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HRA Regular Session 5.2. <br />Meeting Date: 03/26/2013 <br />By: Tim Gladhill, Community Development <br />Information <br />Title: <br />Consider Offer to Purchase Property at Sunwood Drive and Sapphire Street (Portions May Be Closed to the Public) <br />Background: <br />The City of Ramsey Housing and Redevelopment Authority owns a parcel legally described as Outlot B, <br />RAMSEY TOWN CENTER 11TH ADDITION. The Subject Property is approximately 4.03 acres in size located <br />at the northwest intersection of Sunwood Drive and Sapphire Street. The Prospect desires approximately 1+ acres. <br />The Subject Property is zoned COR -1 and is available for sale. <br />The City received an inquiry from the Prospect, MWF Properties, in January, 2013. On March 19, 2013, the <br />Prospect made an offer on the Subject Property. The proposed use is multiple - family residential. At this time, Staff <br />has not yet ordered a market appraisal. <br />Observations /Alternatives: <br />The consideration of the offer for purchase of real property is recommended to be considered in closed session. <br />Attached to this case is background information on the Subject Property. <br />Alternative #1. The City Council could choose to present a counter offer to the Prospect for the sale of HRA owned <br />property legally described as Outlot B, RAMSEY TOWN CENTER 11TH ADDITION, and direct staff to present <br />same. <br />Alternative #2. The City Council could choose to approve the offer from the Prospect for the sale of HRA owned <br />property legally described as Outlot B, RAMSEY TOWN CENTER 11TH ADDITION, and direct Staff to draft a <br />purchase agreement and resolution for sale of property. <br />Alternative #3. The City Council could choose to reject the offer from the Prospect for the sale of HRA owned <br />property legally described as Outlot B, RAMSEY TOWN CENTER 11TH ADDITION, and direct staff to <br />communicate that decision. <br />Recommendation: <br />The offer to purchase real property and additional land pricing information will be presented in closed session. <br />Attached to this case is background information on the Subject Property. <br />Funding Source: <br />No funding required at this time. <br />Action: <br />Motion to accept /reject /counter the offer to purchase Outlot B RAMSEY TOWN CENTER 11TH ADDITION. <br />Site Location Map <br />Inbox <br />Attachments <br />Form Review <br />Reviewed By <br />Date <br />