Agenda - Council - 01/10/2023 - Laserfiche WebLink

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CC Regular Session 5. 18. Meeting Date: 01/10/2023 By: Sean Sullivan, Community Development Information Title Adopt Resolution #23-019 Approving Restrictive Covenants for Multiple RALF Parcels for Ramsey Gateway Project Purpose/Background: Purpose: The purpose of this case is to approve the execution and recording of Restrictive Covenants for remnant parcels created by the partial acquisitions by Anoka County of Hwy ROW Parcels 7PE, 60, 62, 65, 68 and 69. Background: From 2004-2017, The City of Ramsey acquired many parcels north of the existing Highway 10 to obtain future right of way for improvements to Highway 10. The City continues to receive requests from Anoka County for the acquisition of full and partial parcels needed to complete the Hwy 10 project. This group of parcels identified on the Settlement Agreement are partial acquisitions for Right of Way for Hwy 10 and/or the Frontage Road System north of Hwy 10 and south of the railroad tracks. Revenue received from Anoka County by the City for these partial 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 summarized below: RALF Loan Loan Value L0801* $1,260,686.00 L0705 $551,934.00 L0404 $372,647.00 L0503 $263,334.00 L0602 $384,868.00 sum $2,833,469.00 Proposed Property Repayment Purchase % $56,852.18 4.5 $28,796.96 5.2 $22,023.12 5.9 $27,749.00 10.5 $100,940.01 13.1 $236,361.27 Repayment % 4.5 5.2 5.9 10.5 13.1 Restrictive Covenants: Restrictive covenants, prohibiting the sale, installation of improvements and other items without the consent of Met Council on the remnant parcels resulting from the partial acquisitions above is required. Staff has worked with Met Council and the City Attorney to draft restrictive covenant agreements for the impacted parcels and they are attached to this case for review. Notification: None required Observations/Alternatives: Restrictive covenants are required to be filed on RALF Parcels retained by the City of Ramsey. Once the Hwy 10 project is completed, or Met Council consents, the property can be sold and the restrictive covenants can be released. Alternatives: 1) Adopt Resolution #23-019 Approving Restrictive Covenants for Multiple RALF Parcels for Ramsey Gateway Project (as presented); subject to City Attorney review.