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developer and produce pad ready sites (remove bad soils, bring in new soils, mass grading, complete sidewalks and street lights, utility stubs, etc.). The City's completion of pro -formas for the previously proposed project produced undesired results. Said PA eventually was terminated. Purmort Homes INC Purmort Homes is a local housing builder. Purmort has a long history of successful residential projects in the City of Ramsay and neighboring communities. In Ramsey, Purmort built a large portion of homes in Ramsey Town Center 8th and 10th Additions (The COR), and recently the "North Commons Park Lots." Website: http://www.purmorthomes.com/. Purmort is in good standing with the City and the State of Minnesota's Secretary of State. Proposed Project Purmort is proposing to complete a project nearly identical to the one reviewed to by the City in 2012 (plans provided by Landform Professional Services). The proposed project includes 13 single family homes. Architectural plans, design, and renderings are not included in the PA process. However, these items will be reviewed during the platting and development agreement process. Attached to this case are engineering plans produced by Landform (COR THREE PLAT). Regional Storm Water The proposed project will trigger a regional storm water improvement. Please see attached storm water conceptual map. This PA assumes the City will make the needed regional storm water connection. This regional storm water connection has been included in the City's CIP for the past few years. Purmort is required to grade their site for appropriate storm water drainage, and will be responsible for their share of costs for regional storm water system improvements to The COR (funds collected via storm water credit charges within a future development agreement). PROCESS (1) EDA Review, 04/07 (2) Council Review, 04/12 or 04/26 Notification: Observations/Alternatives: OBSERVATIONS Listed below are terms/ conditions/ observations related to the attached purchase agreement that staff considers important to highlight for potential discussion. (1) Policy Compliance The attached PA is simply an edited version of the City's adopted "template PA." Therefore, appears to be in compliance with City's Land Sale Policies. The attached offer is low at $5,000. From a 'business subsidy' perspective, assistance for housing projects are exempt from State Statute (116J.993, Sub 3). Staff did consider evaluating this project against the City's Housing Assistance Policy. However, staff considers the low transaction price proposed on this particular PA a result of the development challenges associated with this site-- a scenario that is not contemplated in the City's Housing Assistance Policy. This position will require policy discussion by the EDA. (2) Offer Price $5,000. (3) Earnest Money $2,500 to become hard after contingency period. (4) Contingency Period 120 days, 08/12/2016. Buyer has indicated they intend to close in 60-90 days.