HRA 03/09/2017 March 9,2017
HRA Meeting
Special Meeting Agenda
7:30,%tn.
Call to order
Roll call.
Action Items
1. Approval of Motion Authorizing Staff to Negotiate Development Agreement
Locke Park Pointe
Adjournment
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HRA MEETING OF' MARCH 9, 20'17
DATE: March 8, 2017
TO: Wally Wysopal, Executive Director of HRA
FROM: Paul Bolin, Assistant HRA Director
SUBJECT: Authorize Staff to Negotiate Redevelopment Agreement
The Authority interviewed four different development groups at their March 2nd
work session. The interviews made it apparent that three of the four groups likely
had the ability to do the project, but that two of the groups (Dominium &
Landform) have more innovative ideas. As many in the community have pointed
out, this is really a "once in a lifetime project in a built out community and a
chance to provide housing types that are lacking in the community.
HRA & City Staff, representing Planning, Finance, Engineering & Administration
spent time over the past week asking questions of Dominium and the Landform/
Flaherty & Collins group via email and telephone. On Tuesday, 3/7/17, this
group of Staff held face to face interviews with the two groups to go further in
depth with the questioning. After spending more time with the two developers,
Landform — Flaherty& Collins group was the unanimous choice of the Staff
selection committee.
The Landform — Flaherty& Collins group had the best strategy to move forward
in a true partnership with the Authority. The groups approach is to work with
Staff and the Authority to develop the highest and best uses for the site. They
are flexible, proven developers that want to spend the time necessary to develop
the best project possible on this site. They envision upscale, amenity rich
rentals, a patio-home style development done by a national builder, senior
housing and potentially some small retail or office use. The parkway and other
amenities are also important to the group and they seem focused on delivering a
complete project.
While Dominium builds beautiful projects, they are not the right developer for this
project. They would dead-end the parkway at their second building and leave it
up to others to finish the parkway at a later date. They also estimated that they
would need 90% of the increment generated to help construct their buildings.
Staff was left with the impression that Dominium was not committed to delivering
a complete development, that their interest was only in constructing the two tax
credit buildings. Staff was impressed with the Flex & Grow Home product that
Dominium's partner, True Solutions, builds. It is a unique product and there may
be an opportunity to include some of this housing type in development. Staff will
pass the information on to the Landform—Flaherty& Collins group.
In summary, the site has garnered interest from some very competent
developers that recognize this unique opportunity. Based on the information
presented and Staffs research, Landform — Flaherty& Collins is best poised to
help the Authority capitalize on this"once in a lifetime" opportunity and deliver
something grand to those that currently live, and those that want to live in Fridley.
Recommendation
Staff recommends that the Authority approve a motion authorizing Staff to start
negotiating a redevelopment agreement with the Landform - Flaherty& Collins
Group.