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Economic Development Authority (EDA) <br />Meeting Date: 06/10/2021 <br />Submitted For: Sean Sullivan, Community Development <br />By: Sean Sullivan, Community Development <br />4. 3. <br />Title: <br />Consider Offers for Outlot B Ramsey Town Center 7th Addition (portions of meeting may be closed to the public <br />under Minnesota Statutes Section 13.D.05 Subdivision 3(c)(3) to develop or consider offers or counteroffers for the <br />purchase or sale of real or personal property) <br />Purpose/Background: <br />The purpose of this case is to consider two offers for Outlot B, Ramsey Town Center 7th Addition <br />(28-32-25-13-0034). Portions of meeting may be closed to the public under Minnesota Statutes Section 13.D.05 <br />Subdivision 3(c)(3) to develop or consider offers or counteroffers for the purchase or sale of real or personal <br />property <br />City staff has received two offers for this undeveloped portion of The COR located near the intersection of Center <br />Street and Bunker Lake Boulevard. Both offers are at or above the asking price for this parcel. Both offers are <br />contingent on securing the remaining undeveloped townhome lots currently owned by K Hovanian east of the City <br />Property and incorporating it into this broader townhome development. The EDA should review the offers and <br />determine a course of action. <br />Notification: <br />N/A <br />Observations/Alternatives: <br />Development Concepts presented at this point have gone through a partial Planning and Zoning Review, but not a <br />full Planning and Zoning Review. The project generally appears to be consistent with applicable City Code as it <br />relates to layout, but need to ensure compliance with architectural standards. Additionally, Staff needs to discuss the <br />additional access to Center Street in more detail and does not guarantee that said access with be granted. <br />Based upon review and consideration of the offers the EDA should consider the following actions. <br />1. Conditionally accept current offer and direct Staff to draft purchase agreement in City form and to bring back <br />with site concept in July for further consideration. <br />2. Present a Counter Offer and direct Staff to draft purchase agreement in City form and bring back with site <br />concept in July for further consideration. <br />3. Something else <br />Funding Source: <br />This action is being covered under normal staff duties. <br />Recommendation: <br />Based on discussion. <br />Action: <br />Based on discussion. <br />