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<br />Page 1 of2 <br /> <br />Kurt Ulrich <br /> <br />From: Patrick Trudgeon <br />Sent: Friday, October 12, 20076:22 AM <br />To: Kurt Ulrich; Heidi Nelson; Brian Olson; Diana Lund <br />Subject: RTC Auction cancelled <br /> <br />Ramsey Town Center auction postponed one <br />more time <br /> <br />The city is still waiting for a developer to buy the foreclosed 150 acres. <br /> <br />Last update: October 11,2007 - 8:31 PM <br /> <br />HOPING FOR A BUYER <br /> <br />The auction of 150 acres of foreclosed land at Ramsey's Town Center has been postponed for the third <br />time this year. <br /> <br />City officials said it was unlikely that a serious buyer would show up for the auction that was scheduled <br />for today. County officials said the auction is rescheduled for Oct. 31. The property went into <br />foreclosure after the original developer, Bruce Nedegaard, filed bankruptcy and died last fall, leaving <br />much of the 380-acre site undeveloped. <br /> <br />Russ Bushman is the chief credit officer for Minnwest Corp., the company that took over from the <br />several banks that had originally loaned money to Nedegaard. He said he couldn't comment on whether <br />the company is looking to secure a buyer before any future auctions, which would essentially make the <br />process a formality. In the past, Minnwest was expected to be a bidder. <br /> <br />THE MASTER PLAN <br /> <br />When the Ramsey Town Center was planned, it called for commercial and residential properties and <br />parks but no big-box retailers. City officials said whoever buys the foreclosed land is obligated to stick <br />with the original agreements made with the city: which call for about $30 million of improvements to <br />park land and infrastructure. <br /> <br />While some City Council members appear willing to negotiate on what should be built on the land, no <br />action has been taken on changing the plan. <br /> <br />"I'm willing to look at plans and consider other plans to come up with one that is more viable," said City <br />Council Member Matt Look. "You can force developers to do things in projects but if they can't afford <br />to do it and your project dies, what did you gain?" <br /> <br />Community Development Director Patrick Trudgeon said one of the reasons the auction has been <br />postponed in the past is that developers are wary of bidding without knowing if the city will negotiate on <br />what should be built on the land. <br /> <br />10/12/2007 <br />