Laserfiche WebLink
<br />Companies with a requirement for them to provide nonrefundable earnest money, going out for <br />additional RFP's, and possibly adding another step in between. It could even be an option to <br />contact Muir regarding the different deal. Without the 180 day extension the properties will <br />either need to be purchased by July 1 st or the project folded. <br /> <br />Councilmember Look questioned the incentive the property owners would have to help the City <br />along with the extension. <br /> <br />Mr. Lasher replied the whole project will die if too many of the parcel holders hold out. He <br />advised the appraisals will all need to be updated. <br /> <br />Council discussed the trend in property values in relation to the current economy. <br /> <br />Mayor Gamec indicated the first thing would be to try to negotiate with the property owners to <br />see how many agree to the extension. He would not be opposed to allowing them to remain on <br />their parcels for a period of time if the County would grant a tax abatement. <br /> <br />Councilmember Elvig commented a fair amount of these smaller incentives add up, and it is not <br />cash out of the City's pocket. Staff should go into the negotiations informing the property <br />owners this is all the City has to offer. Regarding the anchors, he would suggest consideration of <br />an anchor like Herbergers, rather than a home improvement anchor. <br /> <br />Mr. Lasher indicated Ryan Companies has approached junior anchors regarding the project. <br />They are considering two junior anchors for the project instead of one large anchor. <br /> <br />Consensus of the Council was to direct staff to proceed with discussing an extension to the <br />eminent domain proceedings with the property owners. <br /> <br />Councilmember Elvig stated he agrees with going forward, but they have a tremendous problem <br />across the street with Town Center, and he would like the Council to keep their eyes.open. With <br />this project the City is sticking its neck out further on top of Town Center. He is not convinced <br />of this yet, but would like the Council to take the due diligence to consider a Target on the west <br />end of Town Center. Councilmember Elvig stated he has been informed that Mr. Nedegaard <br />owned the title company that did all the work in Town Center. The bank has reviewed the title <br />work and found it to be inadequate, the title company is now out of business, and they were not <br />able to find another title company to take it over. Things have now been finalized and title <br />insurance has been acquired. He was informed today that there are a couple of banks that are <br />interested, but Shingobee is declaring all of their property has been sold. The head banks have <br />asked to have a meeting with the City to iron out an agreement where the banks might start to <br />take over some of the development themselves and get into a partnership with the City. <br />Councilmember Elvig inquired about the status ofthe Ramsey Town Center $3 million Letter Of <br />Credit. <br /> <br />City Attorney Goodrich replied there were two summary motions made on February 2, 2007. <br />Each party submitted briefs going into that motion. The Court has 90 days from February 2nd or <br />February 15th, whenever the last submittal was made, to make a decision on the summary <br />judgment. <br /> <br />Councilmember Elvig asked if there will be interest involved with the Court's judgment to which <br />City Attorney Goodrich responded in the negative. <br />City Council Work Session I March 6, 2007 <br />Page 6 or8 <br />