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Group has negotiated the purchase agreement on behalf of the City. The negotiated amount and <br />appraised, value~ $1,fi50,000. Mr: N°rman; advised: ~ loan agreemer~ between: the Metropolitan~ <br />Council and the City must also be entered into. While the actual appraised value is $1,550,000, <br />the total proposed loan from the Metropolitan Council is $1,560,800. The additional $10,800 is <br />intended to reimburse the City for its administrative expenses incurred in acquiring the property. <br />The Metropolitan Council's attorneys are now reviewing the loan agreement for final approval. <br />Staff recommends the Council enter into the purchase agreement and approve the loan <br />agreement. Mr. Norman indicated Mr. Deal will be using the proceeds from this Property to <br />purchase a piece of property south of the Pact Charter School in Town Center. He has requested <br />a one topic special action item following the May 2nd Council work session. <br /> <br />Motion by Councilmember Olson, seconded by Councilmember Strommen, to enter into a <br />purchase agreement with Ramsey Town Center, LLC for the purchase of the parcel of land <br />located at 6745 Highway 10 NW, Ramsey, Minnesota, for a total purchase price of $1,550,000 <br />which amount is to be funded by a Metropolitan Council RALF loan, contingent on formal <br />approval by the Metropolitan Council approving the purchase and the purchase price and City <br />Attorney approval of the final purchase agreement terms. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Olson, Strommen, Cook, Elvig, <br />Jeffrey, and Pearson. Voting No: None. <br /> <br /> Further discussion: City Attorney Goodrich advised this property can only be used for <br /> transportation purposes; the City will be required to provide auditing information available to the <br /> Metropolitan Council regarding the proceeds· ' <br /> <br /> Motio_n. by Councilmember Olson, seconded by Councilmember Cook, to authorize the City to <br /> enter into a Loan Agreement between the Metropolitan Council and the City of Ramsey for <br /> Protective Acquisition of Highway Right-of-Way for the Ramsey Town Center, LLC parcel <br /> located at 6745 Highway I0 NW in the City in an amount not to exceed $1,560,800. <br /> <br />Further discussion: Councilmember Elvig inquired if staff is in total agreement with the <br />purchase amount. City Attorney Goodrich replied there have been two appraisals, and a third <br />review appraisal. The review appraisal determined that $1,550,000 was an appropriate amount. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Olson, Cook, Elvig, Jeffrey, <br />Pearson, and Strommen. Voting No: None. <br /> <br />City Administrator Norman indicated a special Council meeting will be scheduled for Tuesday, <br />May 2nd following the Council work session as requested by Mr. Deal. <br /> <br />MAYOR, COUNCIL AND STAFF INPUT <br /> <br />Mayor Gamec announced the following: · Employee Appreciation Breakfast Wednesday, April 26th at City Hall. <br /> ', CMAQ .FImding Celebration with the,'C/ty ~of Anoka ~on :Monday, May .8t~ at Northfork <br /> from 5:00 to 7:00 p.m. <br /> <br />City Council / APril 25, 2006 <br />Page 22 of 23 <br /> <br /> <br />