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CASE # <br /> <br /> APPROVE PURCHASE AGREEMENT AND <br /> LOAN AGREEMENT FOR THE <br />PURCHASE OF PROPERTY LOCATED IN THE <br />HIGHWAY 10 CORRIDOR <br /> <br />By: William IL Goodrich, City Attorney <br /> <br />Background: <br /> <br />As the Council is aware, the City has been negotiating with Ramsey Town Center, LLC, a <br />Minnesota limited liability company, for the acquisition of his parcel of land lying within the <br />Highway 10 corridor Official Map area. The parcel is located at 6745 Highway 10 NW and is <br />approximately 79,254 square feet or 1.8 acres in size. The Anoka County tax ID parcel no. is 34- <br />32-25-12-0008. The funds for the purchase are fi.om a Metropolitan Council RALF loan program. <br />The loan proceeds will be reimbursed to the Metropolitan Council by MnDot when MnDot has need <br />for the parcel. Jodi Ruhle of the Tinklenberg Group has negotiated the purchase agreement on <br />behalf of the City. The negotiated amount and appraised value is $1,550,000.00. Staff will review <br />the terms and conditions of the purchase agreement with the Council at the Council meeting. <br /> <br />A Loan Agreement between the Metropolitan Council and the City must also be entered into. Staff <br />will review the terms and conditions of the Loan Agreement with the Council at the Council <br />meeting. While the actual appraised value is $1,550,000.00, the total proposed loan from the <br />Metropolitan Council is $1,560,800.00. The additional $10,800.00 is intended to reimburse the City <br />for its administrative expenses incurred in acquiring the property. The Metropolitan Council's <br />attorneys are now reviewing the Loan Agreement for final approval. <br /> <br />Enclosure: <br /> <br />Proposed Purchase Agreement <br />Map showing the parcel location <br />Proposed Loan Agreement <br /> <br />Recommendation: <br /> <br />Enter into the purchase agreement and approve the Loan Agreement. <br /> <br />Council Action: <br /> <br />Motion to enter into a purchase agreement with Ramsey Town Center, LLC for the purchase of the <br />parcel of land located at 6745 Highway 10 NW, Ramsey, Minnesota, for a total purchase price of <br />$1,550,000.00 which amount is to be funded by a Metropolitan Council RALF loan. This motion is <br />contingent on formal approval by the Metropolitan Council approving the purchase and the <br />purchase price and City Attorney approval of the final purchase agreement terms. <br /> <br /> <br />