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APPROVE PUl LCHASE AGREEMENT AND <br /> LOAN A, gREEMENT FOR THE <br />PURCHASE OF PROPERTY LOCATED IN THE <br />HIGHWAY 10 CORRIDOR <br /> <br /> By: William ~. Goodrich, City Attorney <br /> <br />CASE <br /> <br />Background: <br /> <br />As the Council is aware, the City has beeh negotiating with Lora G. and Edward Hamilton for the <br />acquisition of their parcel of land lying Within the Highway 10 COlTidor Official Map area. The <br />parcel is located at 6615 Highway 10 NW and the parcel is approximately 3.9 acres in size. The <br />funds for the purchase are from a Metrop~olitan Council RALF loan program. The loan proceeds <br />will bc reimbursed to :the MetrOpolitan COUnCil by MnDot when MnDot has need for the parcel. <br />Jodi Ruhle of the Tinklenberg Group has negotiated the purchase agreement on behalf of the City. <br />The negotiated amounts are as followS: <br /> <br /> Appraised' Value: $1,040,000.00 <br /> Administrative :Settlement: $ 65,000.00 <br /> Relocation Expenses: $ 15,000.00 <br /> <br />The $65,000.00 is an amount which exceeds the appraised value but is deemed reasonable to pay <br />thc landowner as a result of unique Circumstances of the parcel. A Loan Agreement between the <br />Metropolitan Council and the City must also be entered into. Staff will review the tel~nS and <br />conditions of the Loan Agreement With the Council at the Council meeting. The Metropolitan <br />Ct)uncil's attorneys are now reviewing the Loan Agreement for final approval. <br /> <br />Enclosure: <br /> <br />The proposed purchase agreement ' <br />Map showing the parcel location <br />Metropolitan Council Loan Agreement <br /> <br />Recommendation: <br /> <br />Enter into the purchase agreement and approve the Loan Agreement. <br /> <br />Council Action: <br /> <br />Motion to enter into a purchase agreement with Lora G. Hamilton and Edward Hamilton for the <br />purchase of thc parcel of land located at 6'615 Highway 10 NW, Ramsey, Minnesota, for a total <br />purchase price of $1,040,000.00 plus a $65,000.00 administrative settlement and a maximum of <br />$15,000.00 for relocation expenses which [amoUnts are to be funded by a Metropolitan Council <br />RALF loan. This motion is contingent On formal approval by the Metropolitan Council approving <br />the purchase and the purchase price. <br /> <br />AND <br /> <br /> <br />