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None required <br /> Observations/Alternatives: <br /> City Staff and the City Attorney have been working for nearly three years to bring the Oak Terrace encroachment <br /> onto City/RALF property into compliance. The purchase agreement presented for consideration in this case will <br /> resolve this issue and potentially prevent future encroachment issues. The City does not receive the proceeds <br /> from the sale. All proceeds go back to the RALF program to go towards repayment of the RALF Loan(L05-02) <br /> for this parcel. As part of this case the City Council will consider approval of the attached site plan(also <br /> included in the PA),recommended by City Staff and engineering,pursuant to the spirit of Chapter 109. The legal <br /> counsel for Oak Terrace agrees to the terms in the proposed purchase agreement. Key terms of the purchase <br /> agreement are below: <br /> Property description: That part of the Northeast Quarter of the Northeast Quarter, Section 34, Township 32, <br /> Range 25,Anoka County,Minnesota, lying southerly of the Burlington Northern Railroad right of way. Also <br /> being a part of Lot 6,AUDITOR'S SUBDIVISION NUMBER 30, according to the recorded plat thereof. <br /> Tax ID number: Portion of 34-32-25-12-0013 <br /> Purchase Price: $43,560 <br /> Title Examination/Contingency Period: 90 days <br /> Closing Costs: All costs except City Attorney fees to be paid by Buyer. <br /> Site Plan/Lot configuration: Graphic included in purchase agreement. six new units at Oak Terrace,none of <br /> which will be over city infrastructure or encroach on City/RALF property. <br /> Alternatives: <br /> 1)Approve Purchase Agreement(as presented); subject to City Attorney review <br /> 2)Approve Purchase Agreement(with changes); subject to City Attorney review <br /> 3) Something else <br /> Funding Source: <br /> Not applicable. All proceeds from the sale will be forwarded to the Met Council RALF program. <br /> Recommendation: <br /> Adopt Resolution #24-179 Approving Purchase Agreement with Oak Terrace Estates, LLC (as <br /> presented); subject to City Attorney review <br /> Action: <br /> Adopt Resolution #24-179 Approving Purchase Agreement with Oak Terrace Estates, LLC (as <br /> presented); subject to City Attorney review <br /> Attachments <br /> Site Location Map <br /> ACTION-Resolution#24-179 <br /> ACTION-Purchase Agreement <br /> ACTION- Site Plan <br /> Reference -Met Council Approval Case <br /> Reference -Aud Sub 30 Plat <br /> Reference -RALF Loan 05-02 <br /> Form Review <br /> Inbox Reviewed By Date <br /> Brian Hagen Brian Hagen 07/03/2024 12:04 PM <br />