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Worthington EDA approves new purchase agreement involving planned housing development

The Worthington Economic Development Authority approved a new purchase agreement with the Community Asset Development Group (CADG) regarding a 49-unit multifamily housing development proposed for the Cecilee Addition during a special meeting Tuesday afternoon.

The action represents a continuation of ongoing work with the developer to undertake the housing project. The Worthington City Council first approved a purchase agreement to sell the approximately 1.79-acre parcel to CADG back in October 2020 for $107,000, which included the city’s purchase price for the property, 2020 assessments paid by the city, current assessments, cancelled assessments and the city’s estimated closing costs.

The project has experienced delays due to materials pricing and availability, and the previous purchase agreement for this proposed land sale expired on June 30. The developer now anticipates it will begin the project in earnest in the spring of 2022, assuming economic conditions continue to improve. It submitted full civil, planning, zoning, and engineering plans for the project to the city on July 30, and city staff are currently preparing comments on the plan set.

The new development is planned for property just south of the new city-owned movie theater. The new purchase agreement carries many of the same terms, and also ensures that CAGC has site control for its project as it continues to incur predevelopment costs.

Worthington Mayor Mike Kuhle stated Tuesday that CADG’s continued interest in the project was encouraging, adding that it has invested a lot of time and money in the effort.

Also Tuesday, Brisson asked EDA members for feedback on proposed Worthington projects that could potentially be funded by the new Minnesota Department of Employment and Economic Development Main Street Economic Revitalization Program. Staff has been in discussions with the Worthington Regional Economic Development Corporation (WREDC) and the Southwest Initiative Foundation (SWIF) about partnering with Worthington on any projects associated with program funding. Brisson said he hopes to learn more soon about what corridors of the city may qualify for money.

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