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HRA Regular Session <br />Meeting Date: 05/13/2014 <br />By: Ted LaFrance, Administrative Services <br />5. 1. <br />Information <br />Title: <br />Review Draft Purchase/Development Agreement Between the City of Ramsey HRA and CommonBond. Portions <br />may be closed to the public per MN Stature 13D.05 Subd. 3. <br />Purpose/Background: <br />The purpose of this case is to review the first draft of an agreement(s) between the City of Ramsey HRA and <br />CommonBond. CommonBond is proposing the development of an affordable housing complex on parcel #47, <br />between Coborn's and The Residence at The COR. This project is estimated to require roughly 2 acres on the <br />easterly side of parcel #47, which is 6.5+ acres in size. CommonBond is seeking site control by the end of May <br />with construction to tentatively begin, pending/contingent upon grant award funding by various development <br />partners, in spring of 2015. The City of Ramsey HRA adopted a resolution requesting the support of the Anoka <br />County HRA Fund in the amount not to exceed $250,000. Staff expects notice from the Anoka County HRA of the <br />funding status on May 13th. <br />This draft agreement(s) is being originated from the City of Ramsey's City Attorney. <br />Please note CommonBond's letter of intent (LOI) and amended LOI were discussed in closed session per MN <br />Statute 13D.05 Subd. 3. The discussions in closed session were in relation to the offer price of the land, income and <br />expense projections for the project and the requested city assistance level. <br />Observations/Alternatives: <br />Amendment suggestions: <br />Recommendation: <br />Review and consider adjustments to the draft purchase agreement between the City of Ramsey and CommonBond. <br />Staff recommends closing the session per MN Stature 13D.05 Subd. 3, to review the draft purchase agreement. <br />Action: <br />Motion to move into closed session per MN Stature 13D.05 Subd. 3 to review the draft purchase agreement <br />between the City of Ramsey HRA and CommonBond. <br />PA CommonBond <br />Review of Purchase Agreements <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 05/08/2014 12:41 PM <br />Form Started By: Ted LaFrance Started On: 04/29/2014 01:00 PM <br />Final Approval Date: 05/08/2014 <br />