Consider approval of purchase agreement for the purchase of the property located at 6710 Highway 10 NW, Ramsey, MN

At a closed meeting on April 23, 2013, the HRA met to develop an offer for the purchase of the real property located at 6710 Highway 10 NW, in the City.  The Seller has now agreed to the City’s offer and agrees to sell the property for a sale price of $361,100.00 (County estimated market value) which was the Council’s agreed upon offer.  The Seller and HRA Chairman Backous have both signed the purchase agreement, however, of course, the purchase agreement is contingent upon the HRA”s final approval.  The purchase agreement is now submitted to the HRA for its final approval.

None

The Council carefully considered its offer for the property purchase on April 23, 2013 and considered the pros and cons of the purchase and its funding.  The Seller is accepting the City’s offer and is not counter-offering.  The City’s purchase price offer is $14,000.00 less than the listing price and is the Anoka County Assessor’s estimated market value for the property.

An alternative, of course, is to decline to approve the purchase agreement.

Staff recommends the HRA give final approval to the presented purchase agreement.

HRA, EDA or City Funding

Motion for final approval of a purchase agreement to purchase the real property located at 6710 Highway 10, Ramsey, MN for a purchase price of $361,100.00 and upon those additional terms of the May 10, 2013 purchase agreement reviewed with the HRA at its May 14, 2013 regular meeting.