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City or EDA Purchase <br />The landowner has expressed a willingness to sell the property to the city, albeit for a <br />price near the appraised value. Given the city’s current inventory of property which has <br />proven difficult to develop, even at deeply discounted prices, it may not be prudent to add <br />more property to the city’s portfolio. However, if there is a strong desire to have a high <br />level of control over what is developed on this property, purchasing it is the best way to <br />do so. Staff has added a Closed Executive Session to the end of this meeting simply to <br />have a brief discussion on what sort of price point might make sense if the city were to <br />consider purchasing the property. <br />Rezoning <br />Rezoning the property to its former zoning (circa 2011) of R-2 Low Density Residential <br />may offer a viable alternative for development. The property could likely be split into a <br />few single family lots, perhaps leaving the existing home as one of those lots. <br />This approach would require a Comprehensive Plan Amendment and may be something <br />which should wait for the community’s input on the Downtown Master Plan. The recent <br />market study, commissioned by the EDA, noted that the lake and anything with views of <br />it should be leveraged as an asset, if downtown redevelopment is to be viable. Letting the <br />property develop as a few single-family lots might be a missed opportunity. <br />Summary <br />This desirable, 3-acre piece of property is one of the largest, underdeveloped pieces of <br />contiguous property in the city’s downtown area and one of the rare parcels with a <br />perched view of the lake. It represents an opportunity to set the tone and context for a <br />future downtown redevelopment whether improved for public or private uses. Careful <br />consideration should be given to ensuring it is utilized for its highest and best use. <br /> <br />