Agenda - Economic Development Authority - 06/11/2026

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Acreage Buyer Asking Price Offer Price Approximately .52 acres or 22,651 SF Elevate Hope House, A Minnesota Nonprofit Corporation $149,500 ($6.50 / SF) $85,000 ($3.75 / SF) -$30,000 Cash from Developer - $55,000 from Ramsey LAHA Earnest Money $20,000 Non-refundable upon Notice to Proceed being executed. Inspection Period 180 days from Effective Date (Date City Council approves) (city requires plat/ site plan approval before sale). Closing Within 30 days of Notice to Proceed. Commission This was a City generated lead for City property. Per the terms of the listing agreement, the City will pay 0% of gross sales price to CBRE. Extensions to Close Developer will deposit $5,000 in escrow for each 60 day extension (2 extensions allowed) Once extensions are made the money becomes non-refundable. City take care of Provide existing ALTA Survey and updated Title Work. The Developer will contract to plat the property as part of the site plan process. City to provide $55,000 in LAHA Funding to Purchase price. City to Provide $195,000 in City LAHA Funding for project costs related to the construction of up to 3 units of affordable housing and related costs that serves households between 40%-60% AMI. Developer agrees to commit to at least one 2-bedroom unit meets the 40% threshold and to report compliance as required by law and the City of Ramsey. Performance City to require construction of a minimum 8,500 SF commercial/residential mixed -use building compliant with COR Zoning requirements and obtain a Certificate of Occupancy one year after Closing for one residential unit and the retail restaurant space on the first floor. If this is not done, the City may exercise the Right of Re -Entry. Assignment Requires city approval if not same owners / company. Contingencies Securing $250,000 in LAHA Funding from City of Ramsey. Review EDA (Sean): Land Transaction/ Purchase Agreement/ Right of Re -Entry Planning Commission (Todd/Staff): Land Use, Development Agreement, Site Plan, Plat City Council: Final Approval on both items Alternatives: 1) Recommend Approval of Purchase Agreement, Right of Re -Entry Agreement, LAHA (250k) and Sale of City Land to Elevate Hope House for Mixed -use Project (as presented); Subject to City Attorney review. 2) Recommend Approval of Purchase Agreement, Right of Re -Entry Agreement, LAHA (250k) and Sale of City Land to Elevate Hope House for Mixed -use Project (with changes); Subject to City Attorney review. 3) Something else. Funding Source: LAHA Funds Recommendation: Staff recommends the EDA provided recommendation to City Council to approve of Purchase Agreement, Right of Re -Entry Agreement, LAHA (250k) and Sale of City Land to Elevate Hope House for Mixed -use Project (as presented); Subject to City Attorney review. Outcome/Action: Motion to recommend to City Council to approve of Purchase Agreement, Right of Re -Entry Agreement, LAHA (250k) and Sale of City Land to Elevate Hope House for Mixed -use Project (as presented); Subject to City Attorney review.