Agenda - Council - 05/23/2006 - Laserfiche WebLink

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DR3J;T III. gOST The purchase price of the Interchange Property is $4,481,000.00. The terms of the purchase shall be $1,000,000.00, down payment with the balance of $3,481,000.00 being financed by the owner of the Interchange Property through a promissory note secured by a mortgage. Tbe te~s of thc promissory note and mortgage will be 7% interest, with annual payments of $280,521.27 based upou a 30 year amortization, the first payment due on or before June 30, 2007 and each year thereafter, with the balance payable on or before June 30, 2016. Prior to the closing on the hnterchange Property, tile City shall purchase from the County the property which is legally described as Outlot B, Tooth Acres, Anoka County, Minnesota, whicb is cnn'cntly being used by the City as a storm water pond for the Ramsey To~vn Center Project, for tile agreed npon price o~'$447,000.00, as provided for in a Joint Powers Agreement between the County and City, which agreement is identified as Auoka County Conia'act No. 2005-0516 ("JPA 2005~05 I6"). q]m County will contribute approximately $294,000 of the proceeds from tile sale of Outlot B, Tooth Acres property and $412,000 o f Federal Earmark Funds to match approxhnately $294,000 in City funds for tile initial dorm payment of $1,000,000 for the purchase of the buterchauge Property. The City and County shall share cqnally in any closing costs incurred by the City in th:.: purchase of the Interchange Property. 'D~e City shall make all tile annual payments required by the promissory note and mortgage to purchase the h~terchange Property. Upon receipt of an invoice documenting the payments made by the City on the promissory note and mortgage, the County shall on an annual basis reimburse the City for 50% of the payments. When the balance of the promissory note and mortgage becomes due in Jnne of 2016, or at an earlier date agreed upon by the County and City, the County and City shall each pay for one half of the balance of the purchase price for the h~terchange PropmXy. If the haterchange Property, or any part thereof, is not used for the construction of an fl~terchange at the iutersection of Armstrong Blvd. and TH 10 or for a new route to the south that crosses the Mississippi River, tile City shall sell the Interchange Property, or unused pal1 thereof, and the proceeds thereof shall first be used to repay any of the Federal Earmark Funds required by the sale, and any remaining proceeds shall be equally divided between the Count5, and the City. --220-- Agmts/Jl'A 02-61 1-92.CI~doc 2