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MWF Properties Purchase Option Agreement <br />May 22, 2017 <br />Page 2 of 2 <br /> <br /> After approval the County applies for a State deed which is issued by the State to <br />the City of Mounds View. <br /> After receiving the deed the County will record it. Once the County submits it for <br />recording, the City can take possession of the property. <br />Ramsey County has set the price for the properties at $171,700 and $33,000 <br />respectively and is offering the properties to the City for $88,793.39 and $17,127.10. <br />This is a 50% reduction from the County’s stated market value allowed for local units of <br />government on tax forfeiture parcels. <br /> <br />The timing of the purchase process is dependent upon the County’s workload once the <br />purchase request comes in, and will depend on how quickly County staff can prepare <br />the County Board documents and get them on the schedule. At a minimum it will be a <br />six week process. It is a 2-3 week turnaround to obtain a Deed from the State and <br />submit it for recording. The start date of the six month hold period began February 15, <br />2017 and the County has informed the City that no extensions are allowed. The two <br />parcels have been removed from the counter sale list and will go back on the list for <br />public auction after the six-month hold unless the City purchases the parcels before the <br />six months are up. The City Council discussed and heard comments on the tax forfeited <br />land purchase process at its May 1, 2017, City Council Work Session. <br /> <br />Recommendation: <br />Based upon previous discussion, Staff recommends approval of City Council Resolution <br />8759 and EDA Resolution 17-EDA-300 and approval of the Purchase Option Agreement <br />for the MWF Workforce Housing project. <br /> <br />Respectfully submitted, <br /> <br /> <br /> <br />______________________________ <br />Brian Beeman <br />Business Development Coordinator <br /> <br />Attachments: <br /> <br /> Joint Resolution 8759 and 17-EDA-300 Approving a Real Estate Purchase Option <br />Agreement for Property in the City of Mounds View <br /> Purchase Option Agreement Exhibit B <br /> Ramsey County Property Records and Revenue Taxpayer Services, Tax Forfeited <br />Land Parcel Pricing Breakdown Document (s)