10-27-1999 Council Agenda - Laserfiche WebLink

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Mayor & City Council October 21, 1999 Page 2 ♦ Ramsey County has not given final approval to the availability of these funds. However, it is looking very promising at this time. ♦ The pond acquisition and subsequent sale to Frank Frattalone in the amount of $30,000 has been discussed with Mr. Frattalone, and he is agreeable to paying 'h the land acquisition costs for this portion of the property. I have increased the amount to $30,000 to reflect the costs associated with the platting of this property and costs associated with acquisition that would allow this sale to proceed. This needs to be finalized with Mr. Frattalone and RJ Marco. ♦ We cannot guarantee the Warranty Deed will be provided on or before December 31, 1999 in that a quiet title action needs to be initiated by the current owners of the pond property. (Mr. Reiling and Mr. Drake) This may take 60 days to complete according to Dennis Unger of CI Title. ♦ We have not closed on the car wash property pursuant to the terms of our purchase agreement. Given the quiet title action on the pond portion of the property, the owners are not able to deliver us a Warranty Deed at this time. They would prefer to escrow funds to allow the completion of the quiet title action and close at this time. The purchase agreement provides us with the opportunity to not close until title corrections have been made. This includes withholding payment of any funds that are due until that time. I have discussed this matter with RJ Marco and they would prefer to postpone the closing until such time as the Warranty Deeds can be delivered. The Council's input on this matter is needed. ♦ RJ Marco's input was solicited on the closing issue outlined above given the fact we will assign this purchase agreement to them prior to closing. The City Attorney should comment on the most appropriate time for this assignment to take place. ♦ Revisions to the development agreement will need to be made to allow RJ Marco time to complete due diligence items that are held up pending closing. The development agreement will also need to be amended to address some of the issues we have outlined here. ♦ It should be noted that the tax increment financing plan prepared by Ehlers & Associates has provided for these additional costs. The Council's direction regarding the continuation of this project is needed. Should you have any comments or questions in the meantime, please let me know. JRH:kpp Enclosures cc: Gary Collyard Ron Christenson Reg Plowman PAGE 232