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<br />Councilmember Jeffrey introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #09-06-129 <br /> <br />RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS TO THE HOUSING AND <br />REDEVELOPMENT AUTHORITY (HRA) TO BE USED FOR THE PURCHASE OF <br />THE RAMSEY TOWN CENTER FORECLOSED LAND <br /> <br />WHEREAS, the. Ramsey Town Center foreclosedland purchase is set to close on June <br />26,2009 between the City of Ramsey's Housing and Redevelopment Authority (HRA) and <br />Minnwest Bank; and <br /> <br />WHEREAS, the amount ofthe purchase price is $6,750,000; and <br /> <br />WHEREAS, as the City's HRA is acquiring the property; the purchase transaCtion is <br />required to be funded through the City's designated HRA fund; and . <br /> <br />WHEREAS, the Water Utility Fund will be internally loaning the HRA fund in the <br />amount of $2,325,000 to be repaid with future land sales for the principal and respective interest <br />at the rate of four percent annually; and <br /> <br />WHEREAS, the Sewer Utility Fund will be internally loaning the HRA fund in the <br />amount of $2,325,000 to be repaid with future land sales forthe principal and respective interest <br />at the rate of four percent annually; and <br /> <br />WHEREAS, the Streetscape Fund will directly transfer $1,500,000 to the HRA fund <br />from the original three million dollar letter of credit proceeds with no reimbursement required; <br />and <br /> <br />WHEREAS, the remaining $600,000 will be funded from the Anoka County Housing & <br />Redevelopment Authority from excess levy dollars held on behalf of the City from the Savannah <br />Oaks Senior Housing Project, with no reimbursement required. <br /> <br />.; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />1) That the Ramsey City Council authorizes the transfer of funds to the City HRA fund to be <br />used for the purchase of the Ramsey Town Center foreclosed land in the respective amounts <br />of $2,325;000 from the Water and Sewer Utility Funds and $1,500,000 from the Streetscape <br />Fund. <br /> <br />2) The Water and Sewer Utility Funds will be reimbursed with future land sales and a four <br />percent per annum interest cost. <br /> <br />The motion for the adoption ofthe foregoing resolution was duly seconded by Mayor Ramsey, <br />and upon vote being taken thereon, the following voted in favor thereof: <br />