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EC'D JUN 082009 <br />LOAN AGREEMENT NO, L►-09 - 0 <br />Clint Wilson/Auto 1 nnohh (7665 Highway 10) <br />LOAN AGREEMENT )3ETWEEN THE METROPOLITAN COUNCIL <br />AND THE CITY OF RAMSEY <br />FOR PROTECTIVE ACQUISITION OF HIGHWAY RIGHT -OF. AY <br />THIS AMtittIVIENT Is entered • Into,: this 1.. . day of May, 2009 by THE METROPOLITAN <br />COUNCIL (',the Council"), and THE CITY OF RAMSEY (''the Recipient"). <br />WHEREAS, the Council is authorized. by Minnesota Statutes.section 473, 167, subdivisioin '2, to make loans <br />to 'comities, towns, and cities situated within the metropolitan area for the purpose of acquisition of property <br />within a proposed state trunk highroy right-offway when acquisition is neoessary to avert the imminent <br />conversion .of suoh property to a use which would jeopardize the property's s availability for highway <br />construction; and <br />WHEREAS, the Reolpient is an eligible governmental unit and has applied for such a loan to accomplish <br />the acquisition of threatened right-of-way within the officially -napped area to the north of Trunk Highway <br />10 from approximately ArmstrongBoulevard to the Ramsey:Anoka City boundary and is bounded td the <br />pl? Y <br />north by the BNSF rail line; and <br />WHEREAS, the Counoll has authorized that such a loan be made to the Recipient from the Metropolitan <br />Rightwoffway Acquisition Loan Fund, <br />NOW, THEREFORE, in consideration of the mutual promises and cpveihants In this . agreement, the <br />Council and the Recipient agree as follows: <br />I. LOAN FUNDS <br />1.01 Total Loan Amount. The Council shall loan to the Recipient, in accordance with the loan <br />schedule set forth in paragraph 1.02, a total loan atrtfluunt not to exceed $977,844.00 <br />1,02 Loan Schedule, Upon execution of this loan agreement, the Council will advance <br />$900,000.00 to the Recipient for the purchase price of that real property described In Edhlblt <br />A, which is attaohed to and incorporated in this agreement. The purchase price of the real <br />property includes any buildings or structures located on the parcel. -Upon receipt by the <br />Council of satisfactory and complete documentation describing the Recipient's actual <br />'appraisal, title evaluation, and other acquisition costs, the Council will advance to the <br />Recipient suoh actual costs, in an amount not to exceed $77)844.00. These other eligible <br />costs are: <br />• Appraisal fees <br />• Appraisal review fees <br />• Environmental Phase i and Phase 2 . <br />• Pees for title evaluation g <br />negotiations, legal revles <br />g <br />• Demolition <br />• 2009 taxes prorated from June — Deoetnber <br />1.03 ' Authorized Use of Loan Funds, The parties agree that loan funds may be used only for the <br />purchase price of the property described in. Exhibit A, and the acquisition costs actually incurred by the <br />