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AUTHORIZATION TO ENTER INTO A GRANT AGREEMENT WITH ANOKA <br />COUNTY HOUSING AND REDEVELOPMENT AUTHORITY FOR THE ANOKA <br />COUNTY COMMUNITY ACTION PROGRAM (ACCAP) APARTMENT PROJECT; <br />CASE OF CITY OF RAMSEY <br />By: Sylvia Frolik, Executive Director/Housing & Redevelopment Authority <br />CASE # 5 <br />Background: <br />On May 9, 2006, the Ramsey HRA and the City Council authorized City Staff to submit a <br />request to the Anoka County HRA ( ACHRA) to allocate $400,000 of Ramsey's County HRA <br />levies towards the proposed ACCAP apartment project in Town Center. On June 27, 2006, the <br />ACHRA approved the request for funds. <br />Observations: <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 review <br />and approval. <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 Loan Agreement between ACCAP and the City that will be brought to City Council for <br />review and approval prior to the closing on the land sale. <br />Recommendation: <br />City Staff is recommending City Council authorization to execute the Grant Agreement with <br />Anoka County HRA. <br />Council Action: <br />Motion to authorize the Mayor and the City Administrator to execute the Grant Agreement with <br />Anoka County HRA for the property acquisition funds for the ACCAP Apartment site in Town <br />Center. <br />Review Checklist: <br />City Administrator <br />City Attorney <br />CC: 10/24/06 <br />-209- <br />