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Regular Planning Commission <br />Meeting Date: 08/04/2016 <br />Submitted For: Patrick Brama, Administrative Services <br />By: Patrick Brama, Administrative Services <br />Information <br />Title: <br />OGA Purchase Agreement <br />Purpose/Background: <br />PURPOSE (EDA) <br />5. 1. <br />Consider the attached purchase agreement (purchase offer of $230,000) from OGA Acquisitions LLC for 1-acre of <br />City owned property located in The COR for a 5,100 sf medical office user. <br />PURPOSE (Planning Commission) <br />Consider the proposed use and site location. Provide preliminary feedback to the City Council from a land use <br />perspective. <br />NOTE: this project has not begun the formal City site plan and plat review process --therefore, no formal site <br />layouts/ visual renderings exist. Attached is reference data and the proposed site, provided by the developer. <br />If the attached purchase agreement is approved, the developer will begin the formal City site plan and plat <br />review process. It is customary for the Planning Commission to review proposed projects before the City <br />enters into a purchase agreement for the sale of City owned land. <br />BACKGROUND <br />The City of Ramsey purchased The COR (formerly Ramsey Town Center) in 2009 for $6.8M, consisting of 119.26 <br />acres of developable property. As part of the purchase, the City pulled back assessments on all City -owned <br />property, totaling $5.9M. The total cost of the land purchase, including the assessments is $12.7M, which breaks <br />down to $2.44 per gross square foot. The City purchased The COR with an intent to resurrect the development <br />project and preserve the community's original vision and master plan. The subject property is a 1-acre portion of the <br />larger 119.26 acre purchase. <br />Site Information <br />The subject property is roughly 1-acre in size and is zoned COR-3 Business Park. This site is located just <br />south of the brand new Casey's store, on the SW quadrant of Ramsey Boulevard and Sunwood Drive. From a <br />development perspective, this site does not have too many challenges (listed below). Overall, its a clean, <br />rectangular -shaped, flat site, with solid visibility, good access, and utilities nearby. <br />How will the City handle access to the site from a private road (NOTE: Casey's access is a private <br />access drive)? How will the site be addressed (on a private drive)? How, if at all, does this project <br />effect the construction ofPeridot Street or Veterans drive? Is this the correct site for this use? These <br />are items that will be discussed by the Planning Commission and City Council. <br />Property Listing (#50) <br />The City has officially listed this property with a broker. The City has established an official asking price for <br />this property ($6.00 psf or $261,000 per acre). Outside of Casey's, this is the first prospect showing interest in <br />this particular parcel for several years (5+). This offer is for a 1-acre portion of the larger 14-acre site. <br />OGA Acquistions LLC <br />For background information on OGA, please see the attached OGA MEMOS and check out their website: <br />