Agenda - Council Work Session - 07/14/2026

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TERM SHEET FOR ELEVATE HOPE HOUSE — 6-25-26 Real Estate Tax ID Number: 28-32-25-31-0023. Outlot B, COR Stone Brook Academy (Parcel 47c) Acreage Approximately .52 acres or 22,651 SF Buyer Elevate Hope House, A Minnesota Nonprofit Corporation Asking Price $149,500 ($6.50 / SF) Offer Price $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 Within one year from the Closing Date, Buyer shall construct and obtain a certificate of occupancy from the City of Ramsey for a minimum 8,500 SF commercial/residential mixed -use building with first floor coffee shop/cafe and one second floor apartment complete, compliant with COR Zoning requirements to be further defined by an approved Site Plan. Within two years from the Closing Date, Buyer shall construct and obtain a certificate of occupancy from the City of Ramsey for a minimum 8,500 SF commercial/residential mixed -use building with first floor coffee shop/cafe and two more second floor apartments complete, compliant with COR Zoning requirements to be further defined by an approved Site Plan. At Closing, a "Right of Re -Entry Agreement" shall be executed and recorded against the Property providing that, in the event the above deadline is not met, Seller has the right to reclaim title to the parcel, or exercise other remedies for which a certificate of occupancy was not obtained. Assignment Requires city approval if not same owners / company. Contingencies Securing $250,000 in LAHA Funding from City of Ramsey.