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(5) Extension Option <br />If the buyer decides to extend the PA, they will be required to place $5,000 of additional non-refundable dollars in <br />earnest for each 60 day extension <br />Funding Source: <br />NA <br />Recommendation: <br />STAFF <br />Staff is comfortable with this proposed purchase agreement. It fits within City policies/ procedures. Land proceeds <br />are to be dedicated to the City's Park Fund (per previous agreements). CBRE commission will be paid via land <br />proceeds, and per our listing agreement. This transaction is a direct result of the city's desire to realign Puma Street <br />(i.e. Capstone didn't seek the purchase of this property originally, the City made this request/ suggestion). The sale <br />price matches the market rate (i.e. nearby/ recent purchase agreements for similar property). <br />Staff does not feel there is a need to go into closed session. If the Council does desire to further negotiate price, <br />staff would suggest going into closed session. In closed session, staff would suggest deciding on an agreeable price. <br />Then, in open session, pass a motion to approve the purchase agreement with the updated price. <br />EDA <br />The EDA discussed this case on 7/13, in open session only. The EDA is generally supportive of this purchase <br />agreement and is excited for the Riverstone project. The EDA recommends the City should sell this land to <br />Riverstone. The EDA did specifically suggest staff counter-offer Riverstone's original offer price. The original <br />Riverstone offer price was $25,000 per acre. Staff did provide Riverstone with a counter-offer ($35,000 per acre). <br />Riverstone has indicated they are not willing to accept the EDA's counter offer --as they believe the market price is <br />$25,000 (based upon recent land transaction in the immediate area) --and they feel $35,000 is unreasonable. <br />Attached are EDA minutes. <br />Action: <br />Motion to: <br />Adopt the attached purchase agreement between the City of Ramsey and Riverstone Development for roughly 1.9 <br />acres of city -owned land. <br />Attachments <br />PA <br />Riverstone Project <br />EDA Minutes <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kathy Schmitz 07/17/2017 02:48 PM <br />Patrick Brama (Originator) Patrick Brama 07/17/2017 02:56 PM <br />Kurt Ulrich Kurt Ulrich 07/17/2017 03:45 PM <br />Form Started By: Patrick Brama Started On: 07/14/2017 06:32 PM <br />Final Approval Date: 07/17/2017 <br />