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3.5. SR 03-17-2008REQUEST FOR ACTION To Item Number Consent 3.5. Agenda Section Meeting Date Prepared by Consent March 17, 2008 Sheila Cartrle , St. Planner Item Description Reviewed by Request by Heritage Landing Development Inc. for Extension of Recording of Plat for Heritage Maples Townhomes Reviewed by Action Requested Staff recommends approval of the requested extension for the Final Plat Approval of Heritage Maples Townhomes. Background/Discussion Heritage Landing Development Company has requested a one year extension of recording the Final Plat of Heritage Maples Townhomes. At this time last year, the same request came before the Council and a one year extension was granted. Market conditions have not changed. Financial Impact Attachments ^ Letter dated March 6, 2008, from Heritage Landing Development Company ACtIOn - Motion by Second by _ Vote Follow Up S\PLANNING MAIN\Case Files\Plat\P OS-1G Heritage Maples\Req for E~tension_08.doc March 6, 2008 Jeremy Barnhart City of Elk River 13065 Orono Pazkway Elk River, MN. 55330 Mr. Barnhart, Due to drastically changed market conditions we would like to request a one year extension on the deadlines to record the Heritage Maples Townhome final plat. Both our proposed lenders and builders are reluctant to proceed with this project at this time. We still believe the Heritage Maples ,project is a much needed 55+ community asset. We feel it would be better both for the City of Elk River, the builders, and ourselves to delay the start of this project for a short time rather than to have empty developed lots at this site. During the 18 months of the approval process the townhouse mazket gradually eroded to its present condition. We expect a slow recovery in this market segment in the near future, but we believe it would be prudent to have the option of a slight delay to the beginning of this development. Landing Development, Inc its . Chuba, CFO ~G~~ 3- ©d" West Oaks of Elk River, LLC George Sanford, Manager ~~~ "3-Co-oB