2020 Comprehensive Annual Financial Report

the overhead powerlines from the bluff and rebuild several streets. Construction began in March 2021 and is expected to be completed in 2022.  Lennar Homes is completing Ridge Creek, a new 103 single-family home subdivision. Approximately 90% of the lots have been sold and built.  Windermere by D.R. Horton has started construction in its sixth phase of development consisting of 125 new homes, including new single-family homes with an integrated park, and has submitted their seventh phase consisting of 101 residential lots.  Benedictine Health System completed its $60 million, 183-unit independent living, assisted living and memory care facility in the Windermere development and is now in lease up.  The Willows at Windermere opened in October 2020. The 60-unit workforce family apartment complex with supportive services for residents that helps move them into homeownership.  The city approved Core Crossings development, a 60-unit, workforce housing development that will now be part of the Trio Apartment Complex. The second phase of the market-rate portion of Trio was also approved. Construction of both should begin in mid-2021.  Stagecoach in Southbridge is a new 60-home subdivision that is under construction in Southbridge. The homes have access to a new 2-acre city park that preserves a large stand of heritage oaks. The development is already 90% built out.  The second home in West Ridge Lake Estates, a 14-lot executive development on Lake O’Dowd, has started construction. Several other lots are under contract. These homes are valued at more than $1 million each.  Construction is well underway on Countryside 2 nd Addition, a 31-lot single family residential development.  Link Construction received approval for eight new homes as part of Jefferson Court. The one level homes will be at the corner of Adams, 10 th Avenue West and Jefferson.  Doran Development opened the first phase of Triple Crown, a super luxury apartment complex. It is expected that they will begin the second phase of the 625-unit development in late 2021.  A large-scale subdivision with more than 600 units was approved on the former Hauer farmland property at 17 th Avenue. The development, Summerland Place, will include single family homes, villas, townhomes, and apartments.  M/I Homes submitted for a 186-home subdivision on County Highway 83. The development includes large single-family homes, carriage houses and villas. The development includes eight acres of integrated city-owned open space and trails.  Whispering Waters, a 125-home subdivision, was approved. The homes along the Prior Lake Outlet Channel, will be on larger lots.  Trident Development has begun construction of Arasan Apartments, a 138-unit apartment building in Powers Addition, located at 17 th Avenue and Marystown Road.  Renovation of Shakopee Village Apartments at 1428 4 th Avenue East into handicap accessible living units will be completed in 2021.  Suite Living – nursing and assisted living facility with 32 units approved within the Windermere Subdivision.  MWF 2 nd Phase completed in 2020 (48 units)- 1595 Sarazin Street.  Pulte Homes will begin construction shortly at Canterbury Crossing, a 108-unit townhome community.  Lifestyle Communities received approval for a 56-unit senior co-op development in the Canterbury Crossing Development. Commercial:  Chipotle purchased a closed Taco Bell and is completing a $400,000 renovation and should open in mid-2021.  Canterbury Park’s Southwest Development was approved, and it includes a new headquarters office building for Greystone Construction and pads for other several large commercial users.  The EDA sold 16 acres of land in the West End Gateway to OPUS who developed a new corporate headquarters and manufacturing facility for Cherne USA who relocated from Edina. The building

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