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AUTHORIZATION TO ENTER INTO A LOAN AGREEMENT WITH ANOKA <br />COUNTY COMMUNITY ACTION PROGRAM (ACCAP) FOR THE RAMSEY TOWN <br />CENTER APARTMENT PROJECT; CASE OF CITY OF RAMSEY <br />By: Sylvia Frolik, Executive Director/Housing & Redevelopment Authority <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 and <br />they will be partnering with J.Johnson, Inc. to develop the site as ACCAP - Ramsey Town Center <br />Apartments Limited Partnership. Staff did contact ACHRA regarding the disbursement of funds <br />for the land acquisition. On October 24, 2006, the HRA/City Council approved the proposed <br />Grant Agreement with Anoka County. <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 />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 />Recommendation: <br />Receive the draft documents. <br />Council Action: <br />Will be based on Council discussion <br />Review Checklist: <br />City Administrator <br />CC: 11/28/06 <br />Copies To: <br />City Attorney <br />CASE # 6 <br />—269— <br />