Title
RESOLUTION APPROVING TRANSFER OF PROPERTY BY SPECIAL WARRANTY DEED PURSUANT TO JULY 2000 DEVELOPMENT AGREEMENT
Body
Summary and Background Information:
This resolution finalizes the transfer of the 5 acre Villages of Buffalo run school site that City Council directed staff to reconvey back to the developer.
Background:
Within the site's PUD Zone Document and related Development Agreement is a “sunset provision" on this site, which contains the following…
“Note #9 on Sheet 7 of the PUD Zone Document says 5 acres of the site designated as the school site will revert back to the original developer (Northwood Village Assoc. if school not constructed) at the LATER of:
1. July 17, 2010
2. A date that 80% or more of the aggregate single family residential structures approved in final plats for the Villages at Buffalo Run East AND West have been sold to third party purchasers ).”
In August 2019, the developer notified city that they believed they had met this threshold. At that time, the City believed that the threshold was close, but had not quite been met. Staff presented this information to Council during a September Study Session. At the study session, it was determined that 1) 27J did not want to purchase the land; 2) the five acre site would not be large enough for a traditional elementary school; 3) the Parks division did not need the land for a neighborhood park; 4) Council's desire was for the City to purchase the five acres.
At Council's direction, the City notified the developer of the City's intent to purchase the land. And, per the terms of the Development Agreement, the City hired an appraiser to examine the site to determine the current market value of the parcel. The City's appraiser submitted his report on March 4, 2020, and his findings conclude the site is currently worth $644,000. At a March 2020 Executive Session, City Council directed staff to cease purchase efforts and to instead reconvey the land to Northwood. At a July 1, 2020 Plan...
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