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If the buyer decides to extend the PA, they will be required to place $5,000 of additional non-refundable dollars in <br />earnest for each 60 day extension <br />Funding Source: <br />NA <br />Recommendation: <br />Staff is comfortable with this proposed purchase agreement. It fits within City policies/ procedures. Land proceeds <br />are to be dedicated to the City's Park Fund (per previous agreements). CBRE commission will be paid via land <br />proceeds, and per our listing agreement. This transaction is a direct result of the city's desire to realign Puma Street <br />(i.e. Capstone didn't seek the purchase of this property originally, the City made this request/ suggestion). The sale <br />price matches the market rate (i.e. what Capstone is paying Pearson). Staff does not feel there is a need to go into <br />closed session. <br />Action: <br />Motion to recommend the City Council: <br />Adopt the attached purchase agreement between the City of Ramsey and Riverstone Development for roughly 1.9 <br />acres of city -owned land. <br />Purchase Agreement <br />Riverstone Project <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 07/06/2017 04:24 PM <br />Patrick Brama (Originator) Patrick Brama 07/07/2017 11:42 AM <br />Form Started By: Patrick Brama Started On: 06/21/2017 03:43 PM <br />Final Approval Date: 07/07/2017 <br />