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HRA Regular Session 5. 1. <br />Meeting Date: 07/09/2013 <br />Submitted For: Kurt Ulrich By: Jo Thieling, Administrative Services <br />Information <br />Title: <br />Consider Counter -Proposal for Sale of Outlot A RTC 8th Addition (This discussion may be closed to the public) <br />Background: <br />A letter of intent, dated May 28, 2013, addressed to HRA Chairperson Backous, was received from the office of <br />Erhart & Elfelt, LLC. The letter of intent related to a parcel of property that PSD, LLC was interested in <br />purchasing from Ramsey HRA and exchanging parcels of property. The HRA discussed this letter of intent at their <br />June 11, 2013 regular meeting. Following discussion at the meeting, City Administrator wrote to Mr. Erhart asking <br />him to consider the following: <br />1. Purchase. <br />a. The HRA is interested in selling the three -acre parcel that is generally described as Outlot A of the Ramsey <br />Town Center 8th Addition. <br />b. The HRA is in general agreement with the proposed land use of twin homes for the property as it is consistent <br />with the comprehensive plan for the area, but the impact of the reduction in density needs to be reviewed. The <br />property would need to follow the development approval process required by the City. <br />c. The HRA is reviewing the purchase price and intends to respond with a counter-offer within 30 days. <br />Since the writing to Mr. Erhart, staff has contacted a number of brokers for opinions of value. Findings will be <br />presented at the HRA meeting. <br />d. Construction of the final lift on adjacent streets is something that the HRA is willing to undertake depending <br />on the price negotiated for the parcel. <br />e. The HRA believes there are no outstanding assessments on the property, but will need to verify this with an <br />assessment search. Since the writing to Mr. Erhart, staff has performed an assessment search on the property and <br />found there are no pending assessments. <br />2. Exchange. <br />a. The HRA is not interested in an exchange of property at this time, but is a willing seller, and would consider <br />any reasonable offer of cash and or terms for the parcel known as Outlot A of the Ramsey Town Center 7th. <br />Notification: <br />Observations/Alternatives: <br />Recommendation: <br />Staff recommends that the HRA offer a counter proposal on the land sales price for purchase and consider other <br />parcels that are more comparable in value for the land exchange. <br />Funding Source: <br />Not applicable. <br />Action: <br />