MWF Properties has proposed purchasing this approximnately 3.8 acre site owned by the Shakopee EDA for the development of a workforce housing development.  The EDA previously approved selling the site to Trident Development but that developer chose not to move forward with a market rate development.

MWF already is under construction and rent up on its Sarazin Flats development. 

Staff and our attorney's would memorialize their Letter on Intent into a purchase agreement that we would bring back to the EDA after the sale has been advertised as required. 

The site is currently zoned B-1 and would need to be rezoned to R-4.  This is in conformance with the 2040 Comprehensive Plan.  This is a good workforce site since there is significant employment in the area and it will increase with the development of the OPUS site across the street.

After this agreement, all sites in this project will have been sold or are under contract.  The gross revenue to the EDA will be approximately $2.5 million.