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Councilmember introduced the following resolution and moved for its adoption: <br />RESOLUTION #10-03-XXX <br />RESOLUTION ESTABLISHING THE DISTRIBUTION OF RTC LAND PROCEEDS <br />WHEREAS, on June 26, 2009, the City acquired the foreclosed parcels known as <br />Ramsey Town Center for the purchase price of $6,764,429 and the abatement of special <br />assessments in the principal amount of $5,851,197; and <br />WHEREAS, future land sales were to repay the city for the land purchase including <br />purchase price and assessments; and <br />WHEREAS, the city has several improvements that require construction with no current <br />funding source; and <br />WHEREAS, sale proceeds relating to the sale of the 118.68 usable acres would be <br />distributed based on the percentage of costs as stated: <br />Project Costs % Share <br />Land & Assessments $12,615,626 27.92% <br />AUAR Roadways $ 7,259,900 16.07% <br />Internal Roadways $ 6,015,910 13.32% <br />7th-10th RTC additions $ 500,000 1.11% <br />Parking Ramp 2 $ 8,750,000 19.37% <br />Parks (except East Meander) $ 4,450,000 9.85% <br />Armstrong Interchange(City Share) $ 1,500,000 3.32% <br />Rail Station (City Share) $ 720,000 1.59% <br />Mass Grading $ 2,500,000 5.53% <br />Streets (Phase II) $ 870,000 1.93% <br />Total Costs 45.181.436 1~~°/Q <br />WHEREAS, it is the intent that the city will be reimbursed in its entirety for the original <br />land purchase price and assessments. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br />1) That the sale proceeds from the sale of RTC land will be allocated in the following <br />manner: <br />Resolution #10-04-XXX <br />Page 2 of 2 <br />