5.1.
HRA Regular Session
- Meeting Date:
- 07/09/2013
- Submitted For:
- Kurt Ulrich
- By:
- Jo Thieling, Administrative Services
Information
Title:
Consider Counter-Proposal for Sale of Outlot A RTC 8th Addition (This discussion may be closed to the public)
Background:
A letter of intent, dated May 28, 2013, addressed to HRA Chairperson Backous, was received from the office of Erhart & Elfelt, LLC. The letter of intent related to a parcel of property that PSD, LLC was interested in purchasing from Ramsey HRA and exchanging parcels of property. The HRA discussed this letter of intent at their June 11, 2013 regular meeting. Following discussion at the meeting, City Administrator wrote to Mr. Erhart asking him to consider the following:
1. Purchase.
a. The HRA is interested in selling the three-acre parcel that is generally described as Outlot A of the Ramsey Town Center 8th Addition.
b. The HRA is in general agreement with the proposed land use of twin homes for the property as it is consistent with the comprehensive plan for the area, but the impact of the reduction in density needs to be reviewed. The property would need to follow the development approval process required by the City.
c. The HRA is reviewing the purchase price and intends to respond with a counter-offer within 30 days.
Since the writing to Mr. Erhart, staff has contacted a number of brokers for opinions of value. Findings will be presented at the HRA meeting.
d. Construction of the final lift on adjacent streets is something that the HRA is willing to undertake depending on the price negotiated for the parcel.
e. The HRA believes there are no outstanding assessments on the property, but will need to verify this with an assessment search. Since the writing to Mr. Erhart, staff has performed an assessment search on the property and found there are no pending assessments.
2. Exchange.
a. The HRA is not interested in an exchange of property at this time, but is a willing seller, and would consider any reasonable offer of cash and or terms for the parcel known as Outlot A of the Ramsey Town Center 7th.
1. Purchase.
a. The HRA is interested in selling the three-acre parcel that is generally described as Outlot A of the Ramsey Town Center 8th Addition.
b. The HRA is in general agreement with the proposed land use of twin homes for the property as it is consistent with the comprehensive plan for the area, but the impact of the reduction in density needs to be reviewed. The property would need to follow the development approval process required by the City.
c. The HRA is reviewing the purchase price and intends to respond with a counter-offer within 30 days.
Since the writing to Mr. Erhart, staff has contacted a number of brokers for opinions of value. Findings will be presented at the HRA meeting.
d. Construction of the final lift on adjacent streets is something that the HRA is willing to undertake depending on the price negotiated for the parcel.
e. The HRA believes there are no outstanding assessments on the property, but will need to verify this with an assessment search. Since the writing to Mr. Erhart, staff has performed an assessment search on the property and found there are no pending assessments.
2. Exchange.
a. The HRA is not interested in an exchange of property at this time, but is a willing seller, and would consider any reasonable offer of cash and or terms for the parcel known as Outlot A of the Ramsey Town Center 7th.
Recommendation:
Staff recommends that the HRA offer a counter proposal on the land sales price for purchase and consider other parcels that are more comparable in value for the land exchange.
Funding Source:
Not applicable.
Action:
Staff recommends a discussion in closed session to consider this real estate negotiation.
Attachments
No file(s) attached.
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Jo Thieling | 07/03/2013 08:51 AM |
- Form Started By:
- Jo Thieling
- Started On:
- 07/02/2013
- Final Approval Date:
- 07/03/2013