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HRA Work Session 5. 3. <br />Meeting Date: 11/01/2011 <br />By: Darren Lazan, Housing & <br />Redevelopment Authority <br />Title: <br />Consider purchase of Tax Forfeit parcel at North Commons <br />Background: <br />At a previous meeting of the HRA, direction was given to table discussion of the option to develop up to six single <br />family parcels on the west side of the property known as North Commons. <br />The original concept considered the development of these parcels to generate revenues that could be contributed to <br />the completion of improvement contemplated for the park, but not considered in current capital improvement plans. <br />When a preliminary pro -forma was developed it was determined that the cost of providing services and the typical <br />development fees associated with the project left little or no revenue that could be dedicated to the park <br />improvements. <br />There is a current proposal into Anoka County to acquire this property for both park and development purposes. <br />The development team would like direction on how the HRA would like to proceed with the acquisition of the <br />property. <br />The options to proceed include: <br />A) Do nothing, let the property move through the state process for tax forfeit properties. <br />B) Acquire the entire parcel for park purposes at a cost of approximately $300-$500 <br />C) Acquire the park portion of the property for $300-$500 and the developable portion for $15,000 keeping the <br />option to develop the property open for future consideration. <br />Notification: <br />Recommendation: <br />The development team recommends the HRA acquire the property to ensure it's eventual use fits the surrounding <br />uses, and to provide direction as to whether this acquisition should include the option for future development as <br />previously discussed. <br />Funding Source: <br />Depends on acquisition approach <br />Council Action: <br />Provide consensus direction to proceed with the acquisition of the property based on discussion, and present the <br />final agreements for consideration at a future regular meeting. <br />Attachments <br />Preliminary Pro -forma <br />Parcel Exhibit <br />Current Concept <br />