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CC Regular Session 5. 17. <br />Meeting Date: 01/10/2023 <br />By: Sean Sullivan, Community Development <br />Information <br />Title <br />Adopt Resolution #23-018 Approving Purchase Agreement and Sale of Multiple RALF Parcels for Ramsey <br />Gateway Project <br />Purpose/Background: <br />Purpose: <br />The purpose of this case is to approve the Purchase Agreement and authorize the sale of multiple parcels for <br />Ramsey Gateway Hwy 10 Project. <br />Background: <br />From 2004-2017, The City of Ramsey acquired many parcels north of the existing Highway 10 to obtain future <br />right of way for improvements to Highway 10. The City continues to receive requests from Anoka County for the <br />acquisition of full and partial parcels needed to complete the Hwy 10 project. This group of parcels identified on <br />the Settlement Agreement are partial acquisitions for Right of Way for Hwy 10 and/or the Frontage Road System <br />north of Hwy 10 and south of the railroad tracks. Revenue received from Anoka County by the City for these <br />acquisitions will be used to pay off a portion of RALF Loans L-08-01, L-07-05, L04-04, L05-03 and L-06-02 <br />summarized below: <br />RALF Loan <br />Loan Value <br />Proposed Repayment Property Purchase <br />1� <br />L0801* $1,260,686.00 $56,852.18 <br />L0705 $551,934.00 $28,796.96 <br />L0404 $372,647.00 $22,023.12 <br />L0503 $263,334.00 $27,749.00 <br />L0602 $384,868.00 $100,940.01 <br />sum $2,833,469.00 $236,361.27 <br />Repayment % <br />4.5 4.5 <br />5.2 5.2 <br />5.9 5.9 <br />10.5 10.5 <br />13.1 13.1 <br />As mentioned above, these transactions are partial acquisitions which is the reason that a Settlement Agreement <br />rather than the typical <br />Purchase Agreement is being used here. <br />Restrictive Covenants: <br />Restrictive Covenants, prohibiting the sale or installation of improvements on the remnant parcels not needed for <br />the Hwy 10 project is required by the Met Council. This item will be addressed in a separate Council Case and <br />Resolution. <br />Notification: <br />None required <br />Observations/Alternatives: <br />