Agenda - Council Work Session - 08/10/2026

Home

Staff is looking for council consensus on whether or not to proceed with the proposed revised financing structure, specifically supporting the waiver of any remaining balance of the HRA Loan should the Assumption Agreement be enacted. All terms and conditions of the loan will ultimately need to be formally approved by City Council action at a later date. If consensus is reached on approval of the financing, staff is asking for direction to begin working with the bank to draft the Mortgage Assumption Agreement and City Loan documents for the City HRA Loan to be formally approved by the Council. Key Terms of the City HRA Loan are below: City EDA HRA Loan • Amount — Up to 2M, Current 1.88M proposed • Collateral — 100,000 SF Building and Real Estate • Term — 5 year • Amortization — 25 year • Interest Rate — indexed to 10 year Treasury Note (currently 4.53%) • Payments for loan (deferred one year) • Paid in full, or refinanced when Balloon Payment is due for COR Trust Loan. • IF Third Party Assumes the ARAA Loan and ownership of property, the remaining balance of the HRA Loan is forgiven. This would adhere to state law eligible uses of the funds. Funding Source: 10K Escrow Account by ARAA to start TAFT Law Redevelopment Area process. (received) Balance of Legal work by City of Ramsey (HRA/EDA). Staff has reviewed City financing options and has recommended an HRA Loan (up to 2M) from Ramsey HRA funds held by Anoka County. Recommendation: Based on Discussion Outcome/Action: Council consensus on whether or not to proceed with the proposed financing structure waiving the balance of the HRA Loan should the assumption agreement be enacted. All terms and conditions of the loan will ultimately need to be formally approved by City Council/EDA Action at a later date. Attachments Site Location Map Form Review Inbox Reviewed By Date Brian Hagen Brian Hagen 08/06/2026 03:25 PM Form Started By: Brian Hagen Started On: 08/06/2026 09:29 AM Final Approval Date: 08/06/2026