Consider Letter of Intent on Sunwood/Armstrong retail parcel (Portions of this meeting may be closed to the public)

As part of the access management plan for The COR, as well as the environmental process underway for the Armstrong/Hwy 10 Interchange, analysis has been completed to determine the number and locations of access points into the project from Armstrong Boulevard.  It has been determined that only one access point, equidistant between Bunker Lake Boulevard and the new interchange will be constructed as part of the final Armstrong alignment.

With only one access point to the project at this location, a redesign of the development plan contemplates a combined Sunwood Drive and Ramsey Parkway in an intersection approximately 500 feet  east of Armstrong, and a single connection to Armstrong at the approximate location of 147th Avenue.

This reconfiguration will require a relocation of the existing Sunwood Drive, a feasibility study of which has been authorized by the HRA and is underway.

The relocation of Sunwood Drive to the new access point creates a parcel of approximately 4 acres bound on the north and east by the new Sunwood alignment, on the west by Armstrong, and on the south by the existing grocery anchored center.

With the certainty of the drive and access configuration becoming better defined, the development team has received the interest of several parties in developing this newly defined parcel for retail uses.

The development team has received one Letter of Intent (LOI) for one of the 2-3 parcels that will become available.

With the potential to define access and alignments for the adjacent roadways, this parcel become ready for development. Completing this work now provides an opportunity to resolve a number of outstanding issues related to the Armstrong/Sunwood alignment, all of which will be outlined in the feasibility study scheduled to be completed in September.

 The development team recommends the HRA consider the Letter of Intent (LOI) received for the proposed parcel and provide direction as to the configuration of the site and to the real estate parameters outlined in the LOI.  The LOI will be reviewed with he HRA during closed session. 

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Approve the deal terms outlined in the discussion and direct staff to prepare documents to proceed with the sale of land at Sunwood and Armstrong Boulevards.