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CASE <br /> <br /> APPROVE PURCHASE AGREEMENT AND <br /> LOAN AGREEMENT FOR THE <br />PURCHASE OF PROPERTY LOCATED IN THE <br />HIGHWAY 10 CORRIDOR <br /> <br />By: William K. Goodrich, City Attorney <br /> <br />Background: <br /> <br />As thc Council is aware, the City has been negotiating with Ramsey Premier Partners LLC, a <br />Minnesota limited liability company, for the acquisition of their parcel of land lying within the <br />I lighway 10 corridor Official Map area. The parcel is located at 6131 Highway 10 NW and is <br />approximately 21,102 square feet of .622 acres in size and is vacant. The funds for the purchase are <br />from a Metropolitan Council RALF loan program. The loan proceeds will be reimbursed to the <br />Metropolitan Council by MnDot when MnDot has need for the parcel. Jodi Ruhle of the <br />Tinklenberg Group has negotiated the purchase agreement on behalf of the City. The negotiated <br />amokmt appraised value is $241,000.00. <br /> <br />A Loan Agreement between the Metropolitan Council and the City must also be entered into. Staff <br />will review the terms and conditions of the Loan Agreement with the Council at the Council <br />meeting. While the actual appraised value is $241,000.00, the total loan from the Metropolitan <br />Council is $249,000.00. The additional $8,000.00 is intended to reimburse the City for its <br />administrative expenses incurred in acquiring the property. The Metropolitan Council's attorneys <br />arc now reviewing the Loan Agreement for final approval. <br /> <br />[,~nclosllrc: <br /> <br />The proposed purchase agreement <br />Map showing thc parcel location <br />Metropolitan Council Loan Agreement <br /> <br />Recommendation: <br /> <br />15~tcr into the purchase agreement and approve the Loan Agreement. <br /> <br />Council Action: <br /> <br />Motion to enter into a purchase agreement with Ramsey Premier Partners LLC, a Minnesota limited <br />liability company for the purchase of the parcel of land located at 6131 Highway 10 NW, Ramsey, <br />Minnesota, for a total purchase price of $241,000.00 which amount is to be funded by a <br />Metropolitan Council RALF loan. This motion is contingent on formal approval by the <br />Mctropolitan Council approving the purchase and the purchase price. <br /> <br />AND <br /> <br /> <br />