Agenda - Economic Development Authority - 06/11/2026

Home

Economic Development Authority (EDA) Meeting Date: 06/11/2026 Primary Strategic Plan Initiative: Promote economic growth and development. 4. 2. Title: Consider Purchase Agreement, Right of Re -Entry Agreement, LAHA (250k) and Sale of City Land to Elevate Hope House for Mixed -use Project. Purpose/Background: The EDA may choose to go into closed session pursuant to Minnesota Statutes section 13D.05, subdivision 3(c)(3) to consider offers or counteroffers for the purchase or sale of real or personal property. If the EDA chooses to enter into to closed session the statute and reason above needs to be referenced along with legal description (Outlot B, COR STONE BROOK ACADEMY) and the Anoka County Tax ID number 28-32-25-31-0023. This parcel is also known as Parcel 47c. The purpose of this case is to consider the sale of Outlot B, COR STONE BROOK ACADEMY to Elevate Hope House a Minnesota non-profit corporation to build a minimum 8,500 square foot Mixed Used Coffee Shop/ Retail / Apartment. The Mission of EHH is to help families move beyond survival by creating pathways toward independence and long-term success. Today, Elevate Hope House operates a growing continuum of housing in Anoka County as evidenced in the attached proposal. The City of Ramsey, and Elevate Hope House have negotiated the attached Term Sheet, PA and Right of Re -Entry for EDA review. The site is properly zoned for the proposed use. Melinda McDermott, President of Elevate Hope House will be at the EDA meeting to provide additional information about Elevate Hope House and to answer questions the EDA might have. Notification: A Sales Ordinance has been adopted for the sale of this parcel. No further notification is required. Time Frame/Observations/Alternatives: Staff has been working with Elevate Hope House this spring to bring a mixed -use project similar to the one Storyteller Cafe proposed on the same lot. The mixed -use coffee shop/event space and affordable apartments should fit nicely on the proposed site. Elevate Hope House has a track record of success here in Anoka County, and they are trying to expand their footprint here in Ramsey. The proposed use is permitted within the COR zoning district. Use of Local Affordable Housing Aid (LAHA) is being proposed to help finance the project. If the project and proposed financing structure is approved by the EDA and City Council, additional agreements will need to be reviewed and approved by the EDA/City Council. The City currently has 435K in LAHA funds available and is also working on putting together some loan/grant programs to use the funds on eligible projects. The use of the 250k in LAHA funds being proposed in this case are not consistent with the new programs being created, but the use of the funds being proposed are permitted. Specifically, 55K will be used toward their purchase price and an additional 195k committed to costs related to the construction of affordable housing meeting the 40% of 60% AMI requirements. EHH asked for 300k in LAHA funds but the amount being proposed to the EDA is 250k. Staff negotiated a lower amount based on funds availability and the establishment of new loan programs. Key Terms Real Estate Tax ID Number: 28-32-25-31-0023. Outlot B, COR Stone Brook Academy (Parcel 47c)