Agenda - Council - 12/09/2008 - Laserfiche WebLink

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would be able to incur eligible costs of that magnitude to make his new site function like the old based on the replacement site currently under consideration by Land Owner. The vehicle moving amount is not significant as Land Owner indicates that he plans to move to one of two sites west of the Subject Property on Highway 10 within Ramsey. Funding Source: The appraised value of $862,000.00, the administrative settlement of $38,000.00 and the City's acquisition expenses of $960,480.00 are all funded by the RALF Loan. THE- RELOCATION EXPENSE OF APPROXIMATELY $36,275.00 WILL NEED TO BE PAID, BY A CITY INTERNAL LOAN FROM THE PUBLIC IMPROVEMENT REVOLVING FUND. Enclosure: Map showing the parcel location Metropolitan Council Loan Agreement Statement of Acquisition Costs Recommendation: Enter into the Purchase Agreement and approve the Loan Agreement. Council Action: Motion to enter into a Purchase Agreement with Clint A. Wilson for the purchase of the parcel of land located at 7665 Highway 10 NW, Ramsey, Minnesota (PIN 28-32-25-31-0005), for a purchase price of $862,000.00 plus an administrative settlement of $38,000.00 which.amount is to be funded by a Metropolitan Council. RALF loan. This motion is contingent on formal approval by the Metropolitan Council approving the purchase and the purchase price and City Attorney approval of the final purchase agreement legal terms. AND Motion to authorize the City to enter into a Loan Agreement between the Metropolitan Council and the City of Ramsey For Protective Acquisition of Highway Right-of-Way for the Clint A. Wilson parcel located at 7665 Highway 10 NW (PIN 28-32=25-31-0005). in the City in an amount not to exceed $960,480.00. Reviewed by: City Attorney /~~ . City Administrator / CC: 12/09/08 -246-