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

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CASE # SCHEDULE PUBLIC HEARING FOR ACQUISITION OF HIGHWAY #10 ADJACENT PROPERTIES By: James E. Norman, City Administrator llackground: Thc City has been aggressively pursuing acquisition of properties on the north side of Highway #10 as part of the Official Mapping process. The acquisition of properties had been made through the availability of the Right-of-Way Acquisition Loan Fund (RALF) Program. The RAIJF I'rogram has a limited amount of dollars that can be spent each year on right-of-way acquisitions State-wide, so Ramsey is limited to an allocation of acquisitions each year. 'thc t lighway #10 Official Mapping project has been very successful in Ramsey. Not only has thc City closed on four properties, there are an additional seven projects that are in the appraisal or final stages of acquisition. In order to expedite the acquisitions so that property sales do not go to other buyers, staff proposes to initiate a program of property acquisitions along Highway #10 that may be eligible for RALF funding at some future date- two, three, four, five years or even longer. The designated properties would be leased out to tenants and the property would eventually be reimbursed by the RALF Program at some future date. Stafl' proposes to begin this process by acquiring the former NAU building and Anchor's Away building located on Lots 2 and 3, Block 1, of the Deal Industrial Park (map attached). Both of these buildings were formally owned by Jim Deal and have been since purchased by Ramsey Town Center I~LC. Staff has already identified building tenants and a lease management company to manage the buildings until they are sold as part of the RALF Program. I:inancing o£ thc buildings would be performed through lease revenue bonds. Paul Donna of Northland Securities has prepared a financing schedule to begin the bonding process (schedule attached). Council would need to adopt a resolution initiating the process before adoption of the redevelopment plan and a resolution initiating the process for adoption of a redevelopment project area calling for the public hearing. Thc [tRA met earlier this evening and reviewed this same case/information. They adopted a resolution initiating the process for the adoption of the redevelopment plan. Council must now adopt a resolution initiating the process for adoption of the redevelopment project area and also a resolution calling for a public hearing. These resolutions will be prepared by the Bond Counsel and will be handed out at the Council meeting. Council Action: Motion to adopt Resolution #05-09-XXX initiating process for the adoption of the redevelopment project area; - and -