Agenda - Council - 10/28/2014 - Laserfiche WebLink

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LOAN AGREEMENT NO. L-08- Q 1 , (Douglass and Julieann Hills, 7743 Highway 10) (HARDSHIP) LOAN AGREEMENT BETWEEN THE METROPOLITAN COUNCIL AND THE CITY OF RAMSEY, MINNESOTA FOR ACQUISITION OF HIGHWAY RIGHT-OF-WAY THIS AGREEMENT is entered into by THE METROPOLITAN COUNCIL ("the Council"), and THE CITY OF RAMSEY ("the Recipient"). WHEREAS, the Council is authorized by Minnesota Statutes section 473.167, subdivision 2a, to make hardship loans to acquiring authorities within the metropolitan area for the purpose of acquisition of homestead property within a proposed state trunk highway right-of-way or project and to provide relocation assistance, and to use the Metropolitan Right -of -Way Acquisition Loan Fund for this purpose; and WHEREAS, the Recipient is an eligible governmental unit and has applied for such a loan to accomplish the acquisition of homestead property from and to provide relocation payments to owners of homestead property burdened by circumstances that constitute a hardship because of their inability to sell the property within the proposed right of way of Trunk Highway 10; and WHEREAS, the Council has authorized that such a loan be made to the Recipient from the Metropolitan Right -of -Way Acquisition Loan Fund. NOW, THEREFORE, in consideration of the mutual promises and covenants in this agreement, the Council and the Recipient agree as follows: I. LOAN FUNDS 1.01 Total Loan Amount. The Council shall loan to the Recipient, in accordance with the loan ' schedule set forth in paragraph 1.02, a total loan amount not to exceed $ 1,229,000.00, the total loan amount is reduced by a salvage value of $0,00. 1.02 Loan Schedule. Upon execution of this loan agreement, the Council will advance $1,160,000.00 o the Recipient for the purchase price of that real property described in Exhibit A, which is attached to and incorporated in this agreement. The purchase price of the real property includes any buildings or structures located on any parcel of the real property. Upon execution of this agreement, the Council will also advance $8,000.00 to the Recipient for the relocation assistance costs actually paid to the owners of the homestead property, as required by Minnesota Statutes Chapter 117. Upon receipt by the Council of satisfactory and complete documentation describing the Recipient's actual appraisal, title evaluation, and other acquisition costs, the Council will advance to the Recipient such actual costs, in an amount not to exceed $ 61,000.00. These other eligible costs include: • Appraisal fees, appraisal review fees • Reimbursement ($1,500) for property owner appraisal • Fees for title evaluation, survey, legal review, negotiations, etc. • Residential relocation costs and service fees • Environmental reviews and documentation • Demolition 1