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CASE <br /> <br />TITLE: <br /> <br />ACQUISITION OF HIGHWAY #10 ADJACENT PROPERTIES <br /> <br />By: <br /> <br />City Ad~ninistrator, James E. Norman <br /> <br />INTROI)UCTION: <br /> <br />fl'lac City has been aggressively pursuing acquisition of properties on the north side of Highway <br />t/10 as part of the Official Mapping process. The acquisition of properties had been made <br />through the availability of the Right-of-Way Acquisition Loan Fund (RALF) Program. The <br />RAI,F Program has a limited amount of dollars that can be spent each year on right-of-way <br />acquisitions State-wide, so Ramsey is limited to an allocation of acquisitions each year. <br /> <br />DISCIISSiON POINTS: <br /> <br />q'hc l lighway #10 Official Mapping project has been very successful in Ramsey. Not only has <br />thc (Sty closed on four properties, there are an additional seven projects that are in the appraisal <br />or final stages of acquisition. In order to expedite the acquisitions so that property sales do not <br />go to other buyers, staff proposes to initiate a program of property acquisitions along Highway <br /># 10 that may bc eligible for RALF funding at some future date - two, three, four, five years or <br />even longer. The designated properties would be leased out to tenants and the property would <br />eventually be reimbursed by the RALF Program at some future date. <br /> <br />Stall' proposes to begin this process by acquiring the former NAU building and Anchor's Away <br />building located on Lots 2 and 3, Block 1, of the Deal Industrial Park (map attached). Both of <br />those buildings were formally owned by Jim Deal and have been since purchased by Ramsey <br />q'own Center IA~C. Staff has already identified building tenants and a lease management <br />company to manage the buildings until they are sold as part of the RALF Program. <br /> <br />l:immcing of thc buildings would be performed through lease revenue bonds. Paul Donna of <br />Northland Securities has prepared a financing schedule to begin the bonding process (schedule <br />attached). Council would need to adopt a resolution initiating the process before adoption of the <br />redevelopment plan and a resolution initiating the process for adoption of a redevelopment <br />projccl area calling for the public hearing. <br /> <br />ATTACIIMENTS: <br /> <br />Map showing properties <br />Schedule of Bonding Process <br /> <br />STAFF RECOMMENDATION: <br /> <br />Adopt the Resolution initiating process for the adoption of the redevelopment plan. <br /> <br /> <br />