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<br /> <br /> <br />REQUEST FOR COUNCIL CONSIDERATION <br /> <br /> <br />Meeting Date: October 27, 2020 <br /> <br /> <br />Resolution - Approving the Land Swap Agreement between Bremer Bank, N.A. and the City of St. <br />Anthony Housing and Redevelopment Authority (HRA) <br /> <br /> <br />OVERVIEW: <br /> <br />For your consideration is a Land Swap Agreement between Bremer Bank, N.A. and the City of St. <br />Anthony HRA. Bremer Bank, N.A. would acquire the city owned parcel at 2654 Kenzie Terrace, and the <br />city would acquire the .32 acre Bremer Bank owned property at 2534 Kenzie Terrace at the intersection <br />of Kenzie Terrace and Lowry Ave NE for a new City Gateway entrance node. <br /> <br />Staff recommends approval, and the City Attorney has reviewed the agreement and advises that it can be <br />approved at this early stage, as there are sufficient contingencies in place to protect the city. <br /> <br />BACKGROUND: <br /> <br />The City Council reviewed a preliminary concept plan for this multi-party project when the Council <br />discussed a tax increment financing proposal from Trident Development, LLC at its Work Session on <br />November 13, 2019. <br /> <br />Trident Development, LLC has entered into an agreement with Bremer Bank, N.A. for redevelopment of <br />the property at 2401 Kenzie Terrace. <br /> <br />Trident will be proposing a senior living facility on the existing Bremer Bank site, which will be <br />constructed after the new Bremer Bank facility is completed on the currently city-owned property, and <br />the bank can occupy its new location. <br /> <br />Tentative Project Timeline: <br />• October 2020 – Purchase agreement/land swap agreement to Council <br />• November 2020 – Preliminary PUDs to staff <br />• December 2020 – Preliminary PUDs to Planning <br />• January 2021 – Preliminary PUDs to Council <br />• February 2021 – Final PUD/TIF Application (Trident) to Council <br />• 2021 – Bremer Bank construction <br />• 2022 – Trident construction <br /> <br />Map of the area with the parcels highlighted is attached.