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Motion hy Councilmember Cook to enter into a purchase agreement with Ramsey Town Center, <br />lJI,C lbr the purchase of the parcel of land located at 6701 Highway 10 NW, Ramsey, <br />Minnesota, for a total purchase price of $1,800,000, which amount is to be funded by a <br />Metropolitan Council RALF loan. This motion is contingent on formal approval by the <br />Metropolitan Council approving the purchase and the purchase price and City Attorney approval <br />of the final purchase agreement terms; and to authorize the City to enter into a loan agreement <br />between the Metropolitan Council and the City of Ramsey for Protective Acquisition of <br />t lighway Right-of-Way for the Ramsey Town Center, LLC parcel located at 6701 Highway 10 <br />NW in thc City in an amount not to exceed $1,811,000. <br /> <br />'he motion died for lack of a second. <br /> <br />Councihnember Elvig requested clarification regarding the motion for RALF funding as it relates <br />to the NAU building. <br /> <br />City Attorney Goodrich explained the property has been appraised, and Jodi Ruhle of The <br />Tinldenbcrg Group has been in negotiations with the Metropolitan Council. <br /> <br />City Administrator Norman advised the bonding for this parcel is just in the beginning stages at <br />this time. If the Council were to approve the RALF funding the decision could likely be made in <br />two weeks. The Council may want to include contingencies in the motion. He would propose a <br />work session be scheduled for Monday night prior to the next Council meeting. <br /> <br />Mayor Gamec directed staff to provide the Council with the legal requirements of the City in <br />relation to obtaining bids to hire a leasing agency. <br /> <br />Councilmember Jeffrey noted the Council has discussed using RALF funds for properties that <br />would not have value, and has also discussed leasable properties that could sustain themselves. <br />It seems there are two properties here, and this property has leasing value. He inquired about the <br />possibility of the City exhausting available RALF funds, and if that were to occur at some point <br />ii' the City would not have the funds for properties without a marketable value. <br /> <br />Councilmember Strommen noted this question also ties into having a policy for RALF funds and <br />bonding. The leasability was discussed at the HRA meeting prior to the Council meeting. <br /> <br />Councilmen~ber Jeffrey expressed concern that utilizing RALF funds on this property could <br />hamstring the City in going forward with other properties that do not have this kind of value <br />going hack into the community. <br /> <br />Councihnember Cook commented if the Metropolitan Council is able to lease a property, those <br />funds would go back into the RALF program and would make the pool of available funds larger. <br /> <br />City Administrator Norman explained staff is only looking for the second motion listed in the <br />staff' report. <br /> <br />City Council / September 13, 2005 <br /> Page 26 of 33 <br /> <br /> <br />