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Job Creation- 6 FT Employees at Body Shop up to 15 additional PT employees in the upstairs offices <br /> Tax Assessed Valuation(Estimate) - 1.4M <br /> Annual Property Tax(Estimate)- $36,000 <br /> Annual Property Tax-City Portion (Estimate)- $10,000 <br /> Zoning -I-1. Conditional Use Permit required. <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)Adopt Resolution #24-081 Approving Purchase Agreement and Right of Re-Entry Agreement for <br /> 6591 141 st Avenue NW with Blanery LLC(as presented); subject to City Attorney review. <br /> 2)Adopt Resolution #24-081 Approving Purchase Agreement and Right of Re-Entry Agreement for <br /> 6591 141 st Avenue NW 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 /> The EDA met on March 14, 2024 and voted unanimously to recommend the City Council Adopt <br /> Resolution #24-081 Approving Purchase Agreement and Right of Re-Entry Agreement for 6591 141 st <br /> Avenue NW with Blanery LLC(as presented); subject to City Attorney review. <br /> Outcome/Action: <br /> Motion to Adopt Resolution #24-081 Approving Purchase Agreement and Right of Re-Entry Agreement <br /> for 6591 141 st Avenue NW with Blanery LLC (as presented); subject to City Attorney review. <br /> Attachments <br /> Site Location Map <br />