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Future Business Park and Residential Development: Comprehensive Plan Amendment Narrative Narrative: A future business park has been identified as a high priority project by the Economic Development Authority (EDA). In response to the high prioritization of this project, City Staff has been working diligently to analyze potential locations, involve landowners and the community via public input sessions and lastly define a location for development of a business park. Staff has defined an area generally west of Armstrong Boulevard and south of the Bunker Lake Boulevard extension as the most appropriate location for a business park; after analysis of utility availability and extension, willingness of landowners to sell, road access, proper zoning and synergies between land uses. Feedback from a recent public input session has further grounded the subject location as a business park with an inclusion of residential development on the northern end. Staff, in conjunction with the subject property owners and the City's preferred broker CBRE, has identified market driven demand for residential development (indicated on the map in yellow) complimented by the COR and a business park (indicated on the map in grey) along HWY 10. Staff, CBRE and the subject landowners feel the proposed mix of uses provides appropriate synergies (for example: providing a buffer for the residential development with a natural break and business park against HWY 10) for successful development per the demands of both sectors of the local economy. It is noteworthy that with infrastructure currently extended along Bunker Lake Blvd., the southerly portion of the proposed business park is in essence ready for development with an appropriate zoning change. Portions of this development scenario do require an amendment to the City's Comprehensive Plan, hence this narrative and supporting materials. Process: 1. Update Planning Cammi,rs acal is apropriate/gthcr fccdback 2. Final meeting with landowners to finalize IikeIy layout of potential bu4n£ss park residential de e 3. Provide EDA with proposed Comprehensive Plan Amendment for feedback and approval 4. Provide EDA with request for funding, contingent upon project approval by City Council, to support Community Development Staff with costs and workload associated with facilitating a Comprehensive Plan and Zoning Amendment 5. Submit materials to begin Comprehensive Plan Amendment process 6. Secure approval of Comp. Plan Amendment from Metropolitan Council 7. Further investigation alongside the Engineering Dept. on infrastructure needs and costs associated with proposed developments, develop sources and uses statement for park and residential development, secure process for the sale and development of land, secure first business park user, seek alternative funding sources for development of infrastructure for business park users