by Tammy Sakry
Staff Writer
The Ramsey Housing and Redevelopment Authority (HRA) has granted two COR projects more time.
Flaherty and Collins and Toti Development both had requested extensions on their property closing dates, which the HRA granted unanimously April 12.
Flaherty and Collins’ purchase agreement was also amended.
In the original contract, the Flaherty and Collins had until April 15 to cancel its purchase agreement.
The Ramsey City Council and the HRA, which is has the same members, both approved changing the opt out date to May 16 as well as moving the closing date to June 15 on the 3.03 acres of land Flaherty and Collins wants to purchase for $250,000.
The closing date had been scheduled for April 29.
The property is located west of the municipal parking ramp on Sunwood Drive.
The Indianapolis company is planning to build a 221-unit luxury apartment complex with nine two-story rental townhomes.
Flaherty and Collins requested the extra time to get its financing in order.
Suite Living
Suite Living developer Toti Development was expected to close on its 1.8 acre parcel at the end of March.
The developer had asked the closing date be extended to Aug. 15, which the HRA unanimously approved April 12.
The HRA also agreed to waive the additional $25,000 hard earnest money the purchase agreement required to be paid to the title company.
Toti Development will be releasing the $50,000 in earnest money to the city it has already put up, said Deputy City Administrator Heidi Nelson.
It will also be paying a monthly extension fee of $5,000 until closing as well as giving monthly updates on the status of the project, she said.
Suite Living plans on building an 84-unit assisted living and memory care facility in The COR.
According to The COR Development Manager Darren Lazan, the company needed more time to square away its financing.
During an April 5 HRA work session, Lazan said project is requiring more work because Toti Development is having to redesign its normal single level modular built buildings to fit The COR designs.
In The COR, the city wants the project to be a three-story building with a flat roof, Lazan said.
Tammy Sakry is at tammy.sakry@ecm-inc.com
