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impressed with the existing operation and the products produced. Staff expects to see an <br />application for support from this prospect. Staff provided Prospect GLE a summary of resources the <br />City has available to assist in their relocation to Ramsey. <br />Update <br />Staff was informed by Prospect GLE that moving forward with constructing a building in Ramsey is <br />unfeasible at this time. GLE stated current cash flow is not at the level required to sustain a new, <br />consolidated building. Staff will continue to investigate various programs to see if the project may <br />be salvageable. <br />Prospect Affordable Housing <br />Prospect Affordable Housing presented a Letter of Intent for consideration by the HRA on 4/8. This <br />prospect is interested in developing a parcel within the COR (SE quadrant of Bunker Lake Blvd. and <br />the future Center St.). This prospect intends to construct 50 -55 units of affordable housing. Staff <br />has analyzed and negotiated based on the initial LOI and will be presenting that to the HRA on 4/8. <br />Please note additional information is limited as the project is confidential at this time. <br />Staff presented to the HRA on 4/22 a revised LOI from regional affordable housing developer <br />CommonBond. CommonBond is proposing an affordable housing development on parcel #47 <br />(between Coborn's and The Residence at The COR). It is anticipated the project will require roughly <br />2 acres of the 6.5+ acres available. The Ramsey HRA directed Staff to enter into <br />purchase /development agreement negotiations based on criteria set forth in the closed session. <br />The Ramsey HRA adopted a resolution requesting support of the Anoka County HRA in the amount <br />not to exceed $250,000. This fund is levied on Ramsey and is to be used for housing and economic <br />development specific projects. It is expected the project will begin construction in Spring of 2015, <br />pending grant funding from a variety of stakeholders. <br />CommonBond owns and operates various types of housing developments across the Twin Cities <br />Metro and region. CommonBond has developed and continues to manage 104 housing <br />communities. They are a nationally recognized leader and innovator in the affordable housing <br />industry. Staff is impressed with the quality of their developments throughout the Metro. <br />CommonBond operates under a legislatively designated tax classification —this development will <br />pay taxes to the City of Ramsey and all taxing jurisdictions, but at a reduced rate. <br />Update <br />On May 13 the Ramsey HRA moved to enter into a Purchase Agreement with CommonBond for <br />the development of a 47 unit affordable transit oriented apartment complex. CommonBond will be <br />purchasing the property (1.85 acres) at $435,000, which was the asking price set by the HRA and <br />CBRE. The complex is to be located directly west of The Residence at The COR and east of Coborn's. <br />Staff is working alongside CommonBond to apply for Metropolitan Council funding. The project <br />tentatively will include a unique rain collection system, rain garden, sheltered bike storage, <br />community area and more. <br />On the 27t the Anoka County HRA passed a resolution in support of the project and awarded <br />$250,000, as requested by the Ramsey HRA. CommonBond will be working to obtain funding from <br />various partners from now until closing in spring of 2015. CommonBond required land control in <br />order to apply to various funding programs. <br />