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FC# y.~ DISTRIBUTION OF RAMSEY TOWN CENTER LAND PROCEEDS By: Diana Lund, Finance Officer Background: On June 26, 2009, the City of Ramsey purchased the foreclosed parcels within the Ramsey Town Center for a cash purchase price of $6,764,429 of which $4,668,788 was internally loaned from the city's sewer and water utility accounts and the remaining $2,095,641 from the Letter of Credit proceeds and Anoka County HRA funds. The land transaction also included the abating of special assessments that had a principal amount of $5,851,197. As part of the agreement, the City council agreed to pay itself back when future sales of the land transpired. With the development of town center, the city is faced with the construction of several improvements such as the AUAR roadways, Parking Ramp, Rail station, etc. There are currently no funding sources for these improvements. To help with the funding of these improvements it is being proposed that future land sales distribute proceeds not only to reimbursing the original land costs, but these improvements as well. The proceeds would be distributed based on the cost percentage that each item contributes to the overall costs. The following percentage breakdown would be used to distribute land proceeds: Project Costs % Share Land & Assessments $12,615,626 27.92% AUAR Roadways $ 7,259,900 16.07% Internal Roadways $ 6,015,910 13.32% 7th-10th RTC additions $ 500,000 1.11% Parking Ramp 2 $ 8,750,000 19.37% Parks (except East Meander) $ 4,450,000 9.85% Armstrong Interchange(City Share) $ 1,500,000 3.32% Rail Station (City Share) $ 720,000 1.59% Mass Grading $ 2,500,000 5.53% Streets (Phase II) $ 870,000 1.93% Total Costs $45.181.436 100. 0°/ Funding Source: RTC Land Proceeds.