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APPROVE PURCHASE AGREEMENT AND <br /> LOAN AGREEMENT FOR THE <br />PURCHASE OF PROPERTY LOCATED IN THE <br />HIGHWAY 10 CORRIDOR <br /> <br />By: William lC Goodrich, City Attorney <br /> <br />CASE# <br /> <br />Background: <br /> <br />As thc Council is aware, the City has been negotiating with Clint A. Wilson for the acquisition of <br />his parcel of land lying within the Highway 10 corridor Official Map area. The parcel is located at <br />7665 Highway 10 NW and is approximately 93,654 square feet or 2.15 acres in size. The Anoka <br />County tax ID parcel no. is 28-32-25-31-0005. The funds for the purchase are fi.om a Metropolitan <br />Council RALF loan program. The loan proceeds will be reimbursed to the Metropolitan Council by <br />MnDot when MnDot has need for the parcel. Jodi Ruhle of the Tinklenberg Group has negotiated <br />thc purchase agreement on behalf of the City. The negotiated amount and appraised value is <br />$?c)0,000.00. Staff will review the terms and conditions of the purchase agreement with the Council <br />at thc County meeting. <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 $790,000.00, the total loan from the Metropolitan <br />Council is $814,000.00. The additional $24,000.00 is intended to reimburse the City for its <br />administrative expenses and demolition expenses incurred in acquiring the property. The <br />Metropolitan Council's attorneys are now reviewing the Loan Agreement for final approval. <br /> <br />F~llclosllre: <br /> <br />Map showing the parcel location <br /> <br />Recommendation: <br /> <br />I~nter ii,to the purchase agreement and approve the Loan Agreement. <br /> <br />Council Action: <br /> <br />Motion to enter into a purchase agreement with Clint A. Wilson for the purchase of the parcel of <br />land located at 7665 Highway 10 NW, Ramsey, Minnesota, for a total purchase price of <br />$790,000.00 which amount is to be funded by a Metropolitan Council RALF loan. This motion is <br />contingent on formal approval by the Metropolitan Council approving the purchase and the <br />purchase price and City Attorney approval of the final purcl~ase agreement terms. <br /> <br />AND <br /> <br /> <br />