Agenda - Council - 03/23/2010 - Laserfiche WebLink

Home

The funds for the purchase are from a Metropolitan Council RALF loan program. The loan proceeds will be reimbursed to the Metropolitan Council by MnDot when MnDot has need for the parcel. Bill Goodrich, City Attorney and Jodi Ruehle of the Tinklenberg Group has negotiated the purchase agreement on behalf of the City. The negotiated amount appraised value is $879,200.00 or approximately $9.94/sq. ft. A Loan Agreement between the Metropolitan Council and the City must also be entered into. Staff will review the terms and conditions of the Loan Agreement with the Council at a future Council meeting. Terms and conditions of the Loan Agreement will need to be established upon completion of the necessary environmental reviews. It is uncertain at this time whether a Phase II environmental review will be required by MnDot. While the actual appraised value is $879,200.00, the total loan from the Metropolitan Council will be in excess of that amount in order to reimburse the City for its acquisition expenses. Recommendation: Staff recommends authorizing the City Attorney and City Administrator to enter into the purchase agreement for property located at 6021 Highway 10, funded by the Metropolitan Council RALF program. Council Action: Motion to enter into a Purchase Agreement with Inter City Oil Co. for purchase of the parcel of land located at 6021 Highway 10 NW, Ramsey, Minnesota (PIN 35- 32- 25 -31- 0012), for a total purchase price of $879,200.00 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 Agreement, entering into a Loan Agreement with the Metropolitan Council, the parcel owner being responsible for the demolition expenses incurred in removing the structures on the parcel and upon City Attorney approval of the Purchase Agreement's legal terms, including environmental issues upon final negotiation with the parcel owne Reviewed by: t City Administrator: Attachments: Map showing the parcel location Purchase Agreement ICO property tax history ACRRA Property Acquisition Information ICO property tax bill detail CC: 03/23/2010