Agenda - Economic Development Authority - 02/10/2011

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Economic Development Authority (EDA) Item #: 4. 2. Date: 02/10/2011 Title: Approve Resolution for the Release of Unimproved Land, Release of Land From and Amendment to Ground Lease and Lease Agreement for Ramsey Municipal Center Background: As EDA members will recall, when the new Ramsey Municipal Center was constructed, lease revenue bonds were issued by the EDA to fund the project. The land that the new Municipal Center was constructed on was provided to the City of Ramsey by the former master developer of the Ramsey Town Center. A lease agreement for the new Municipal Center building was approved between the EDA and the City of Ramsey for the City's occupancy and use of the building. Also, a ground lease was approved between the City of Ramsey and the EDA to allow for the building to be funded by EDA lease revenue bonds to be constructed on land owned by the City of Ramsey. On December 14, 2010, the City of Ramsey and the City's Housing and Redevelopment Authority (HRA) approved a purchase agreement and development agreement for the development of a 230 unit market rate apartment project by Flaherty and Collins, The Residences at the COR. The City also approved a new plat (COR ONE) for the area that separates the land for development purposes from the City -owned land for the Ramsey Municipal Center and Municipal Parking Facility. The prior plat, RTC 5th Addition, covered this entire area. Attached to this case are the previous plat and the new plat that reflects the parcels being sold for development purposes. The action being requested by the EDA is to approve a Release of Land From and Amendment to the Ground Lease Agreement and to approve the Release of land from and Amendment to the Lease Agreement for the Ramsey Municipal Center. The Release and Amendment documents are attached to this case for EDA review. Observations: EDA Resolution - Relase of Unimproved Land Release and Amendment to Ground Lease Information Funding Source: The legal work involved with the review of the plat, lease documents and preparation of the release and amendment was funded by the HRA for the subdivision of the property for development purposes. Staff Recommendation: Staff recommends that the EDA approve the Resolution for the Release of Unimproved Land, approve the Release of Land From and Amendment to the Ground Lease Agreement and approve the Release of Land From and Amendment to the Lease Agreement for the Ramsey Municipal Center. The Resolution, Release and Amendment documents are attached to this case for EDA review. EDA Action: Approve the Resolution for the Release of Unimproved Land, Release of Land From and Amendment to the Ground Lease Agreement and approve the Release of land from and Amendment to the Lease Agreement for the Ramsey Municipal Center. Attachments