Agenda - Economic Development Authority - 05/08/2025

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Staff believes that this project will be a great addition to the COR and will provide a visibly appealing project at the entrance of the COR that contains amenities. Tenants of the project will increase the local workforce and spending power in the City of Ramsey. The proposed 193 units of high -end market -rate housing and its proximity to the retail area and future Waterfront Park will provide great synergy and walk -ability. The property tax revenues for a project of this size help finance past, current and future infrastructure improvements in the COR. Representatives from Roers will be present to provide more detail relating to the proposed project and to answer questions the EDA may have. Project Highlights Project Description - 180 Units - Market -rate, 5,000 Retail Cap on West Side of Building (Mixed Use) Total Project Costs - 52M Amenities Roers has implemented in the past - Speak-easy, Sky deck, Pickleball Courts, Fitness Center, Dog Run, Work from Home Space, Outdoor Lounge & Pool, Underground Parking (To be determined by research) Job Creation - 4-5 onsite Current Tax Assessed Value - 1.4M Current Taxes - $0.00 (Tax Exempt) Tax Assessed Valuation (Estimate) - 30M Annual Property Tax (Estimate) $410,000 Annual Local (City, School, County Estimate) $351,000 Annual Property Tax - City Portion (Estimate) $140,000 Aids Unit Density Calculations in COR - 48 units/acre Key Purchase Agreement Terms Buyer - Roers Acquisitions LLC Seller - City of Ramsey Property Address - 7979 Sunwood Drive NW Legal Description - Lot 1, Block 7, Waterfront Village Proposed Units - Approximately 180-193 PID# - 28-32-25-23-0025 Acres - Approximately 3.87 acres Purchase Price - $1,350,000 ($8.00/SF, within Deal range) Road Contribution - $256,000 to be contributed to road extension costs of Ramsey Parkway (between Sunwood Drive NW roundabout and Zeolite Street) which was also paid by Centra for Waterfront Village. Earnest Money - Earnest Money of $50,000.00 Inspection Period - Buyer shall have three hundred sixty-five (365) days following the "Effective Date" to investigate property. After such time a "Notice to Proceed" must be provided by Buyer to Seller. Right of Re-entry - Within 24 months from the Closing Date Buyer shall have achieved completion of a ±180-unit market -rate apartment project with amenities and minimum 5,000 square feet of street -level retail space, compliant with COR Zoning requirements to be further defined by an approved Site Plan. At Closing, a "Right of Re -Entry Agreement" shall be executed and recorded against the Property. Closing - Closing shall take place 30 days after Buyer delivers Notice to Proceed to Seller. Two (2) additional thirty (30) day extensions to close can be purchased by the Buyer for a $10,000 earnest money deposit each, that is nonrefundable but applicable to the purchase price. Alternatives include: 1) Recommendation to the City Council Approval of Purchase Agreement and Right of Re -Entry Agreement (as presented); subject to City Attorney review. 2) Recommendation to the City Council Approval of Purchase Agreement and Right of Re -Entry Agreement (with changes); subject to City Attorney review. 3) Something else. Funding Source: