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The City Council meeting moved into a Closed Session at 8:37 p.m. <br />The City Council reconvened in Open Session at 8:41 p.m. <br />Economic Development Manager Ted LaFrance stated the Council held discussion regarding <br />pricing and the proposed use. He reviewed the responsibilities of each party of the purchase <br />agreement. He stated staff recommends the Council motion to enter into a purchase agreement <br />between the City of Ramsey and Imperial Development LLC, adding any adjustments and <br />pending City Attorney approval. <br />Councilmember Riley pointed out the Councilmembers do not have a purchase agreement to <br />review at this time. <br />Mayor Strommen suggested the item be discussed as listed in the staff report. <br />The Council reached a consensus to agree on the items as listed in the staff report. <br />As copies of the purchase agreement were being distributed, Mayor Strommen asked Economic <br />Development Manager Ted LaFrance to review the asking price, and tax implications. <br />Economic Development Manager Ted LaFrance explained the Council is to consider the <br />purchase of the property discussed earlier for a price of $150,000. The Council originally had an <br />asking price of $176,000. Staff feels the purchase price is reasonable due to significant <br />restrictive covenants on the property. <br />City Attorney Joe Langel noted the terms of the purchase agreement are standard. <br />Councilmember Letourneau asked whether the end user can be identified. <br />Economic Development Manager Ted LaFrance replied the proposed use is a dollar store. <br />Council discussed the timeliness of providing the purchase agreement and being asked to vote on <br />a document they have not yet had a chance to review. <br />Motion by Councilmember Backous, seconded by Councilmember Riley, to direct staff to enter <br />into a purchase agreement between the City of Ramsey and Imperial Development LLC as <br />presented, pending final approval by the City Attorney. <br />Motion carried. Voting Yes: Mayor Strommen, Councilmembers Backous, Riley, Kuzma, <br />LeTourneau, and Tossey. Voting No: None. Absent: Councilmember Johns. <br />City Council / May 27, 2014 <br />Page 9of10 <br />