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the units are placed. He stated that originally all of the townhomes were placed on the south end <br /> but then determined that there is not a market for townhomes. He stated that they then pushed <br /> the townhomes to the north with the hope that the market for that product will come back in the <br /> future. He stated that the conversation began because City staff approached them and asked if <br /> they would want to incorporate this parcel into their development because of the desire to realign <br /> the road. He stated that they believe that the market value is fair and will be set by the closing on <br /> the properties. He stated that if they cannot come to an agreement on the price they could <br /> remove the ability for the purchase agreement to move forward tonight and have continued <br /> discussions in the future as this parcel is not critical in them moving forward. He stated that on <br /> Puma Street there is no public infrastructure and Capstone is doing the Puma Street and Bunker <br /> Lake Boulevard assessment in order to create the infrastructure. He noted that if the road was <br /> built and had the infrastructure in place, the higher value would be there but because they are <br /> creating that with this project the cost to create the infrastructure is higher and will raise the price <br /> of the project. <br /> Councilmember LeTourneau asked if the proceeds from the sale of the property meets, exceeds, <br /> or falls short of the original price associated with the par dedication fees from Hageman Holding. <br /> Community Development Director Gladhill stated that this will fall short of the cash dedication <br /> of$400,000 that would have been paid. <br /> Councilmember Kuzma asked if Puma Street will be done in one year with the infrastructure. <br /> Asst. City Administrator/Economic Development Manager Brama provided additional details on <br /> Puma Street and stated that the southern half of this development would be served by Puma <br /> Street and the infrastructure and therefore the remaining portion of Puma Street will be a future <br /> obligation for landowners and the City. <br /> Councilmember Shryock asked the phasing of the project and how many years that would be. <br /> Asst. City Administrator/Economic Development Manager Brama stated that there have been <br /> many discussions on phasing for Capstone. He noted that the project will be divided into two <br /> sections, north of the greenway and south of the greenway. He noted that the focus first will be <br /> on the south end of the greenway and that will be split into phasing. <br /> Mr. Bona stated that with the market study they completed earlier in the process they estimate 50 <br /> units per year would be constructed. He stated that the southern half of the property will be <br /> multiple phases and they will find out in the next year to 18 months if their estimated timeline <br /> matches with the market. <br /> Motion by Councilmember LeTourneau, seconded by Councilmember Shryock, to adopt the <br /> purchase agreement between the City of Ramsey and Riverstone Development for roughly 1.9 <br /> acres of City owned land. <br /> Further discussion: Councilmember Shryock referenced Section 28 of the purchase agreement <br /> and wanted to ensure that language is consistent with the City policy. Asst. City <br /> City Council/July 25,2017 <br /> Page 9 of 17 <br />