Agenda - Economic Development Authority - 03/09/2017

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Economic Development Authority (EDA) 4. 6. Meeting Date: 03/09/2017 Submitted For: Patrick Brama,Administrative Services By: Patrick Brama,Administrative Services Title Consider Various Approvals Related to Reassignment of Lifestyle Properties, Inc. Purchase Agreement to Morning Sun Homes, Inc. Purpose/Background: PURPOSE Bill Gleason(Lifestyle Construction) desires to reassign the attached purchase agreement(PA)to Morning Sun Homes, Inc. Please see attached cover letter and reassignment agreement(PA Amendment 43). In order for a reassignment of purchase agreement to occur,the City of Ramsey must provide written approval to Mr. Gleason (and Morning Sun Homes). Staff considers this case to be administrative.We need to make sure we have proper documentation/final form agreements, ready-to-go,to allow us to close on the sale of this property. As a result of this proposed change of ownership,we need to update: (1)Purchase Agreement (2) Resolution for Anoka County Recorders Office (3) Right-of-Re-Entry Agreement BACKGROUND The City entered into a purchase agreement for the sale of roughly 3-acres of city owned land to Lifestyle Construction(Bill Gleason) on May 31, 2016 for what is commonly referred to as the "U-shaped" residential parcel located in The COR. This agreement was set to close by September 26, 2016 (10 days after the September 16 inspection period deadline). The PA was approved for an extension to close (via two amendments). The agreement is now set to close by March 16, 2017. Site History/Site Information/Property Listing For detailed information on this site,please see 05/10/2016 Council regular meeting agenda(review of purchase agreement). This case was last reviewed by the Council on 01/10/2017, at which time they approved an extension to the purchase agreement(term). Developer/Proposed Project For detailed information on the developer and proposed project,please see 05/10/2016 Council regular meeting agenda(review of purchase agreement). Also,please see 01/05 Planning Commission meeting agenda--case 42, Preliminary Plat. Project Update Mr. Gleason(the developer)has run into a handful of challenges in site design (which,were expected due to the characteristics of this site). As a result,he has taken longer to complete the entitlement process than originally expected (i.e. City platting process). He is still proposing a 12-unit,rambler style, detached, single family, association-type product. It appears the project is moving forward. Sketch plan came forward in November--and was given the go ahead by the Planning Commission and City Council. Preliminary Plat was reviewed by the Planning Commission on 01/05. The Council will likely review Preliminary/Final Plat at this meeting (03/14/2017).