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7 200b <br /> RECD [A AY <br /> LOAN AGREEMENT NO.L-05- <br /> Rarmey(Hamilton 6615 Highway 10 NW) <br /> LOAN AGREEMENT BETWEEN THE METROPOLITAN COUNCIL <br /> AND THE CITY OF RAMSEY <br /> FOR HARDSHIP ACQUISITION OF HIGHWAY RIGHT-OF-WAY. <br /> �'dayTHIS AGREEMENT ■ i <br /> 's entered nto thi'ssD of Ja 1,4 e,1,12005 by THE METROPOLITAN <br /> COUNCIL("the Council"),and THE CITY OF RAMSEY("the Recipient's). <br /> WHEREAS, the Council is authorized by Minnesota Statutes section 473.167, subdivision 2,to nuke loans <br /> to counties,,towns, and cities situated within the metropolitan area for the purpose of acquisition of property <br /> within a proposed state trunk highway right-of-way when acquisition is necessary to avert the imminent <br /> conversion of such property to a use which-would jeopardize the property's availability for highway <br /> construction;and <br /> WHEREAS, the Recipient is an eligible governmental unit and has applied for such a loan to accomplish <br /> the acquisition of homestead property from and to provide relocation payments to owners of homestead <br /> property burden by circumstances that-constitute a hardship because of their inability to sell the property <br /> within the proposed right-of-way within the officially-mapped area to the north of TrunkHighway 10 from <br /> approximately Armstrong Boulevard to the Ramsey-Anoka City boundary; and <br /> WHEREAS, the Council has authorized that such a loan be made to the Recipient from the Metropolitan <br /> Right-of-way Acquisition Loan Fund. <br /> NOW, ,THEREFORE, in consideration of the mutual promises and covenants in this agreement, the <br /> Council and the Recipient agree as follows: <br /> L LOAN FUNDS <br /> 1..01. Total Loan Amount. The Council shall loan to the Recipient, in accordance with the loan <br /> schedule set forth in paragraph 1,02,a total.loan amount not to exceed$1,133,140.00.The total loan amount <br /> is reduced by a salvage value of$0.00. <br /> 1.02 Loan Schedule. Upon execution of this loan agreement, the Council will advance <br /> $1,105,000.00 to the Recipient for the purchase price of that real property described in <br /> Exhibit A. which is attached to and incorporated in this agreement, The purchase price of <br /> the real .property includes any buildings or structures located on the parcel of the real <br /> property. Upon execution of this agreement,the Council w1`11 also advance an amount not to <br /> exceed $15,000.00 to the Recipient for the relocation assistance costs actually paid to the <br /> owners of the homestead property, as required by Minnesota Statutes Chapter 117. Lastly, <br /> upon receipt by the Council of satisfactory and complete documentation describing the <br /> Recipient's other eligible costs listed in this paragraph, the Council will reimburse such <br /> costs in an amount not to exceed $13,140.00. These other eligible costs are.- <br /> 0 Appraisal fees <br /> ' Appraisal review fees <br /> • Fees for title evaluation,surveys,negotiation fees,etc. <br /> • Costs related to the demolition of the property <br />