Adopt Resolution #22- 160 Approving Purchase Agreement and Sale of Parcel 51, Anoka County Hwy ROW Plat 103 for Ramsey Gateway Project

Purpose:
The purpose of this case is to approve the Purchase Agreement and authorize the sale of Lot 2, Block 1, Sunfish Commons (now legally described as Parcel 51, Anoka County Hwy ROW Plat No.103) to Anoka County for Ramsey Gateway Hwy 10 Project.

Background:
The City of Ramsey acquired Lot 2, Block 1, Sunfish Commons on June 8, 2017 utilizing funds from the Hwy 10 Right of Way Acquisition Fund (RALF) Program.  The City entered into Loan Agreement L-17-02 with the Met Council for a total loan amount not to exceed $950,500. The current Loan balance of L-17-02 is $697,383.64. Anoka County has presented a purchase agreement to acquire this property acting as the highway authority for the Hwy 10 project.  Staff has worked with Anoka County to modify the Purchase Agreement to meet the needs of the City of Ramsey.  The City Attorney has reviewed the attached Purchase Agreement and recommends approval.

None required

Property acquisition along Hwy 10 for the Ramsey Gateway project has commenced by Anoka County.  Anoka County has presented a purchase agreement to acquire Parcel 51, Anoka County ROW Plat No 103 from the City of Ramsey.  Because the entire parcel being acquired will be used for highway purposes, the amount of the acquisition is the balance of the RALF Loan amount of $697,383.64. There may be other future sales of RALF properties that the city holds that are based on "Fair Market Value" in the event that they are not needed for the highway project.  Staff supports the sale of Parcel 51 for Hwy 10 ROW purposes.

Alternatives:
1) Adopt Resolution #22- 160 Approving Purchase Agreement and Sale of Parcel 51, Anoka County Hwy ROW Plat 103 for Ramsey Gateway Project (as presented); subject to City Attorney review.
2)  Adopt Resolution #22- 160 Approving Purchase Agreement and Sale of Parcel 51, Anoka County Hwy ROW Plat 103 for Ramsey Gateway Project (with changes); subject to City Attorney review.
3) Something else

There is no cost to the city for this transaction.  The proceeds from the sale will be used to pay of RALF Loan 17-02.  The County of Anoka will be responsible for all the closing costs of this sales transaction.

Staff recommends adoption of Resolution #22- 160 Approving Purchase Agreement and Sale of Parcel 51, Anoka County Hwy ROW Plat 103 for Ramsey Gateway Project (as presented); subject to City Attorney review.

Motion to Adopt Resolution #22- 160 Approving Purchase Agreement and Sale of Parcel 51, Anoka County Hwy ROW Plat 103 for Ramsey Gateway Project (as presented); subject to City Attorney review.