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HRA Regular Session 5. 1. Meeting Date: 01/22/2013 By: Tim Gladhill, Community Development Information Title: Adopt Resolution Conveying Outlot C, RAMSEY TOWN CENTER 8TH ADDITION to The Seasons of Ramsey Limited Partnership, Related to a Proposed Major Plat Named SEASONS OF RAMSEY Located at the Northeast Intersection of Bunker Lake Boulevard and Town Center Drive within TOWN CENTER GARDENS 3RD ADDITION. Background: Outlot C, RAMSEY TOWN CENTER 8TH ADDITION, is a 'remnant' parcel located east of Town Center Drive, north of Bunker Lake Boulevard. Staff classifies this parcel as remnant, due to its inability to be developed as a permitted use under the current zoning classification (COR-4), unless combined with the surrounding area. The parcel could be used for additional right of way or utility needs; however, it is noted that the segment of Town Center Drive has already been completed, and remaining needs are proposed to be protected by drainage and utility easements (potentially trail easements). The City has received a request from Podawiltz Development Corporation to convey Outlot C as a Local Contribution as part of their successful funding request to the Minnesota Housing Finance Agency. The City Council previously reviewed the request prior to the Developer submitting the request for funding to MHFA and entered into a Preliminary Agreement to Develop, which is attached hereto. The MHFA Section 42 Tax Credit program is a competitive process. Potential Developers are awarded scoring points to prioritize the applications. Points are awarded, among other factors, on contributions by the local community. The Preliminary Agreement to Develop by and between the City and the Developer identified the donation of Outlot C as well as vacating 147th Circle NW in exchange for connecting 147th Lane NW to Town Center Drive NW, an important east/west connection north of Bunker Lake Boulevard between Town Center Gardens and The COR. The Developer was requesting a present day value of approximately $200,000. It was originally anticipated that there would be a slight gap in funding intended to be accomplished by grant dollars. However, the MHFA awarded the project based on the land donation alone (no additional cash contribution necessary). Due to changes in Minnesota Housing Finance Agency (MHFA) award limits, which are scheduled to change on February 28th, the Developer is requesting that the Plat be approved and able to be recorded by February 28th, 2013. This step in the process is critical to ensure the Plat can be properly recorded, at least as presented. The Plat could be modified to not include this parcel, but with impacts to the approved local contribution amount. In order to proceed forward with the financing package as proposed, the Project needs to close on financing by February 28th, 2013 and be placed in service by December 31st, 2013. The Project could still move forward after February 28th, 2013, but would have a substantial financial impact on the pro -forma of the project. An excerpt from the MHFA Handbook is attached hereto outlining the impacts of the February 28th deadline. Notification: No notification is required at this time. However, Staff has attempted to notify all Property Owners within 700 feet of the Subject Property of the Sketch Plan Review and Preliminary Plat Public Hearing. The Preliminary Plat Public Hearing was also published in the Anoka County Union. Observations/Alternatives: