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EDA discusses strategies for 14 remaining Water's Edge lots and unplatted outlots; seeks developer proposals
Summary
The EDA reviewed options for selling 14 remaining buildable Water's Edge lots and larger unplatted outlots, discussed a standing 10% bulk discount, and directed staff to seek offers and consider an RFP for developers with build plans and timelines.
Board members spent considerable time Jan. 22 discussing options for disposing of remaining residential lots and larger outlots owned by the EDA, including bulk-sale offers, discounted pricing, and whether the EDA or a private developer should prepare parcels for building.
Staff reported there are 14 remaining buildable lots in the Water's Edge subdivision that could be built on with permits immediately. Using a range of assessed property tax examples, staff said the EDA had foregone an estimated $1,092,000 in cumulative tax revenue on the unsold parcels and is missing roughly $42,000 in annual tax receipts by holding the lots. Board members said annual mowing of the lots was about $9,000.
The board reiterated a standing policy discussed at prior meetings: the EDA offers a 10% discount on per-lot price for bulk purchases of four or more lots. Members asked staff to solicit an offer from the interested party who previously requested a price for all remaining lots and to request that any bulk purchaser include a development plan with a proposed timetable and information about whether the buyer intends to construct homes or resell the lots.
For the larger outlots (unplatted parcels that lack water or sewer service and require additional infrastructure), members discussed whether to sell raw land or invest to make parcels shovel-ready. Board members noted uncertainty about the age and remaining useful life of existing infrastructure in parts of the outlots and the potential for special assessments if infrastructure is older. Options discussed included an RFP process to invite proposals from developers, sealed bids with price and development plan components, or simply eliciting informal offers to gauge interest.
The board asked staff to prepare additional information for future meetings, including estimates of infrastructure costs to make outlots shovel-ready, the acreage and parcel descriptions for the outlots, and suggested RFP elements (timelines, build plans, proposed uses and proposed financial terms). Several members said a requirement for a plan and a timetable should accompany bulk-sale offers so the EDA can prioritize buyers likely to develop the land within a reasonable timeframe.
