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Tax Assessed Valuation (Estimate) - 1.4M <br />Annual Property Tax (Estimate) - $36,000 <br />Annual Property Tax - City Portion (Estimate) <br />Zoning - I-1. Conditional Use Permit required. <br />- $10,000 <br />Key Purchase Agreement Terms <br />Buyer - Blanery LLC <br />Seller - City of Ramsey <br />Property Address - 6591 141st Avenue NW Ramsey, MN 55303 <br />Legal Description - Unplatted <br />PID# - 27-32-25-44-0003 <br />Acres - Approximately 0.95 acres <br />Purchase Price - $2.54/SF <br />Earnest Money - Earnest Money of $10,000.00 will be held by Land Title, Inc. upon full execution of Purchase <br />Agreement. Said deposit would be refundable to Buyer in the event that a Notice to Proceed is not given by the <br />Buyer at the end of the Inspection Period. <br />Commission - This was a City Generated lead from the City MNCAR Listing with ACRED. The City has <br />negotiated a 3.5% commission ($3,675) for the Buyer's Agent (Excelsior Realty) <br />Inspection Period - Buyer shall have one hundred eighty (180) days following Effective Date to investigate <br />property. <br />Right of Re-entry - Within 12 months from the Closing Date, the Buyer shall have completed construction of a <br />minimum 8,500 SF Auto Body Shop with Upstair Offices and have obtained a Certificate of Occupancy. Zoning <br />requirements to be further defined by an approved Site Plan. At Closing, a "Right of Re -Entry Agreement" shall <br />be executed and recorded against the Property. <br />Closing - Closing shall take place 30 days after Buyer delivers Notice to Proceed to Seller. Two (2) additional <br />Sixty (60) day extensions will be granted with each extension requiring a $10,000 earnest money deposit that is <br />nonrefundable but applicable to the purchase price. <br />Alternatives include: <br />1) Recommendation to the City Council Approval of Purchase Agreement and Right of Re -Entry Agreement with <br />Blanery LLC (as presented); subject to City Attorney review. <br />2) Recommendation to the City Council Approval of Purchase Agreement and Right of Re -Entry <br />Agreement with Blanery LLC (with changes); subject to City Attorney review. <br />3) Something else. <br />Funding Source: <br />N/A. There is no assistance being provided. <br />Recommendation: <br />Staff recommends and EDA recommendation to the City Council for approval of the Purchase <br />Agreement and Right of Re -Entry Agreement with Blanery LLC (as presented); subject to City Attorney <br />review. <br />Outcome/Action: <br />Motion for EDA recommendation to the City Council for approval of the Purchase Agreement and Right <br />of Re -Entry Agreement with Blannery LLC (as presented); subject to City Attorney review. (Staff <br />Recommendation) <br />Attachments <br />Site Location Map <br />