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HRA Special Session Meeting Date: 02/05/2013 By: Darren Lazan, Housing & Redevelopment Authority Information Title: Consider Work Order to Revise the COR TWO Plat and Associated Documents 5. 1. Background: In June of 2012 the Planning Commission reviewed the sketch plan for all proposed platting in The COR. This included the proposed plat of COR TWO on the western edge of the project. On August 2nd, the Planning Commission held a public hearing, and recommended approval of the preliminary and final plats for COR TWO. On August 15, 2012, the City Council approved the plat, and an ordinance related to the vacation of easements and rights -of -way was introduced. On August 28th, 2012, The ordinance related to the vacation of easements and rights -of -way were adopted. On January 22, 2013, the HRA reviewed the issues related to the Plat of COR TWO and provided consensus direction to proceed with the preparation of cost estimates and reconsideration at the next available meeting. Notification: Observations /Alternatives: The plat of COR TWO was completed and ready for recording at the end of 2012. Parties to the plat included the HRA and Sophia - Ramsey, LLC. Sophia - Ramsey, LLC are the owners of Lots 1 and 2 in Ramsey Town Center 3rd Addition, commonly known as the Coborn's anchored retail area. The timing of recording of the plat is significant because state law requires all parcels included in the plat to be paid current on property taxes. If this occurs on December 31st, this consists of a single day of property tax. On January 1, the taxes due to record the plat would be a full year, or over $300,000 on Sophia Ramsey's two lots. In 2012, Sophia Ramsey had previously agreed to record the plat, and the HRA Development Team negotiated all agreements and easements accordingly. These easements included, but are not limited to, shared access easements, trail easements, and drainage and utility easements. In December of 2012, Sophia Ramsey's mortgage was sold. The new mortgage holder had not assigned the account, and accordingly was not able to consent to the plat. As a result, the plat could not be recorded before year -end. While Sophia Ramsey still wants to be part of the plat, they have stated they are no longer able to participate in the plat because of the requirement to pay their taxes in full for the 2013 fiscal year. It is anticipated that Sophia Ramsey will desire to complete the process near the end of 2013. Separately, in order to facilitate the site plans for McDonalds and Super America, the COR TWO Plat (or version thereof) must be recorded. If modifications are required to exclude areas of the Plat previously approved by the City Council, thus necessitating the creation of additional parcels or modification to the configuration of lot lines, the revised Plat will need to be approved by the City Council. Based on initial review of the concept proposed, it is recommended that City Council action will be necessary. In addition, the City was awarded a Local Road Improvement Project (LRIP) Grant to assist the construct the