Review Draft Purchase/Development Agreement Between the City of Ramsey HRA and CommonBond. Portions may be closed to the public per MN Stature 13D.05 Subd. 3.

The purpose of this case is to review the first draft of an agreement(s) between the City of Ramsey HRA and CommonBond. CommonBond is proposing the development of an affordable housing complex on parcel #47, between Coborn's and The Residence at The COR. This project is estimated to require roughly 2 acres on the easterly side of parcel #47, which is 6.5+ acres in size. CommonBond is seeking site control by the end of May with construction to tentatively begin, pending/contingent upon grant award funding by various development partners, in spring of 2015. The City of Ramsey HRA adopted a resolution requesting the support of the Anoka County HRA Fund in the amount not to exceed $250,000. Staff expects notice from the Anoka County HRA of the funding status on May 13th.

This draft agreement(s) is being originated from the City of Ramsey's City Attorney.

Please note CommonBond's letter of intent (LOI) and amended LOI were discussed in closed session per MN Statute 13D.05 Subd. 3. The discussions in closed session were in relation to the offer price of the land, income and expense projections for the project and the requested city assistance level.

Amendment suggestions:

Review and consider adjustments to the draft purchase agreement between the City of Ramsey and CommonBond. Staff recommends closing the session per MN Stature 13D.05 Subd. 3, to review the draft purchase agreement.

Motion to move into closed session per MN Stature 13D.05 Subd. 3 to review the draft purchase agreement between the City of Ramsey HRA and CommonBond.