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CASE # _~__ <br /> <br /> CONSIDER APPROVAL OF PURCHASE AND LOAN AGREEMENT <br /> FOR EZ TRACTOR SALES AND <br />PURCHASE AGREEMENT, LOAN AGREEMENT AND LEASE AGREEMENT FOR <br />RALPH'S PAWN SHOP <br /> By: William IC Goodrich, City Attorney · <br /> <br />Background: <br /> <br />Two new properties have been negotiated for purchase using the Revolving Acquisition Loan Fund <br />(RALF) program administered by the Metropolitan Council. These include: <br /> · EZ Tractor Sales - Veto and Wanda Olson - 7039 Highway I 0 NW - $440,000 <br /> · Raiph's Pawn Shop - R & D Properties (Ralph Nissen) -6101 Highway 10 NW - <br /> $363,000. A lease arrangement has been negotiated for a two year term with the option <br /> to renew annually at market rates. · <br /> <br />City staff will obtain signature~' and finalize documents upon Council approval. <br /> <br />Enclosure: <br /> <br />Purchase agreements for the two parcels as well as the lease agreement for 6101 Highway 10; loan <br />agreements between the City of Ramsey and Metropolitan Council for both purchases. <br /> <br />Recommendation: <br /> <br />Approve and authorize signature of the purchase agreement and loan agreement for EZ Tractor <br />Sales owned by Veto and Wanda Olson at 7039 Highway 10 NW; approve and authorize signature <br />of the purchase agreement, loan agreement and lease agreement for Ralph's Pawn Shop, owned by <br />R & D Properties (Ralph Nissen) at 6101 Highway I0 NW. <br /> <br />Council Action: <br /> <br />Motion to approve and authorize signature of the purchase agreement and loan agreement for EZ <br />Tractor Sales owned by Vem and Wanda Olson at 7039 Highway 10 NW; approve and authorize <br />signature of the purchase agreement, loan agreement and lease agreement for Ralph's Pawn Shop, <br />owned by R & D Properties (Ralph Nissen) at 6101 Highway 10 NW. <br /> <br />Reviewed by: <br /> <br />City Attorney <br />City Administrator <br /> <br />Cc: 01/10/06 <br /> <br />-225- <br /> <br /> <br />