Consider Offer to Purchase Outlot A, RTC 8th Addition (portions may be closed to the public)

The HRA originally received a purchase offer on Outlot A of the Ramsey Town Center 8^thAddition  in a letter to Chairman Randy Backous on May 28, 2013.  The HRA reviewed the purchase offer in a closed session at their regular meeting of July 9, 2013.  As a consequence, a counter-offer was presented and the following points were agreed to:
 

1. The HRA is interested in selling the 3 acre parcel described as Outlot A of the Ramsey Town Center 8^thAddition.
2. 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 property would need to follow the development approval  process required by the City.
3. The HRA has reviewed the purchase price and presented a counter-offer.
4. The HRA will construct the final lift on the adjacent streets based upon the above purchase price.
5. An assessment search by our staff indicates that there are no outstanding assessments on the property.

The attached exhibits A and B depict the parcel and a proposed development concept of 24 twin homes.  This type of development is generally consistent with current land use and zoning designations, but the development would need to follow the normal City review process for approval.

The prospective buyer has presented another purchase offer and it is recommended that the Council consider this in closed session.

It is recommended that the HRA consider the purchase offer on this property in closed session 

N/A

Consider the purchase offer on this property in closed session.