Agenda - Council - 07/10/2018 - Laserfiche WebLink

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CC Regular Session Meeting Date: 07/10/2018 By: Katie Schmidt, Administrative Services Information 4. 10. Title: Adopt Resolution 1t 18 112 Apprwi g F_r\a? Versions of Agreements Affiliated with Affinity at Ramsey, Case of Inland Group - This item was moved to the Regular Agenda as Case 7.05. 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). Staff continues to negotiate final terms of said agreements. All of these items have been previously approved by council. In addition to agreeing to final terms, one final resolution prior to closing will ensure that the final versions of multiple documents are being executed. The following documents are offered for approval. Please note that Staff is still reviewing certain requests related to the TIF Agreement that are seen as administrative in nature. It is likely a revised version will be forwarded with minor revisions prior to approval on July 10. There are some proposed material changes to the Right of Re -Entry Agreement. Before Staff posts this agreement to the agenda, the document is being reviewed by the City Attorney. • TIF Agreement (Reimbursement for construction of public improvements) • Right of Entry Agreement (allows Inland to access City property for purposes of construction) • Right of Re -Entry Agreement (standard agreement in City Owned Land Sales - ensures development in a timely fashion) • Development Agreement (Standard agreement to ensure timely completion of required site improvements) 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 approval of the revised agreements. The EDA has previously recommended approval of the sale of property. The Planning Commission has previously recommended approval of the site plan. Action: Motion to adopt Resolution # 18-142 approving final versions of multiple agreements related to Affinity at Ramsey. Attachments