Two more land deals have been worked out in Ramsey’s COR development.
The Ramsey Housing and Redevelopment Authority (HRA) Sept. 25 unanimously approved selling two sites, a 1.5-acre site on the southwest corner of Ramsey Boulevard and a 1.23 site on corner of Sunwood and Armstrong boulevards, to KONA Properties for approximately a total of $1,309,000.
For the Armstrong Boulevard site, KONA will be paying $589,000 with $25,000 in earnest money.
KONA Properties plans on building SuperAmerica convenience stores with fuel and car washes on both sites, according Darren Lazan, the city’s development manager.
The closing date on the sale is expected late October.
KONA plans on starting construction this fall, said Lazan.
As part of the sale, the city will need to construct the pad site, bring utilities to the site and pay for a common drive for the three business pads on the site, provide for an ALTA (America Land Title Association) Survey and record the final plat.
The HRA will pay the development fees of estimated $40,000, which will be reimbursed by KONA at closing.
It will also have to pay $30,000 to the KONA Properties agent, Gary Gabrielson.
For the Ramsey Boulevard site, KONA will be paying approximately $720,000, with $25,000 earnest money for the 1.5-acre property.
The price could be higher as KONA is considering more land, Lazan said.
Closing set for April 30, 2013.
The city will need to construct an access drive, record the final plat as well as do an ALTA survey.
It will also have to pay the buyer’s agent 5 percent of the sale, approximately $35,000.
KONA will be paying for the development fees.
Landform will receive an estimated total of $120,000 for the KONA deals, per its contract with the city, which is 2 percent of the capital improvements, estimated at $3 million.
Tammy Sakry is at firstname.lastname@example.org