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15 <br />Memo <br />To: <br />Mark Casey --- HRA Executive Director <br />From: <br />Stacie Kvilvang <br />Date: <br />May 8, 2012 <br />Subject: Purchase Agreement with Dominium — HRA Owned Parcels <br />Dominium is proposing to purchase the two (2) parcels owned by the HRA for development of an <br />approximately 152 unit senior rental facility. In addition to acquisition of the HRA's parcels, they <br />will need to purchase another parcel from Apache Redevelopment LLC (Len Pratt) in order to <br />accommodate the development of the units. <br />z HRA Parcels-- <br />r� 4' <br />�'+"• '�-°} ° :a �$ ,'fit �' . <br />3 <br />[U, <br />a <br />N <br />c{t i4,ri! <br />Pratt Parcel <br />',o .'H AVF KIE <br />Pursuant to direction provided by the City Council4IRA at their October 31, 2011 meeting, following <br />are the terms of the purchase agreement for the two (2) HRA owned parcels: <br />1. Purchase price is $1,216,000 which equates to $8,000/unit. The HRA's portion of the land <br />sale proceeds are 52.88% of this amount, or $643,021. <br />2. Acknowledges that Dominium has/will enter into a purchase agreement with Len Pratt for the <br />adjacent property (for the 47.12% prorated portion of the $1,216,000 purchase price of <br />approximately $572,979). <br />E H L E RS 3060 Centre Pointe Drive <br />10Roseville, MN 55113-1105 <br />LEADERS IN PUBLIC FINANCE Phone: 651-697-8506 <br />Fax: 651-697-8555 <br />skvilvang@ehlers-inc.com <br />