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HRA Special Session Meeting Date: 11/15/2011 By: Darren Lazan, Housing & Redevelopment Authority Information Title: Consider Parking Easement Agreement with Ramsey Professional Center, LLC (PSD) 5. 1. Background: The development team has been working over the last year to resolve a number of title issues within the project. One of these issues related to the disposition of a 60 foot parcel of land on the north side of property ownd by PSD Development, or Ramsey Professional Center, LLC and the currently constructed Ramsey Office Plaza. Originally owned by PSD, this parcel was never released from the mortgage when sold to PSD by the original developer. Subsequently, the property was forclosed upon by the original group of banks along with the remainder of the parcels now owned by the HRA. This property is currently owned by the HRA. Prior to the foreclosure however, PSD constructed certain improvements on the parcel, including parking facilities needed by the existing Ramsey Office Plaza. These improvements continue to exist on the parcel and are used by PSD under a temporary easement agreement executed last year intended to cover the use of the parcel while a perminant solution was prepared. That agreement expires on November 15, 2011. The solution outlined in the attached documents essentially grants the continued use of the 60' parcel to PSD who in -turn will maintain and repair the parking facilities on -site. They also are granted access accross the 60' parcel to Sapphire Street as it exists today. The proposed easement covers approximately 50 parking stalls that exist today, but also allows PSD to ad an additional 50 stalls within the 60' parcel cuncurrent to any development of the remaining portion of their property. The HRA retains the right, however, to terminate this agreement if/when they decide to construct a future parking facility serving the adjacent propertties ownd by the HRA. At that point, the HRA can take posession of the 60' parcel provided replacement parking is provided in the new facility. PSD would assume their appropriate pro-rata share of the maintenance of the facility at that time. Recommendation: The development team reccomends the HRA approve the proposed perminant easement and direct staff to execute the final documents. Funding Source: N/A Council Action: Approve the proposed easement agreement with Ramsey Professional Center, LLC (PSD) and direct staff to execute and record the final documents. Proposed Easement Agreement Attachments Form Review Inbox Reviewed By Date Heidi Nelson Heidi Nelson 11/10/2011 12:50 PM