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<br />CASE #1 <br /> <br />TITLE: <br /> <br />ACCAP TOWN CENTER APARTMENT PROJECT AGREEMENTS <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 and <br />they will be partnering with J.Johnson, Inc. to develop the site as ACCAP-Ramsey Town Center <br />Apartments Limited Partnership. City Staff has contacted ACHRA regarding the disbursement <br />of funds for the land acquisition. On October 24, 2006, the HRAlCity Council approved the <br />proposed Grant Agreement with Anoka County. <br /> <br />The City must also enter into a Loan Agreement with ACCAP-Ramsey Town Center Apartments <br />Limited Partnership to identify the terms under which the City will transfer the funds to ACCAP <br />for the purchase of the site. It has also been determined that the County Grant Agreement will <br />have a covenants and restrictions exhibit that is based on the contents of the ACCAP Loan <br />Agreement, which is not yet complete. Therefore, Staff has scheduled a meeting with Anoka <br />County HRA (Karen Skepper), Anoka County Attorney's Office (Tony Palumbo), ACCAP- <br />Ramsey Town Center Apartments Limited Partnership (Jeff Johnson and JoAnn Wright), and <br />City Attorney Bill Goodrich for Tuesday, November 28. The purpose of the meeting is to work <br />out the final details of both the County Grant Agreement and the ACCAP Loan Agreement. <br /> <br />Staff is hopeful that the draft agreements can be distributed at the HRA and City Council <br />meeting of November 28, 2006. Staff will be prepared to advise a date by which these <br />documents must be approved <br /> <br />ATTACHMENTS: <br /> <br />None. <br /> <br />STAFF RECOMMENDATION: <br /> <br />Receive draft documents. <br /> <br />BOARD ACTION: <br /> <br />Will be based on the discussion. <br /> <br />REVIEWED BY: <br />City Administrator <br /> <br />HRA: 11/28/06 <br />