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CommonBond operates under a legislatively designated tax classification —this development will pay taxes to the City of Ramsey and all taxing jurisdictions, but at a reduced rate. On May 13t the Ramsey HRA moved to enter into a Purchase Agreement with CommonBond for the development of a 47 unit affordable transit oriented apartment complex. CommonBond will be purchasing the property (1.85 acres) at $435,000, which was the asking price set by the HRA and CBRE. The complex is to be located directly west of The Residence at The COR and east of Coborn's. Staff is working alongside CommonBond to apply for Metropolitan Council funding. The project tentatively will include a unique rain collection system, rain garden, sheltered bike storage, community area and more. On May 27 the Anoka County HRA passed a resolution in support of the project and awarded $250,000, as requested by the Ramsey HRA. CommonBond will be working to obtain funding from various partners from now until closing in spring of 2015. CommonBond required land control in order to apply to various funding programs. Staff connected with CommonBond for an update (8 /6 /14)— CommondBond stated they should receive word on their funding (tax credits) by late September. If the project is awarded tax credits, it is likely the project will continue to move forward. Staff is awaiting word on funding from the Metropolitan Council as well (award notification in Sept /Oct). Update Staff was notified on August 29th by the Metropolitan Council that this project passed a vital review point and is moving forward for further consideration along with six other projects in the Metro. Project 47— Imperial Development /Dollar General Background: The former Amoco Station was purchased from Amoco /BP Products North America in 2005. The City paid $235,000 for the property and demolished the structure. Minutes indicate concerns in relation to restrictive covenants and environmental concerns. MPCA notified the seller that no further remediation activities are required on the parcel. Staff investigated the whereabouts of the documents defining that statement to no avail and has ordered copies from the MPCA. Staff believes the next step is obtaining a General Liability Letter (in essence closing out the site and preparing it for sale) and creating a RAP — Response Action Plan should contamination be found upon excavation that causes alarm (this is not expected). Staff is seeking assistance on the creation of that plan through a local firm involved in the project in the 2005 timeframe. Prospect 47, also known as Imperial Development Company LLC, submitted an offer to purchase the above mentioned parcel (Old Amoco) for $150,000. The asking price was $175,000. On May 27t the City Council moved to enter into a PA with Imperial Development Company for the development of a Dollar General Store. This use is eligible given the restrictive covenants on the property, which are set to expire in 2020. Northern Technologies has identified that no further action is required by the City from the MPCA to clean the site up. A closure letter was issued for the site indicating such. This does not mean no contamination is present. Imperial Development Company LLC has been provided all environmental assessment information available to the City to ensure complete transparency. Imperial will conduct further assessment as a part of their due diligence process. Northern Technologies feels, based on the assessments by the MPCA and Northern Technologies in 2005, that the site is stable and ready for development. Imperial Development recently requested an extension of their