Agenda - Economic Development Authority - 02/10/2022

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Economic Development Authority (EDA) Meeting Date: 02/10/2022 By: Sean Sullivan, Community Development Title: Receive Update on Parcel 46 Development Status Purpose/Background: The purpose of this case it to provide a brief update as to the status of Parcel 46 and its development status. Staff has been working with CBRE to market Parcel 46 in the COR. The site is generally low and needs fill and compaction to make the site buildable. In addition,there is a wetland and a storm pond for Armstrong Blvd that do not let the site be developed efficiently and to its full potential. The non-buildable status of the site and the uncertainty in costs to make it developable has caused interested developers to pass on the site. Over the past few years,we have had interest from developers showing the majority of the site being developed with twin and cottage homes. The development plans reserve areas for retail and mixed uses residential. The EDA, Planning Commission and City Council have generally accepted this development proposal and the allocated land for each use. Discussion with the developers always lead to the site not being ready and the costs needed to improve the site for development and their uncertainty make the project unfeasible. On January 18, 2022 the Public Works Committee discussed the following items and directed staff to get cost estimates and to bring back to the Public Works Committee at a later date. Fill Needed for Parcel 46 There have been several attempts to determine the amount of fill needed for for this site.Attached is a graphic showing estimated need for fill needs and the Waterfront source This item needs will be reviewed by engineering to determine the amount of fill that is actually needed and the cost to acquire,place and compact on the site. Wetland Mitigation and Relocation on Parcel 46 Staff is in the process of putting together a schedule and potential pricing to either mitigating impacts to the existing wetland at a 2:1 ratio by purchasing additional wetland credits in excess of what the existing City-owned banked wetland credits will not cover, or by relocating the wetland on the site by constructing a new wetland within The Waterfront park feature. Engineering will provide. (See Site Location Map) Stormwater Pond Relocation for Parcel 46 As part of the development of the site it is possible that the stormwater pond may need to be relocated. This could be done as part of an new private development project or the City could be proactive and relocate the pond strategically to another location when the fill work, and wetland relocation is being completed. (See Site location Map) The Waterfront Excavation and Rough Grade The timing of The Waterfront park project is not scheduled within a particular year at this time.However,plans for The Waterfront have envisioned enlarging and excavating the low area present on site as the beginning point for the park project. This grading (excavation) could be used as a source for fill for parcel 46. It would make sense to coordinate these activities if economically feasible. Additional things to consider include the ability/feasibility to relocate the wetland from Parcel 46 on this site, and the probable need to line the water feature to prevent infiltration since this site is within a wellhead protection area. Some preliminary work has been done with design and site work and concept plans and cost. More work is needed determine project feasibility and estimated cost.