeon PA. The Village never intended to take ownership of the Bremer Property or close on the Bremer PA. Instead, The Village expected to locate affordable housing on the Bremer Property as part of a mixed-use building. Discussions continue with Bremer while Bremer examines development options for the site. Within the Applications, The Village looks to include the Bremer Property in the redevelopment tax increment district to give the eventual developer all available flexibility. The Bremer Property is not included in the preliminary plat application. The eventual Bremer developer will receive the redevelopment tax increment designation and will have full control over the PUD process for the Bremer Property directly with the City.