4.2.
Economic Development Authority (EDA)
- Meeting Date:
- 04/12/2018
- Submitted For:
- Patrick Brama
- By:
- Patrick Brama, Administrative Services
Title:
Affinity Apartment Project: Multiple Actions
Purpose/Background:
PURPOSE
Consider the following actions related to original PA between the City of Ramsey and Inland Development (CAP Acquisitions/ Affinity Senior Living Apartment). These actions are considered by staff to be administrative and consistent with the original PA.
BACKGROUND, Project
CAP Acquisitions LLC entered into a purchase agreement with the City of Ramsey for a roughly 3.36 acre piece of city-owned land located in The COR on September 26, 2017. CAP Acquisitions is proposing a new 174-unit, senior, independent living, market rate, high amenity, apartment complex called Affinity Living. Attached is the purchase agreement. Affinity Living is proposed to begin construction in July 2018, and will take 12-18 months to complete.
Consider the following actions related to original PA between the City of Ramsey and Inland Development (CAP Acquisitions/ Affinity Senior Living Apartment). These actions are considered by staff to be administrative and consistent with the original PA.
(1) Approve Amendment #1 to the original Cap Acquisitions LLC Purchase Agreement. This amendment formalizes the size of the property to be sold (3.36 acres), the final sale price ($584,840), and the formal legal description of the property to be sold (Lot 1, Block 1, Affinity at The COR). Until recently, these items were unknown. The original PA indicated these items would be formalized via an amendment.
(2) Approve the attached right of re-entry agreement. Per the attached original PA, the buyer must enter into a formal right-of-re-entry agreement. This is a "performance" agreement that will be recorded against the new Affinity Apartment Project (CAP Acquisitions, LLC) property. It will require the construction of the proposed 174-unit apartment by December 31, 2020. This agreement also outlines default provisions.
(3) Pass a resolution formally authorizing the sale of city-owned land. As required by the Anoka County Recorder's Office, the city must pass resolution authorizing the sale of city-owned land. The city has already approved a PA outlining this action, and previously passed an ordinance.
(2) Approve the attached right of re-entry agreement. Per the attached original PA, the buyer must enter into a formal right-of-re-entry agreement. This is a "performance" agreement that will be recorded against the new Affinity Apartment Project (CAP Acquisitions, LLC) property. It will require the construction of the proposed 174-unit apartment by December 31, 2020. This agreement also outlines default provisions.
(3) Pass a resolution formally authorizing the sale of city-owned land. As required by the Anoka County Recorder's Office, the city must pass resolution authorizing the sale of city-owned land. The city has already approved a PA outlining this action, and previously passed an ordinance.
BACKGROUND, Project
CAP Acquisitions LLC entered into a purchase agreement with the City of Ramsey for a roughly 3.36 acre piece of city-owned land located in The COR on September 26, 2017. CAP Acquisitions is proposing a new 174-unit, senior, independent living, market rate, high amenity, apartment complex called Affinity Living. Attached is the purchase agreement. Affinity Living is proposed to begin construction in July 2018, and will take 12-18 months to complete.
Notification:
Observations/Alternatives:
Funding Source:
Recommendation:
Action:
Motion to recommend the City Council:
Approve the attached Amendment #1 to the purchase agreement between the City of Ramsey and CAP Acquisitions LLC.
-and-
Approve the attached Right-of-Re-Entry Agreement between the City of Ramsey and CAP Acquisitions LLC for a 174-unit senior living apartment complex.
-and-
Approve the attached Resolution #18-060 authorizing the sale of 3.36-acres of city owned land.
Approve the attached Amendment #1 to the purchase agreement between the City of Ramsey and CAP Acquisitions LLC.
-and-
Approve the attached Right-of-Re-Entry Agreement between the City of Ramsey and CAP Acquisitions LLC for a 174-unit senior living apartment complex.
-and-
Approve the attached Resolution #18-060 authorizing the sale of 3.36-acres of city owned land.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 04/06/2018 09:32 AM |
| Kurt Ulrich | Kurt Ulrich | 04/06/2018 09:35 AM |
- Form Started By:
- Patrick Brama
- Started On:
- 03/06/2018 08:20 PM
- Final Approval Date:
- 04/06/2018