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CASE # 1%5 <br />APPROVE PURCHASE AGREEMENT FOR THE <br />THE PURCHASE OF THE <br />HIGHWAY 10 CORRIDOR/RAMSEY TOWN CENTER LLC <br />By: William K. Goodrich, City Attorney <br />Background: <br />As the Council is aware, the City has been negotiating with Ramsey Town Center for the <br />acquisition of a 3.02 acre parcel of land lying within the Highway 10 corridor Official Map Area. <br />The subject property is vacant and is adjacent to the present NAU building. The funds for the <br />purchase are from a Metropolitan Council RALF loan. The loan proceeds will be paid back to the <br />Metropolitan Council by MnDot when MnDot has need for the parcel. Jodi Ruhle of the <br />Tinklcnberg Group has negotiated the purchase agreement on behalf of the City. The purchase <br />price is $7.70 per square foot for an approximate total of $1,016,298.00 (131,986.80 sq. ft x <br />$7.70/so. The final and exact total purchase price is to be determined by a certified survey giving <br />the precise number of square feet in the parcel. The legal description of the parcel is Outlot A, <br />DEAL INDUSTRIAL PARK, Anoka County MN. <br />Enclosure: <br />The proposed purchase agreement. <br />A map showing the parcel location. <br />Recommendation: <br />Enter into the purchase agreement. <br />Council Action: <br />Motion to enter into a purchase agreement with Ramsey Town Center, LLC for the purchase of the <br />parcel of land located adjacent to Hwy 10 and legally described as Outlot A, DEAL INDUSTRIAL <br />PARK, Anoka, County, Minnesota, for a purchase price of $$7.70 per square foot for an <br />approximate total purchase price of $1,016,298.00. This motion is contingent on formal approval <br />by the Metropolitan Council approving the purchase and the purchase price. <br />Review Checklist: <br />City Administrator <br />