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Figure 2: Pro osed Part of Parcel to be Sold <br /> R L <br /> 2,265.7 5F <br /> V <br /> C� <br /> a <br /> DRAINAGE AND U77WY EASEMENT �----�- i <br /> LAC. NO. 1961 162.00JI486019.001 <br /> (17EAd 1 f 2� <br /> r� <br /> Joe <br /> CD <br /> Rationale <br /> Council action is required to authorize holders of property purchased with RALF funds to sell such <br /> property in cases where the property will not be used for its originally intended purpose. <br /> Thrive Lens Analysis <br /> This action most directly affects and supports the Thrive outcome of Stewardship by both <br /> supporting a program for the economic acquisition of right-of-way for highway improvements and <br /> ■ disposal of surplusproperty. This transaction indirect) supports the development of additional <br /> p p y pp p <br /> ■ affordable housing. <br /> Funding <br /> Z This transaction includes a partial loan repayment of $43,460 as agreed to by the owner of the <br /> neighboring parcel, and the City and Council staff. An outstanding balance on the RALF loan of <br /> 0 <br /> 0 $1I121,789 will remain and be addressed after Highway 10 construction is completed. <br /> 0 <br /> The RALF fund balance as of 12/31/2023 included $28,859,187 in cash and investments, and <br /> $29,675,142 in loans receivable. Loan repayments are anticipated to exceed fund outlays for the <br /> foreseeable future. RALF loans are interest free, as provided in Minn. Stat. Section 473.167, <br /> o subdivision 2. <br /> Small Business Inclusion <br /> The proposed action has no direct impact to small business inclusion as there are no contracting <br /> or subcontracting opportunities. <br /> 3 <br />