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HRA Regular Session Meeting Date: 07/10/2012 By: Darren Lazan, Housing & Redevelopment Authority Information Title: Approve Plans and Specifications and Advertise for Bids - North Commons 5. 1. Background: Over the past several years, the development team has considered a number of configurations for the HRA owned parcels that are residential properties lying north of Bunker Lake Boulevard. This area has since been referred to as 'North Commons'. In early 2012, the HRA approved the grading and park improvement effort led by city staff to create irrigation test beds, provide for irrigation and turf for the park in North Commons, and to create four residential parcels along the west side of the park fronting Zeolite. This work has subsequently been completed. In May of 2012, the HRA approved the effort to prepare and record a new plat of this area that incorporates the HRA land and a 90' strip currently being acquired by the City of Ramsey. This plat contemplates a total of 17 new residential lots and formally dedicates the remainder of the land as park. In June of 2012, the HRA approved a purchase agreement with Trilogy Homes for the first available lot in this new development and authorized the preparation of plans to construct the improvements necessary to create the residential lots. The development team has submitted for sketch plan approval on all of The COR plats, and has submitted for concurrent preliminary and final plat approval for COR THREE, the subject plat. The Planning commission has recommended approval of the plat of COT THREE, and this item is scheduled for final approval by the City Council. Plans have been prepared and submitted for watershed approval as well. Notification: The HRA will act as developer of the proposed residential development to facilitate single family lot sales and construction on very challenging HRA property. The preliminary pro -forma was presented to the HRA for reference when the initial Purchase Agreement was approved. The Development team would like to advertise for bids as soon as practical to keep the schedule the builder has requested, and to ensure a home is ready for the fall preview. This will also bring additional attention to the development, and assist in the sale of lots to other potential builders/home buyers. Observations: The development team has prepared a preliminary estimate of construction costs for the work outlined. It is estimated that the work necessary to make the lots saleable will be approximately $330,000 broken down as shown below: . Sanitary Sewer Services - $11,800