Agenda - Economic Development Authority - 05/14/2026

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The City Council is considering introduction of a Sales Ordinance for Tract B RLS No. 251 at the May 12, 2026 Meeting. Time Frame/Observations/Alternatives: The Terms of the proposed Purchase Agreement are below: Real Estate Tax ID Number: 27-32-25-41-0025. Tract B, Registered Land Survey No. 251 Anoka County, Minnesota Address Undetermined - Ramsey, MN 55303 Acreage Approximately 1.93 acres or 84,071 SF Asking Price $1.00 Offer Price $1.00 ($0 / SF) Estimated Cost to bring site to buildable condition and to account for regional stormwater pond upgrades ($640,130), exceeds asking price. Earnest Money $1 Non-refundable upon Notice to Proceed being provided by Developer. Inspection Period 180 days from Effective Date (Date City Council approves) Closing Within 30 days of Notice to Proceed. Commission This was a City generated lead. No Broker Commission to be paid Extensions to Close Developer will deposit $1 in escrow for each 60-day extension (2 extensions allowed) Once extensions are made the money becomes non-refundable. City take care of Preparation of City Closing documents. Staff will work with Title Company to complete. Performance City to require Buyer to construct a minimum 13,500 SF Warehouse building with City Zoning requirements and obtain a Certificate of Occupancy 12 months after Closing. If this is not done, the City may exercise remedies in the Right of Re -Entry Agreement. An additional 36,000 SF building addition will be constructed at a later date and will not be included in the Right of Re -Entry Agreement. Buyer must obtain all required MPCA approvals and easements. Buyer will need to Combine and Plat Property (27-32-25-41-0025) with adjacent property to west (27-32-25-41-0017) prior to construction of 36,000 SF Addition. Assignment Requires city approval if not same owners / company. Contingencies None Review EDA (Sean): Land Transaction/ Purchase Agreement/ Right of Re -Entry Planning Commission (TBD): Land Use, Development Agreement, Site Plan City Council: Final Approval on all items Other Items to consider: • Gets underutilized / exempt property back on tax rolls • 5.1M Investment by existing Ramsey business • No TIF or financial incentives • Allows City of Ramsey Business to expand • Approximately 49,500 SF of new building upon completion • 5 New jobs with average wages of $27.50 expected to be created (not a requirement) • New annual Property taxes estimated to be $100,000 annually upon full completion (56K a year for City) Alternatives: 1) EDA recommendation to City Council to approve Term Sheet, Purchase Agreement and Right of Re -Entry Agreement (as presented); subject to City Attorney review 2) EDA recommendation to City Council to approve Term Sheet, Purchase Agreement and Right of Re -Entry Agreement (with changes); subject to City Attorney review 3) Something else Funding Source: N/A Recommendation: