Agenda - Council - 06/12/2018 - Laserfiche WebLink

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CC Regular Session Meeting Date: 06/12/2018 By: Katie Schmidt, Administrative Services 4. 7. Information Title: Affinity at Ramsey: Multiple Actions Purpose/Background: PURPOSE Consider the following actions related to original PA between the City of Ramsey and Inland Development (Affinity at Ramsey/ Affinity Senior Living Apartment). These actions are considered by staff to be administrative and consistent with the original Purchase Agreement (PA). All of these items have been previously approved by council on April24, 2018, the only change is reassigning the entity to Affinity at Ramsey, LLC. (1) Adopt Resolution #18-114 Considering the Sale of City Owned Land (2) Adopt Resolution # 18-115 Authorizing Execution of a Tax Increment Financing Agreement (3) 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. (1) Pass a resolution formally authorizing the sale of city -owned land. As required by the Anoka County Recorder's Office, the city must pass a resolution authorizing the sale of city -owned land. The city has already approved a PA outlining this action, and previously passed an ordinance (2) Pass a resolution authorizing the execution of a Tax Increment Financing Agreement. BACKGROUND, Project Affinity at Ramey 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. Affinity at Ramsey 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 recommends adopting Resolution #18-114 and Resolution #18-115 and approving Amendment #1 to the puchase agreement. Action: