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Commissioner Riley stated the business sounds great. He referenced the Purchase Agreement, <br />Buyer Contingencies, Section 5b, indicating the buyer has to obtain suitable financing acceptable <br />to buyer at their sole discretion. <br />Brian Pankratz, CBRE, advised that a buyer contingency for financing is common in purchase <br />agreements and not unusual. <br />Commissioner Tossey stated the previous $10 million to The Residence was `justified' because <br />of the tax base that would be generated. He stated he believes this is the value of the property <br />and took exception to the HRA justifying previous speculative purchases based on generation of <br />tax base because it is not good business for Ramsey's taxpayers for the HRA to give away <br />property. <br />Motion by Commissioner Tossey, seconded by Commissioner Kuzma, to approve a Purchase <br />Agreement with MDBNK, LLC in the amount of $170,000 for 1.23 acres of HRA - owned land <br />located at 6710 Highway 10, contingent upon final review and amendments by the City <br />Attorney. <br />Further discussion: Commissioner LeTourneau stated the former HRA had speculated on land <br />sales but this consideration does not involve speculation, it is a Purchase Agreement. <br />Chairperson Backous noted that Anoka County levies an HRA levy to the citizens of Ramsey to <br />clean blight and redevelopment. If those funds were not used by the HRA to purchase this <br />property, Anoka County would still hold those funds. Chairperson Backous stated that is the <br />major difference in this consideration as it will bring tax revenue and hold constant or increase <br />surrounding property values, it will bring jobs, and be an attractive building. <br />Motion carried. Voting Yes: Chairperson Backous, Commissioners Tossey, Kuzma, Johns, <br />LeTourneau, and Riley. Voting No: None. Absent: Commissioner Strommen. <br />6. EXECUTIVE DIRECTOR'S REPORT <br />Asst. City Administrator /Economic Development Manager Brama provided project updates <br />relating to Common Bond, Casey's, and D.R. Horton Home Builders. <br />7. COMIVIISSIONER INPUT <br />None. <br />8. ADJOURNMENT <br />Motion by Commissioner LeTourneau, seconded by Commissioner Kuzma, to adjourn the <br />regular meeting of the Housing and Redevelopment Authority. <br />Motion carried. <br />The regular meeting of the Housing and Redevelopment Authority adjourned at 8:30 p.m. <br />Housing and Redevelopment Authority / October 28, 2014 <br />Page 3 of 4 <br />