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Review of Casey's General Store PA and CommonBond Communities PA CommonBond Tonight's alternatives are being presented first, to provide a holistic picture of our next steps. Tonight's alternatives (routes A, B, C or DECLINE): Gain greater understanding of Agreement via Staff/City Attorney summary Request revisions beyond Staff/Attorney input, if any A: Request return of PA with revisions for final review and potential adoption on May 27th OR B: Request revisions and authorize entering into PA, pending final review by City Attorney OR C: Ramsey HRA comfortable with Agreement, authorize entering into PA OR DECLINE Background: The HRA recently directed Staff to enter into PA negotiations with CommonBond, an affordable housing developer. CommonBond is proposing to develop a 47 unit affordable housing complex just west of The Residence at The COR. CommonBond is seeking $250,000 of financial support for the project, which the Ramsey HRA in turn formally requested via resolution of the Anoka County HRA. The Anoka County HRA will have a tentative decision on May 13th at their Management Committee level, with a final funding recommendation expected on May 27th. Anoka County HRA Staff has indicated this is a highly fundable project. Mr. Langel, City Attorney, and Staff have been reviewing as well as submitting revisions to CommonBond. A summary of key revisions follows: • Closing Date: Requested adjustment of closing date to May 15Y, 2015— creating consistency with the CommonBond LOI and their proposed timeline. • Anoka County HRA funds: The Agreement as presented provides for a contingency of awarding of the Anoka County HRA funds. The Ramsey HRA and CommonBond agree this project is contingent on the funds coming forward from the Anoka County HRA. • Timelines: Staff would like to reiterate the timelines set forth in the proposed LOI from CommonBond. These timelines do match the present PA. Date Summary May 2014 CommonBond and the City of Ramsey sign purchase agreement Summer 2014 CommonBond submits applications to MHFA, Met Council and other fenders Winter 2014 Awards ate announced by funders Spring 2015 Close on the purchase of the property and start construction Spring 2016 Construction is completed and lease -up begins Summer 2016 Building is fully occupied. Fall 2016 An Open House is held to celebrate the development and all of the partners involved in the process!