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HRA Special Session Item #: 6. 1. Date: 12/14/2010 By: Heidi Nelson Administrative Services Information Title: Approve Purchase Agreement for Suite Living at The COR - Lot 4, Block 1, COR ONE Background: On September 15. 2010, the HRA approved and executed a purchase agreement with Toti Development. LLC of White Bear Lake, MN for Lot 4, Block 1, COR ONE. Toti intends to construct an 87 unit assisted living facility on the subject parcel, and anticipates closing on the property in the spring of 2011. By state statute, the HRA is required to hold a public hearing for the sale of land. Notification: Notification of this public hearing was published on December 3, 2010 for the public hearing to be conducted this evening, December 14, 2010. Observations: • The agreement contemplates the sale of approximately 2 acres of land for $1.524,600.00. • The agreement required $50,000 earnest monies to be deposited upon execution, and to become non-refundable by year-end. • The agreement contemplates a spring 2011 closing, but does allow the buyer to extend the closing date for an additional $25.000 non-refundable deposit and $5.000/month. Recommendation: The development team requests the HRA hold a public hearing for the sale of land described as Lot 4, Block 1, COR ONE, and ratify the the prior execution of the purchase agreement effective September 15, 2010. Funding Source: Legal costs for preparation of purchase agreement documents were paid within the HRA budget. Development fees due to Landform will be paid from land sale proceeds. Council Action: HRA Action: Hold a public hearing for the sale of land described as Lot 4, Block 1, COR ONE, and ratify the the prior execution of the purchase agreement effective September 15. 2010. Fiscal Impact Budgeted . Budgeted Year: 2010 Fund: HRA