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Map area. The parcel is located at 7665 Highway 10 NW and is approximately 2.15 acres in <br />size. The funds for the purchase are from a Metropolitan Council RALF loan program. The loan <br />proceeds will be reimbursed to the Metropolitan Council by MnDOT when MnDOT has need for <br />the parcel Jodi Ruhle of the Tinklenberg Group has negotiated the purchase agreement on <br />behalf of the City. The negotiated amount and appraised value is $790,000. Staff will review <br />the terms and conditions of the purchase agreement with the Council at the County meeting. <br /> <br />City Attorney Goodrich advised a loan agreement between the Metropolitan Council and the <br />City must also be entered into. While the actual appraised value is $790,000, the total loan from <br />the Metropolitan Council is $814,000. The additional $24,000 is intended to reimburse the City <br />for its 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. He <br />advised staff recommends the Council enter into the purchase agreement and ~approve the loan <br />agreement. <br /> <br />Motion by Councilmember Elvig,' seconded by Councilmember Strommen, to enter into a <br />purchase agreement, with Clint A. Wilson for the purchase of the parcel of land located at 7665 <br />Highway 10 NW, Ramsey, Minnesota, for a total purchase price of $790,000, which amount is to <br />be funded by a Metropolitan Council RALF loan. This motion is contingent on folrnal approval <br />by the Metropolitan Council approving the purchase and the purchase price and the City <br />Attorney approval of the final purchase agreement terms; and to authorize the City to enter into a <br />loan agreement between the Metropolitan Council and the City of Rmnsey for Protective <br />Acquisition of Highway Right-of-Way for the Clint A. Wilson parcel located at 7665 Highway <br />10 NW in the City in an amount not to exceed $814,000. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Elvig, Strommen, Cook, Jeffrey, <br />Olson, Pearson, and Strommen. Voting No: None. <br /> <br />Case #14B: Approve Purchase Agreement and Loan Agreement for the Purchase of <br /> Propert3' Located in the Highway 10 Corridor <br /> <br />City Administrator Norman reviewed that the City has been negotiating with Ramsey 'Town <br />Center, LLC, a Mim~esota limited .liability company, for the acquisition of this parcel of land <br />lying within the Highway 10 Corridor Official Map area. The parcel is located at 6701 Highway <br />10 NW and is approximately 1.8 acres in size. This parcel was just discussed in Case No. 14; <br />with the financing for Lots 2 and 3,' Block 1 of the Deal Industrial Park completed through <br />bonding; this case proposes RALF funds be utilized for the purchase of one of these properties as <br />a second track to follow. He explained staff was approached last week by the Master Developer <br />of RTC, along with their bank regarding their contract With the master excavator and the end of <br />the excavator's fiscal year on September 30th. RTC, LLC has a large payment that needs to be <br />paid by that date. RTC, LLC owns this property and would like to see if the sale and financing <br />could be accomplished by the end of the month. He explained he responded to the Master <br />Developer and the bank last week and informed them if they would consider releasing the <br />restrictive covenant that the bank holds on the RTC, LLC site, that the Council may confider <br />trying to find the financing, possibly through RALF funds or creative funds. This was discussed <br />during the HRA meeting earlier tonight. The Council has approved long terna financing for the <br /> <br />P68 <br /> <br />City Council / September 13, 2005 <br /> Page 24 of 33 <br /> <br /> <br />