Agenda - Council - 08/25/1998 - Laserfiche WebLink

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EXHIBIT B Right of First Refusal to Acquire Property THIS AGREEMENT made this day of 1998, by and between the Anoka County Housing and Redevelopment Authority (the "ACHRA") and the City of Ramsey (the "City"). WITNESSETH WHEREAs, the ACHRA .and the City have entered into a Joint Powers Agreement dated as of October i4, 1998 (the "Joint Powers Agreement") pursu, ant to which they have agreed to act jointly in the development and operation of a rental apartment project for senior citizens to be located in the City of Ramsey on the property described on Exhibit A hereto (the "Land"); and WHEREAS, the City initially acquired the Land and conveyed the Land to the ACHRA to be owned by the ACHR.A as contemplated by the Joint Powers Agreement; and WHEREAS, the ACHRA will issue certain tax-exempt housing development revenue bonds to be paid from the operating revenues of the project to be constructed upon the Land and certain other agreed upon sources and to be further secured by the general obligation of the City; NOW, THEREFORE, IT IS AGREED AS FOLLOWS: 1. In the event that the ACHRA determines to sell the Land and the improvements thereon ("the Project"), it shall first give notice of such intention to the City in writing at the notice address hereinafter set forth. The City shall, within 45 days of its receipt of notice hereunder, give written notice to the ACHRA of its intention to exercise its right to acquire the Land and the Project hereunder. If the ACHRA has not received such notice within such time period, the ACHRA may proceed to offer the Land and the Project for sale to others'as it shall B-1 I I I I I I I I I I I I I I I I I I