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HRA leadership and Staff have fully executed the PA. Closing is set for January of 2015. Casey's has been out surveying the property. Staff is working on title preparation information. Casey's has expressed a 2015 build timeline. (8) Restaurant Subsidy Policy Staff is working to gather information related to the Restaurant Subsidy Policy to provide a thorough update to the EDA. At it's 4/10 meeting the EDA requested the policy be brought back for review /discussion in light of the recent closing of Falls Cafe. Update No action to date. (9) The Falls Cafe Staff has received plans for a new restaurant user to occupy the old Falls Cafe site —the restaurant is scheduled to be opened by the end of summer. This restaurant will provide baked goods, sandwiches, liquor, beer, wine, various goods and coffee. The site will soon have a drive -thru lane. Update Construction is underway at "The Lunchbox ", the new restaurant to occupy the old Falls Cafe site. (10) PSD, LLC On July 22n the Ramsey HRA authorized entering into a purchase agreement with PSD, LLC for the development of roughly 14 acres in The COR. The project will consist of a two phase apartment development project and a possible hotel complex (may be an office /retail complex). It is anticipated that up to 180 apartments units will be built by the end of the project. This land sale is expected to close this fall following full government approvals of the site plans (reviewed by PC and Council). Key points follow: • Location is identified in the attached "Subject Property" document • Offer of $1,897,089.60 (for 608,533.2 square feet equating to $3.12 per square foot) in cash at closing with $50,000 earnest money at agreement execution (earnest money secured at title company) • Offer is consistent with pricing schedule approved by the City of Ramsey and Ramsey HRA; higher end of deal range pricing • Closing this fall; cash in hand at closing • CBRE, the City and HRA's preferred broker, commission at 5% equates to $94,854.48 • This is a land sale transaction only; no assistance is being requested at this time (note: if assistance is requested at a future date, that request is presented to and decided upon by the Council at that time) • PSD will be partnering with another private developer to develop these parcels; an apartment complex (up to 180 units over time) is slated for the parcel up against The Draw with the southern parcel product TBD (possibly hotel, office /retail, etc.) • Tax estimate (estimated by Anoka County) for this vacant land owned by a taxable entity at: $75,300 annually • Tax estimate (estimated by Anoka County) for this land once fully improved at: $510,200 annually