Agenda - Council - 04/24/2018 - Laserfiche WebLink

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CC Regular Session Meeting Date: 04/24/2018 Submitted For: Patrick Brama, Administrative Services By: Patrick Brama, Administrative Services 7. 3. Information Title: Affinity Apartment Project: Multiple Actions Purpose/Background: PURPOSE Consider the following actions related to original PA between the City of Ramsey and Inland Development (CAP Acquisitions/ Affinity Senior Living Apartment). These actions are considered by staff to be administrative and consistent with the original PA. (1) Approve Amendment #1 to the original Cap Acquisitions LLC Purchase Agreement. This amendment formalizes the size of the property to be sold (3.36 acres), the final sale price ($584,840), and the formal legal description of the property to be sold (Lot 1, Block 1, Affinity at The COR). Until recently, these items were unknown. The original PA indicated these items would be formalized via an amendment. (2) Approve the attached right of re-entry agreement. Per the attached original PA, the buyer must enter into a formal right -of -re-entry agreement. This is a "performance" agreement that will be recorded against the new Affinity Apartment Project (CAP Acquisitions, LLC) property. It will require the construction of the proposed 174-unit apartment by December 31, 2020. This agreement also outlines default provisions. (3) Pass a resolution formally authorizing the sale of city -owned land. As required by the Anoka County Recorder's Office, the city must pass resolution authorizing the sale of city -owned land. The city has already approved a PA outlining this action, and previously passed an ordinance BACKGROUND, Project CAP Acquisitions LLC entered into a purchase agreement with the City of Ramsey for a roughly 3.36 acre piece of city -owned land located in The COR on September 26, 2017. CAP Acquisitions is proposing a new 174-unit, senior, independent living, market rate, high amenity, apartment complex called Affinity Living. Attached is the purchase agreement. Affinity Living is proposed to begin construction in July 2018, and will take 12-18 months to complete. Notification: Observations/Alternatives: Funding Source: Recommendation: Staff: Staff feels this case is administrative and takes care of minor house keeping items. This case is generally consistent with past actions and existing agreements (the CAP Acquisitions PA, policy for selling city owned land, county requirements, etc.). Normally, staff would place this item on the consent agenda. However, because this meeting agenda has several cases related to this project on the regular agenda --staff felt it made sense to cluster these cases. EDA: The EDA reviewed this case on 04/12 and recommended 6-0 for the City Council to approve. Please see QCTV