HRA amends Temprature Trail agreement to extend timelines, cap 'entry-level' sales at $290,000 and 115% AMI

The Housing and Redevelopment Authority approved Resolution 24-12, a first amendment to the development agreement with Temprature Trail Development Company, LLC. The amendment formally extends the project's construction start and closing dates, adds the I Triple R infrastructure award to the agreement and tightens the definition of 'entry-level' units.

Under the amendment, the developer agreed that entry-level homes will be restricted to buyers at 115% of area median income or below and that a target sales price of $290,000 will apply for those units. Staff noted there is no indexing provision at present for price adjustments over time and said developers could return to the board if circumstances required an amendment.

The project required design changes after site testing revealed substantial rock and because an easement for an educational area and overhead utilities affected the lot layout. The amendment also addresses billboard lease arrangements with the township (developers may use the billboard for marketing for two years post-close, after which the township will enter a long-term nominal-lease arrangement) and requirements to accommodate septic backup space and wetlands.

Staff reported they had taken the project to the planning commission and anticipated resolving remaining land-use items by the end of the month so the developer can proceed to final plat and closing; if critical approvals are not secured the HRA indicated it may terminate the agreement and reallocate funds. The motion to approve Resolution 24-12 was moved, seconded and approved by voice vote.