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HRA Regular Session 5. 1. <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 Peridot 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 GG <br />(portions thereof), RAMSEY TOWN CENTER ADDITION. The Subject Property is approximately 14.72 acres in <br />size located at the southeast intersection of Sunwood Drive and Peridot Street (future). The Prospect desires <br />approximately 10 -14 acres. The Subject Property is zoned COR -3 and is available for sale. <br />The City received an inquiry from the Prospect in January, 2013. On March 19, 2013, the Prospect made an offer <br />on the Subject Property. At this time, Staff has not yet ordered a market appraisal. <br />This offer is coming from the Charter School Fund and the proposed use is for a charter School. The convenience <br />store retail site (i.e., Super America) on the Northeast corner of the site would be excluded from this sale. This item <br />was review by the City Council in concept several weeks ago. <br />Observations /Alternatives: <br />It is recommended that the City's consideration of the offer for the purchase of real property be discussed in closed <br />session. 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 portions of Outlot GG, RAMSEY TOWN CENTER, and direct staff to present 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 portions of Outlot GG, RAMSEY TOWN CENTER, 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 portions of Outlot GG, RAMSEY TOWN CENTER, and direct staff to communicate <br />this decision. <br />Recommendation: <br />Staff will present the offer and pricing information in closed session. Attached to this case is background <br />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 portions of Outlot GG RAMSEY TOWN CENTER. <br />Site Location Map <br />Attachments <br />Form Review <br />