Discussion:
The EDA purchased this large area from the Minnesota Department of Transportation for redevelopment for just under $1 million. Over the past several years, the EDA has sold off various properties for development including Doggie Doos, a rehabilitation facility and for Cherne's headquarters. The total returned to the EDA before costs for the entire project is approximately $2.6 million
The original concept plan had a housing component. The original plan was for approximately 100 units of workforce housing. That project did not receive funding and the developer canceled the project and the contract.
The city received a Purchase Agreement from Trident Development for $626,000. Trident has created a new LLC to purchase the property. They have worked with the EDA's attorney to draft an agreement that incorporates the conditions required by the state on any EDA sale. Development must commence within one year of closing.
A public hearing is required anytime that the EDA sells property. The hearing was noticed in advance in the Shakopee Valley News.
The Planning Commission and then the City Council will hear a Comprehensive Plan Amendment and then a rezoning from R-4 to R-3 to reflect the density of the development, which is proposed at approximately 32 townhouses.