Laserfiche WebLink
Development Manager Lazan explained that earnest money was due on December 15 but was <br />not deposited. <br /> <br />Commissioner Elvig noted that Stoney River had been approved a year or year and a half ago <br />and stalled due to some issues but Edgewood Development came in after that approval and had <br />wanted to move forward. <br /> <br />Mr. Fischer stated he is not sure about the timing and does not know whether Edgewood <br />Development knew Stoney River was that far along. He explained that a year ago, Edgewood <br />Development was ready to “pull the trigger” but it did not happen because of another project in <br />The COR. Then they came back a year later and made the offer but did not know what was <br />going on. <br /> <br />Development Services Manager Gladhill explained that in 2011, the Anoka County HRA did a <br />senior housing market study so that resource can be looked at to answer the question of how <br />much Ramsey can sustain. <br /> <br />Commissioner LeTourneau asked about the earnest money should the City agree to extend the <br />time period and then the Stoney River project starts before the Edgewood Development project. <br /> <br />Development Manager Lazan stated it is refundable earnest money and Edgewood Development <br />is asking for a free look for one more month. <br /> <br />Chairperson Backous asked why the earnest money was not received. <br /> <br />Mr. Fischer explained there was not a fully executed purchase agreement. <br /> <br />HRA Executive Director Ulrich noted approval of the request would retain an interested <br />developer and the HRA would not have to plat the land as quickly as thought. But on the <br />negative side, it would give a free option on land without monetary consideration for 4-5 months, <br />which is not a good business practice. He advised it would be best to have the property <br />unencumbered and if the developer wants to move forward in four months they could come back. <br /> <br />Commissioner Kuzma asked if the purchase agreement could contain a clause allowing a certain <br />number of days to commit should there be another interested party. <br /> <br />HRA Executive Director Ulrich agreed that is an option. <br /> <br />Commissioner Riley asked if there is a cost for the HRA to hold the property. <br /> <br />Chairperson Backous suggested requiring the earnest money and then it can be returned if <br />Edgewood Development decides to not build. <br /> <br />Commissioner Elvig stated the concern with extending is the same as with Toti Suite Living and <br />may result in having all of the projects waiting. <br /> <br />Housing and Redevelopment Authority / February 5, 2013 <br />Page 3 of 7 <br /> <br />