Consider Purchase of Tax Forfeit Parcel at North Commons

At previous meetings, the HRA considered and ultimately approved the acquisition of a parcel of land on the north side of what has beed referred to as North Commons, a proposed park on initial RTC plans.

The 90 foot parcel was to be used to complete a proposed six lot residential subdivision along the westerly edge of the proposed park, the proceeds of which were to be dedicated to the re-platting of the parcels to formal park land, and to initial improvement to the park that were currently not budgeted for.

The HRA ultimately directed the development team to proceed with the acquisition, and the development of the lots as discussed.

As work has continued on this effort, it has become apparent that the cost of acquisition of the tax forfeit parcel, as well as the development costs associated with this effort are projected to be greater than what the market is likely to pay for the developed lots.

The development team will provide some detailed pro-forma information on the project and asks the HRA to consider whether to proceed with the project as-is, or to consider other options for the development that would allocate fees in a manor that would accomplish the initial park improvements desired by the HRA.

Proceeds of lot sales

Based on discussion, direct the development team to modify the proposed development model and present at a future regular meeting for approval.