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Economic Development Authority(EDA) 4. 1. Meeting Date: 08/04/2016 Submitted For: Patrick Brama,Administrative Services By: Patrick Brama,Administrative Services r Title: OGA Purchase Agreement Purpose/Background: PURPOSE Consider the attached purchase agreement(purchase offer of$230,000)from OGA Acquisitions LLC for 1-acre of City owned property located in The COR for a 5,100 sf medical office user. BACKGROUND The City of Ramsey purchased The COR(formerly Ramsey Town Center)in 2009 for$6.8M, consisting of 119.26 acres of developable property.As part of the purchase,the City pulled back assessments on all City-owned property,totaling$5.9M. The total cost of the land purchase,including the assessments is$12.7M,which breaks down to $2.44 per gross square foot. The City purchased The COR with an intent to resurrect the development project and preserve the community's original vision and master plan. The subject property is a 1-acre portion of the larger 119.26 acre purchase. Site Information The subject property is roughly 1-acre in size and is zoned COR-3 Business Park. This site is located just south of the brand new Casey's store,on the SW quadrant of Ramsey Boulevard and Sunwood Drive. From a development perspective,this site does not have too many challenges(listed below). Overall, its a clean, rectangular-shaped, flat site,with solid visibility, good access,and utilities nearby. How will the City handle access to the site from a private road(NOTE: Casey's access is a private access drive)?How will the site be addressed(on a private drive)?How, if at all, does this project effect the construction of Peridot Street or Veterans drive?Is this the correct site for this use? These are items that will be discussed by the Planning Commission and City Council. Property Listing(#50) The City has officially listed this property with a broker. The City has established an official asking price for this property($6.00 psf or$261,000 per acre). Outside of Casey's,this is the first prospect showing interest in this particular parcel for several years(5+). This offer is for a 1-acre portion of the larger 14-acre site. OGA Acquistions LLC For background information on OGA,please see the attached OGA MEMOS and check out their website: http://www.oman-gibson.com. In summary,OGA is a Tennessee based national developer that specializes in medical office users. Proposed Project OGA is proposing a 5,100 sf medical office building in The COR. The use is an out-patient medical clinic (further details can be provided in closed session to the EDA). Please see OGA website for example projects (see completed projects page). Notification: NA