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4646 Dakota Street SE
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CITY COUNCIL AGENDA REPORT
MEETING DATE: NOVEMBER 20, 2010
AGENDA #: 5J
PREPARED BY: JEFF MATZKE, PLANNER
PRESENTED BY: JEFF MATZKE
AGENDA ITEM: CONSIDER APPROVAL CONSIDER APPROVAL OF A RESOLUTION
EXTENDING THE DEADLINE FOR RECORDING THE PUD
AMENDMENT FOR HICKORY SHORES
DISCUSSION: Introduction
The purpose of this agenda item is to consider a request by Signature Bank
to extend the deadline for recording a major PUD Amendment for the
Hickory Shores development. The site is located at on the south side of TH
13 and north and west of Crystal Lake and Rice Lake.
HiStorV
On September 20, 2010 the City Council approved Resolution 10-087
approving a PUD Amendment for Hickory Shores. This PUD Amendment
proposed a modification to the townhome design of the originally approved
PUD.
Current Circumstances
A condition of approval of the final plat and Development Contract required
the plat be recorded within 60 days of approval, or by November 20, 2010.
Section 1002 of the Subdivision Ordinance states the resolution shall be
considered null and void if not recorded within the prescribed time, unless a
request for a time extension is submitted in writing and approved by the
City Council prior to the expiration date.
On November 9, 2010, the City staff received the attached letter from
Signature Bank, the current property owner, requesting an extension of the
deadline for recording the PUD Amendment for Hickory Shores. This
extension would be for a period of six (6) months (May 20, 2011).
Conclusion
Due to the recent withdrawal of the potential developer from the project and
the need for Signature Bank to analyze the market conditions for specific
housing types, City Staff believes the request to extend the recording
deadline for a period of six (6) months appears reasonable in this case.
ISSUES: The purpose of the recording deadline is to keep the development process
moving forward and to provide prospective sellers information concerning
platting and zoning restrictions. The extension of this deadline will allow
the property owner to delay recording, so that they may analyze the market
for the proposed housing product types. If the owner fails to meet this
extended deadline, the PUD Amendment approval will become null and
C:\Documents and SettingslcgreenlMy Documents\SharePoint Drafts\Hickory Shores CC report.doc
void. If the resolution is adopted, allowing for an extension of the deadline
for recording the Hickory Shores PUD Amendment, Signature Bank shall
record a document stating that the land is subject to an amendment to the
plat and that will not be effective until/unless it is recorded. The document
disclosing the PUD Amendment shall be recorded against the property by
December 6, 2010 or the extension shall be null and void.
FINANCIAL This action has no direct financial impact; however, the successful
IMPACT: marketing of the development will result in the construction of additional
housing units within the City.
ALTERNATIVES: The City Council has four alternatives:
1. Adopt a resolution approving the request to extend the recording
deadline for 6 months, until May 20, 2011, as requested.
2. Adopt a resolution extending the recording deadline for 90 days, the
amount of time provided for by statute to record the original plat and
PUD.
3. Continue this item for specific information or reasons per City Council
discussion.
4. Deny the request and direct the staff to prepare a resolution denying
the requested extension.
RECOMMENDED Staff recommends Alternative #1. A motion and second adopting
MOTION: Resolution #10-xx approving an extension of the deadline for recording the
PUD Amendment for Hickory Shores to May 20, 2011.
Reviewed by:
Frank Boyles' C,~ty 1~1anager
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RESOLUTION 10-xx
A RESOLUTION AUTHORIZING EXTENSION OF THE DEADLINE FOR RECORDING A MAJOR PUD
AMENDMENT FOR HICKORY SHORES UNTIL MAY 20, 2011
Motion By: Second By:
WHEREAS, The Prior Lake City Council adopted Resolution 10-087 on September 20, 2010, approving a
major PUD Amendment for Hickory Shores; and
WHEREAS, The applicant is required to record the PUD Amendment within 60 days of approval, in this case
by November 20, 2010; and
WHEREAS, Signature Bank, the property owner, has submitted a request to extend the recording deadline to
May 20, 2011; and
WHEREAS, The Hickory Shores PUD Amendment was approved based on the belief that it would be a more
marketable product type, based on current housing preferences being expressed by consumers;
and
WHEREAS, The applicant of the Hickory Shores PUD Amendment was a developer, who had indicated they
intended to purchase the foreclosed Hickory Shores development from Signiture Bank, however,
in the end, the developer determined they would not move forward with the project; and
WHEREAS, The residential market has slowed and Signiture Bank would like to have the flexibility to market
the development with the amended PUD as an option.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, MINNESOTA as
follows:
1. The recitals set forth above are incorporated herein.
2. The deadline for recording the major PUD Amendment for Hickory Shores is extended from November 20, 2010
to May 20, 2011.
3. Signature Bank must file a copy of this resolution against the property by December 6, 2010 or the extention
shall be null and void.
4. Signature Bank shall provide the City with satisfactory evidence that this resolution has been properly recorded
against the plat of Hickory Shores.
PASSED AND ADOPTED THIS 15T" DAY OF NOVEMBER 2010.
YES
NO
M ser M ser
Erickson Erickson
Hedber Hedber
Keene Keene
Millar Millar
Frank Boyles, City Manager
Phone 952.447.9800 /Fax 952.447.4245 / «~ww.cityofpriorlake.com
SIGNA'1'C1RE BANK
November 9, 2010
Jeff Matzke
Planner
Community Development & Natural Resources Dept.
City of Prior Lake
4646 Dakota Street SE
Prior Lake, MN 55372
RE: Hickory Shores PUD Amendment Resolution recording extension request
Dear Mr. Matzke:
I am hereby requesting a six (6) month extension to the current recording deadline of November
20~', 2010 for the Hickory Shores PUD Amendment (without Exhibit A). As you are aware, the
sale of the subject project has recently fallen through and we will need to evaluate our options as
it pertains to the future of this project.
Thank you,
~•.
ista`nt Vice President
9800 Bren Road East, Suite 200
Minnetonka, MN 55343-6400
Phone: 952.936.7800
Fax: 952.936.7801
wwwsign aturebankonline. com