Lot Description and Prices
Phase 1 of the Reflection Prairie Addition includes 20 single-family residential lots and 7 estate lots. All Phase 1 lots are available for immediate sale. Below is a plat map of the Reflection Prairie Addition which gives the Lot-Block description and dimensions for each lot. Lot prices include all infrastructure construction costs. There are no pending assessments for infrastructure improvements.
Block 6, Lots 1 – 3 .33 acre $34,900*
Block 7, Lots 1 - 3 .31 to .35 acre $34,900*
Block 7, Lots 9 - 11 .31 to .35 acre $34,900*
Block 8, Lots 1 - 4 .28 to .32 acre $34,900*
Block 9, Lots 1 - 7 .31 to .35 acre $34,900*
Block 5, Lots 1 - 4 1.0 acre $54,900
Block 4, Lots 1 - 3 1.5 acre $74,900
Home Construction Schedule
The purpose of the Reflection Prairie Addition is to provide for the immediate construction of new homes. Lot purchasers will have 12 months from lot closing to secure a building permit for the construction of a new home and another 12 months to complete home construction and obtain a certificate of occupancy.
Certain Restrictive covenants for all lots will apply. The Restrictive Covenants are intended to ensure that the nature of construction is consistent and meets minimum design standards.
Lot Sale Procedures
The City of Redwood Falls Port Authority will begin accepting purchase agreements at an initial offering to be held in the City Council Chambers on June 2, 2022, at 3:00 p.m. No purchase agreement will be accepted prior to the initial offering on June 2, 2022. If multiple purchase agreements are received at the initial offering, names will be drawn to determine the final lot purchaser. Following the initial offering, lots are available on a first-come, first-served basis as determined by the receipt date of the purchase agreement.
Buyers may purchase lots directly from the City of Redwood Falls Port Authority or with representation from a licensed real estate agent. Any licensed real estate agent who brings a completed purchase agreement (attachment #2), that results in a closing, will earn a 7% commission on the sale of the lot. The lot prices are the same regardless of the buyer’s choice to obtain representation.
Each purchase agreement must be accompanied with a non-refundable check made payable to the City of Redwood Falls Port Authority in the amount of $1,000.00 as earnest money.
In the event buyers are not able to complete their construction obligations after lot closing but prior to commencement of construction due to unforeseen financial or personal circumstances, the City of Redwood Falls Port Authority, at its sole discretion, may offer to re-purchase the lot for the original price net any legal and administrative costs, for subsequent re-sale to another party. The “buy-back’ option is reserved only for “hardship” cases as determined by the sole discretion of the Port Authority. The Port Authority may waive this “buy-back” allowing the lot owner to sell to a subsequent private party on the same terms and conditions and for the same price provided the new purchaser can satisfy the same requirements.
Changes to Terms and Conditions
The City of Redwood Falls Port Authority reserves the right to change any of the terms and conditions for any lot without a pending purchase agreement at any time.
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