Minutes - Council - 09/13/2005 - Laserfiche WebLink

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Map area. The parcel is located at 7665 Highway 10 NW and is approximately 2.15 acres in size. Thc funds for the purchase are from a Metropolitan Council RALF loan program. The loan proceeds will be reimbursed to the Metropolitan Council by MnDOT when MnDOT has need for the parcel. Jodi Ruhle of the Tinklenberg Group has negotiated the purchase agreement on behalf of the City. The negotiated amount and appraised value is $790,000. Staff will review the terms and conditions of the purchase agreement with the Council at the County meeting. City Attorney Goodrich advised a loan agreement between the Metropolitan Council and the City must also be entered into. While the actual appraised value is $790,000, the total loan from the Metropolitan Council is $814,000. The additional $24,000 is intended to reimburse the City for its administrative expenses and demolition expenses incurred in acquiring the property. The Metropolitan Council's attorneys are now reviewing the loan agreement for final approval. He advised staff recommends the Council enter into the purchase agreement and approve the loan agreement. Motion by Councilmember Elvig, seconded by Councilmember Strommen, to enter into a purchase agreement with Clint A. Wilson for the purchase of the parcel of land located at 7665 }lighway 10 NW, Ramsey, Minnesota, for a total purchase price of $790,000, which amount is to be funded by a Metropolitan Council RALF loan. This motion is contingent on formal approval by the Metropolitan Council approving the purchase and the purchase price and the City Attorney approval of the final purchase agreement terms; and to authorize the City to enter into a loan agreement between the Metropolitan Council and the City of Ramsey for Protective Acquisition of Highway Right-of-Way for the Clint A. Wilson parcel located at 7665 Highway 10 NW in the City in an amount not to exceed $814,000. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Elvig, Strommen, Cook, Jeffrey, Olson, l>earson, and Strommen. Voting No: None. Case #14B: Approve Purchase Agreement and Loan Agreement for the Purchase of Property Located in the Highway 10 Corridor City Administrator Norman reviewed that the City has been negotiating with Ramsey Town Center, IJLC, a Minnesota limited liability company, for the acquisition of this parcel of land lying within the Highway 10 Corridor Official Map area. The parcel is located at 6701 Highway 10 NW and is approximately 1.8 acres in size. This parcel was just discussed in Case No. 14, with the financing for Lots 2 and 3, Block 1 of the Deal Industrial Park completed through bonding; this case proposes RALF funds be utilized for the purchase of one of these properties as a second track to follow. He explained staff was approached last week by the Master Developer o f' RTC, along with their bank regarding their contract with the master excavator and the end of the excavator's fiscal year on September 30th. RTC, LLC has a large payment that needs to be paid by that date. RTC, LLC owns this property and would like to see if the sale and financing could bc accomplished by the end of the month. He explained he responded to the Master Developer and the bank last week and informed them if they would consider releasing the restrictive covenant that the bank holds on the RTC, LLC site, that the Council may consider trying to find the financing, possibly through RALF funds or creative funds. This was discussed during the }iRA meeting earlier tonight. The Council has approved long term financing for the City Council / September 13, 2005 Page 24 of 33