Agenda - Council Work Session - 05/23/2018 - Joint CC, Planning & EDA

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CC Work Session 2. 3. Meeting Date: 05/23/2018 Information Title: Concept Proposal: 250+ Unit Rental Townhome Development Purpose/Background: BACKGROUND • Continental Properties (The Springs). Link: https://www.cproperties.com/ • High -amenity, gated, rental townhome development. Includes recreation center. Example project in Savage: https: //www. springsapartments. com/apartments/mn/savage/springs-at-egan-drive/ • 250-275 units. • SE corner of Armstrong/ Bunker. • About 16.3 acres. • Construction 2019. • Attached is Continental's first proposed site concept layout (first attachment). Staff submitted some basic comments to Continental (second attachment). • Continental has indicated they are strongly considering another non city -owned site, not located in The COR. • This project would trigger the need to construct new infrastructure; and would subsequently result in the need to negotiate financing and cost -sharing. • To -date, Continental Properties has been very good to work with and responsive to staff requests. • It is important to note, this area of The COR is zoned for commercial/ retail today. However, as part of the city's recent COR re -vision process, staff was provided direction from the City Council --that this area of The COR was flexible --and the City would be open to a medium density development proposal. PURPOSE • The intention of this case is a high-level and preliminary discussion centered around vision --and if this user fits the city's vision. • Is the city generally comfortable with this user being located on this city -owned site? If yes, staff will continue to negotiate with this user. • The purpose of this case is NOT formal review, formal approval, or detailed analysis. Timeframe: 10-30 minutes. Funding Source: NA Responsible Party(ies): Economic Development Manager Outcome: Does this proposal fit the City's vision for The COR? Should staff continue to negotiate with this user on this site?