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January 22, 2019 Page 6 of 9 <br /> <br />Motion by Councilmember Burg, seconded by Councilmember Allen to adopt Ordinance 866 <br />conditionally rezoning the identified properties to R-3B. <br /> <br />City Manager Lotter indicated Assistant Director of Community Assets and Development Gozola would be <br />presenting this item to the Council. <br />Assistant Director of Community Assets and Development Gozola stated State law provides cities with nine <br />months to update zoning ordinances and maps following approval of a new comprehensive plan. The <br />recently approved 2040 Comp Plan will initiate that time clock, and approval of these two ordinances (865 & <br />866) will be the first step in meeting the City’s legal obligations. Both ordinances are needed at this time to <br />allow developers to initiate the application process. Delaying either project (provided they meet the goals and <br />objectives of the new plan) serves no public purpose. He explained the rezoning of these lands was not <br />optional and reported the Ordinances were only granting conditional approval at this time. He commented <br />further on the redevelopment plans for the New Brighton Elementary School and discussed the feedback the <br />Planning Commission received at their January 15th meeting. He stated after much discussion and <br />consideration the Planning Commission recommended adoption of Ordinance 866. <br /> <br />5 Ayes, 0 Nays-Motion Carried <br /> <br />Motion by Councilmember Burg, seconded by Councilmember Dunsworth to adopt a Resolution <br />ordering a summary publication for Ordinance 866. <br /> <br />5 Ayes, 0 Nays-Motion Carried <br /> <br />2. Consider Authorization of Term Sheets with Dominium and Pulte for the Development of <br />the former New Brighton Elementary Site. <br /> <br />Motion by Councilmember Allen, seconded by Councilmember Burg to authorize the Mayor and <br />City Manager to execute the Term Sheets. <br /> <br />City Manager Lotter reported Development Attorney Landsman and Community Assets and Development <br />Director Schlichting would be presenting this item to the Council. <br />Development Attorney Landsman described how Term Sheets were defined and explained the sheets would <br />be used to negotiate a future redevelopment agreement. He reported the term sheets were not binding on <br />either party but rather serve as a non-binding guide in negotiating the redevelopment agreement. He then <br />provided the Council with definitions for the terms redevelopment and redevelopment agreement. <br />Community Assets and Development Director Schlichting explained the City Council directed staff to <br />work with Dominium and Pulte on Site Plans. He reviewed the parcels that were included in this <br />redevelopment project. A first step towards the creation of plans and specifications is to enter into <br />Term Sheet Agreements with each party. Term Sheets outline the general deal parameters and <br />obligations of a development proposal that consists of construction of 204 affordable <br />senior/50+ apartment units, 154 affordable family apartment units, and 53 single-family <br />townhomes. Staff offers the following summary points from the term sheets: <br /> <br /> The City would sell Pulte and Dominium ~ 12 acres of land <br /> Pulte and Dominium would hire architects and engineers to develop plans and <br />specifications (conceptually depicted on Exhibit A of the term sheet). <br /> The City would sell Pulte the land for $15,000/unit of housing, and Dominium for <br />$8,000/unit of housing. <br /> Dominium will reimburse the City an administrative fee for issuance of conduit debt. <br /> Dominium and Pulte will close on the land on or before December 31, 2019. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />2. Consider Authorization <br />of Term Sheets with <br />Dominium and Pulte for <br />the Development of the <br />former New Brighton <br />Elementary Site <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />