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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 May 27 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 />Update <br />Staff connected with CommonBond for an update (8 /6 /14)— CommondBond stated they should <br />receive word on their funding (tax credits) by late September. If the project is awarded tax credits, <br />it is likely the project will continue to move forward. Staff is awaiting word on funding from the <br />Metropolitan Council as well (award notification in Sept /Oct). <br />Prospect Speed <br />Staff received an offer to purchase from Prospect Speed for the same parcel Casey's will be <br />occupying. The HRA declined to entertain the offer due to the progress and authorization to enter <br />into a PA with Casey's. Staff and the HRA anticipate another offer to purchase from Prospect Speed <br />on the western side of The COR. <br />Update <br />No offer has been received to date. <br />Project 47— Imperial Development /Dollar General <br />Background: <br />The former Amoco Station was purchased from Amoco /BP Products North America in 2005. The <br />City paid $235,000 for the property and demolished the structure. Minutes indicate concerns in <br />relation to restrictive covenants and environmental concerns. MPCA notified the seller that no <br />further remediation activities are required on the parcel. Staff investigated the whereabouts of the <br />documents defining that statement to no avail and has ordered copies from the MPCA. Staff <br />believes the next step is obtaining a General Liability Letter (in essence closing out the site and <br />preparing it for sale) and creating a RAP — Response Action Plan should contamination be found <br />upon excavation that causes alarm (this is not expected). Staff is seeking assistance on the creation <br />of that plan through a local firm involved in the project in the 2005 timeframe. <br />Prospect 47, also known as Imperial Development Company LLC, submitted an offer to purchase <br />the above mentioned parcel (Old Amoco) for $150,000. The asking price was $175,000. On May 27t <br />the City Council moved to enter into a PA with Imperial Development Company for the <br />development of a Dollar General Store. This use is eligible given the restrictive covenants on the <br />property, which are set to expire in 2020. <br />Northern Technologies has identified that no further action is required by the City from the MPCA <br />to clean the site up. A closure letter was issued for the site indicating such. This does not mean no <br />contamination is present. Imperial Development Company LLC has been provided all environmental <br />