The EDA owns two remaining parcels in the west gateway area.  One property, the former site of a truck stop, is not going to be developed because of potential contamination issues and may serve as a future gateway sign location. 

The other parcel was previously under contract to MWF for a workforce housing development. The almost four acre parcel would have had approximately 100 units in two apartment buildings. MWF did not receive its tax credit allocation and canceled its purchase contract at the end of the year.

The city has recently received two offers for the property.  Both offers are to construct approximately 32 rental townhomes.  The higher offer from Trident Development is for $626,000 with a closing prior to the summer of 2021.  

Should the EDA chose to move forward, the EDA's attorney will draw up a purchase agreement and the sale to Trident would be advertised and a public hearing that is required under state law would be scheduled at a special meeting of EDA on February 16, 2021.

The proposed use would require a minor amendment to the Comprehensive Plan and down zoning from R-4 to R-3 since there would be a substantial reduction in density.

If the EDA Board provides direction to move forward, staff will begin the necessary process to modify the Comprehensive Plan and rezoning.