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HRA Regular Session 5. 3. <br />Meeting Date: 05/14/2013 <br />Submitted For: Bill Goodrich By: Kathy Schmitz, Administrative Services <br />Information <br />Title: <br />Consider approval of purchase agreement for the purchase of the property located at 6710 Highway 10 NW, <br />Ramsey, MN <br />Background: <br />At a closed meeting on April 23, 2013, the HRA met to develop an offer for the purchase of the real property <br />located at 6710 Highway 10 NW, in the City. The Seller has now agreed to the City's offer and agrees to sell the <br />property for a sale price of $361,100.00 (County estimated market value) which was the Council's agreed upon <br />offer. The Seller and HRA Chairman Backous have both signed the purchase agreement, however, of course, the <br />purchase agreement is contingent upon the HRA "s final approval. The purchase agreement is now submitted to the <br />HRA for its final approval. <br />Notification: <br />None <br />Observations /Alternatives: <br />The Council carefully considered its offer for the property purchase on April 23, 2013 and considered the pros and <br />cons of the purchase and its funding. The Seller is accepting the City's offer and is not counter - offering. The <br />City's purchase price offer is $14,000.00 less than the listing price and is the Anoka County Assessor's estimated <br />market value for the property. <br />An alternative, of course, is to decline to approve the purchase agreement. <br />Recommendation: <br />Staff recommends the HRA give final approval to the presented purchase agreement. <br />Funding Source: <br />HRA, EDA or City Funding <br />Action: <br />Motion for final approval of a purchase agreement to purchase the real property located at 6710 Highway 10, <br />Ramsey, MN for a purchase price of $361,100.00 and upon those additional terms of the May 10, 2013 purchase <br />agreement reviewed with the HRA at its May 14, 2013 regular meeting. <br />Proposed Purchase Agreement <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kathy Schmitz 05/13/2013 03:47 PM <br />Kurt Ulrich Kurt Ulrich 05/14/2013 11:59 AM <br />Form Started By: Kathy Schmitz Started On: 05/13/2013 03:45 PM <br />Final Approval Date: 05/14/2013 <br />