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Figure 1: Parcel Purchased with RALF Loan L0502 <br /> IL <br /> 14�7s <br /> VIM_ <br /> T4 <br /> b <br /> .t <br /> I. <br /> W may_ <br /> ,4 * 1. <br /> i, r... <br /> �f �• Y 4. ti .lt �.. e 77 <br /> Ailp <br /> Jr <br /> yam, 'A <br /> �, • a' - <br /> '0 Ao � - <br /> The RALF loan agreement between the Council and the City provides that, when RALF property is <br /> no longer needed for highway improvements, the City obtains the Council 7s approval to sell it at fair <br /> market value. Upon remittance of the sale proceeds to the Council, the Council discharges the <br /> RALF loan, usually after the highway improvements are complete. In this case a partial sale is <br /> proposed while the highway project is underway. <br /> The neighboring property to the east is the site of a manufactured home community . The <br /> neighboring parcel owner is claiming it has been encroaching on a part of the RALF-funded parcel <br /> for decades and has a claim on this part of the parcel through adverse possession and has offered <br /> to purchase a portion of the parcel that is slightly larger than its encroachment (Figure 2). It <br /> proposes to purchase 0.282 acres for $43,460 or $3.54 per square foot. <br /> The City of Ramsey commissioned an appraisal of the property. Through review and discussion <br /> ■ with city staff, and through independent evaluation the sale price was found to be reasonable. <br /> ■ Given its irregular shape and its relationship to the neighboring parcel, the proposed small triangle <br /> parcel could be used as an extension of home sites in the neighboring parcel without detrimentally <br /> impacting the development potential of the remainder of the RALF site. Council review of <br /> comparable commercial land sales shows limited activity for parcels of such a small size in the <br /> M area but the review supports this value for a partial loan repayment for this part of the parcel. <br /> 0 <br /> 0 <br /> 0 <br /> 0 <br /> 2 <br />