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<br />CASE #2 <br /> <br />TITLE: <br /> <br />ACCAP TOWN CENTER APARTMENT PROJECT <br /> <br />BY: <br /> <br />Sylvia Frolik, HRA Executive Director <br /> <br />INTRODUCTION: <br /> <br />On May 9, 2006, the Ramsey HRA and the City Council authorized City Staff to submit a <br />request to the Anoka County Housing and. Redevelopment Authority (ACHRA) to allocate <br />$400,000 of Ramsey's County HRA levies towards the proposed ACCAP apartment project in <br />Town Center. On June 27, 2006, the ACHRA approved the request for funds. <br /> <br />DISCUSSION POINTS: <br /> <br />ACCAP has control of the purchase option for the apartment project site in Town Center. It is <br />prudent that the purchase option be exercised as soon as possible and City Staff has contacted <br />ACHRA regarding the disbursement of funds in the amount of$270,000 for the land acquisition. <br />The City has received a draft Grant Agreement from the County that is enclosed for your <br />information. This draft Agreement will be presented to the City Council on October 24 for <br />review and approval. <br /> <br />Upon execution of the Grant Agreement, the funds would be made available at the closing for <br />the sale of the property, at which time the City is essentially loaning the funds to ACCAP. There <br />will be a L'Oan Agreement between ACCAP and the City that will be brought to the HRA and <br />City Council for review and approval prior to the closing on the land sale. <br /> <br />ATTACHMENTS: <br /> <br />Draft Grant Agreement from ACHRA. <br /> <br />STAFF RECOMMENDATION: <br /> <br />None. <br /> <br />BOARD ACTION: <br /> <br />None required. <br /> <br />REVIEWED BY: <br /> <br />City Administrator <br /> <br />HRA: 10/24/06 <br />