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CASE # <br />AUTHORIZE EXECUTION OF PURCHASE AGREEMENT WITH ACE SOLID <br />WASTE ON THE SALE OF LOT 1, BLOCK 4, GATEWAY NORTH INDUSTRIAL <br />PARK PLAT 2 <br />By: Sean Sullivan, Economic Development Coordinator <br />Background: <br />At the September 25th Council meeting the City Council directed Staff to get an appraisal and <br />to bring the sale of Lot 1, Block 4, Gateway North Industrial Park Plat 2 to the EDA for review. <br />At the October 18, 2007 EDA meeting a recommendation was made by the EDA to sell the <br />aforementioned property to ACE Solid Waste. The purchase price of $286,000 exceeds the <br />appraised value and is deemed a fair offer by the EDA. It should be noted that the purchase price <br />for this property by the City was $315,000. Included in that purchase price was a building, in <br />ground scale, and 33 feet of Right of way that is not being sold to ACE. The sales price of <br />$286,000 is consistent with appraised values in the industrial area near this parcel. Ace Solid <br />Waste anticipates expansion of its existing facility to include either a 12,000 transfer station or a <br />12,000 shop. Staff and the Ramsey EDA recommend the sale of the former Saint Paul Terminals <br />site to Ace Solid Waste according to the terms and conditions of the attached purchase <br />agreement. <br />Funding Source: Not Applicable. The City purchased the property for $315,000 in December <br />2005. The City was awarded a grant from the Tax Base Revitalization Account (TBRA) in 2006 <br />to pay for the contamination clean -up on the site. The City ordered an appraisal for $1,800 in <br />2007 which will be funded from Tax Increment Financing (TIF) District No. 2 <br />Recommendation: <br />Staff and the Ramsey EDA recommend that City Council enter into the attached purchase <br />agreement and to sell Lot 4, Block 1, Gateway North Industrial Park Plat 2 to ACE Solid Waste. <br />Council Action: <br />Motion for City to enter into the attached purchase agreement and to sell Lot 4, Block 1, <br />Gateway North Industrial Park Plat 2 to ACE Solid Waste. <br />Attachments: <br />Purchase Agreement <br />Draft copy of 10/18/07 minutes <br />Reviewed by: <br />Community DevelopmM Di <br />City Attorney <br />City Admini a r <br />CC: 10.23.07 v <br />—155— <br />