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Addition. He asked Mr. Bray to review the Purchase Agreement that the HRA is being asked to consider. Mr. Bray stated that this will be a rehash of what the Council heard at the earlier meeting, but since the HRA is a separate body, it is important that the terms of the agreement are included in the record for the HRA. He stated that the property consists of approximately 150 acres and the purchase price will be adjusted to $6.75 million, not $7 million, as is reflected in the current document before the HRA. He stated that the closing date is scheduled for June 26,2009. He reviewed and explained the details of the Purchase Agreement, including the removal of Section 20. He stated that the HRA is also part of the Consent to Settlement and Release and the Release Agreement with Ramsey Town Center. Chair Dehen asked if these documents were available for the public to view. Mr. Bray confirmed that they are available for public review. Mr. Lasher stated that the source of funds will be $1.5 million from the existing Letter of Credit, $500,000 from back taxes, and a $4.75 million internal fund transfer for the balance. City Attorney Goodrich suggested that Mr. Bray explain why this should be discussed by the HRA. Mr. Bray stated that the City could have been the purchaser, but they felt the HRA was a better vehicle, because this is what they do by acquiring land for development or redevelopment. City Attorney Goodrich read aloud the proposed Resolution #09-03-XX, as follows: Whereas, the City Council has recommended that the HRA enter into a Purchase Agreement attached as Exhibit A for the purchase of certain lands in the Ramsey Town Center Addition, which lands are legally described in. said Purchase Agreement, and Whereas, the Purchase Agreement is a central term for the settlement of that certain lawsuit known as City of Ramsey vs. Minnwest Bank Central, Anoka County District Court File No. 02-CV-07-2643, and Whereas the HRA finds that it is in the City's best interests of the continued economic development of the Citythat it approve the Purchase Agreement. Now, therefore, be it resolved by the HRA as follows: 1. That the Purchase Agreement is contingently approved and the HRA's Chairperson and Secretary/Treasurer are authorized to execute on behalf of the HRA, contingent on the following: a. The City Council's final approval of the Settlement Agreement for the settlement of the above referenced lawsuit. b. Agreement between the City Attorney and Minnwest Bank Central's attorney on the form of the title commitment to be attached to the Purchase Agreement as Exhibit B and the correct references to that Exhibit in Section 5 (a)(iii) of the Purchase Agreement. 2. Further resolved that the HRA approves of an authorizes its Chairperson and Secretary/ to sign the Consent to Settlement Agreement and Release with the Participant Banks, subject to the conditions as described in no. 1 above. 3. Further resolved that the HRA approves of and authorizes its Chairperson and Secretary/Treasurer to sign the Release Agreement with Ramsey Town Center, LLC. 4. Further resolved that the HRA delegates authority to Chairperson Dehen and Boardmembers Look and Ramsey to authorize execution of the final draft of the Purchase Agreement referenced in this resolution upon their finding that said Purchase Agreement Housing and Redevelopment Authority Special Meeting! March 17,2009 Page 2 of 4