Ramsey County to sell former munitions plant site to developer for $63M
The Ramsey County Board approved a deal Tuesday to sell the former Twin Cities Army Ammunition Plant property in Arden Hills to developer Alatus for nearly $63 million.
The framework of the land sale and redevelopment of the 427-acre site has been in place for months. But the county, the city of Arden Hills and the developer hadnt yet agreed on the cost of the project and who will pay for what.
Under the contract approved by Ramsey County, the developer would buy the land in five phases, with the first sale going through no later than the last day of 2020.
County costs for building roads and cash up front to start construction would be capped at $51 million.
Arden Hills would pay no more than $8.2 million to connect the site to water, sewer and other utilities.
The agreement outlines a fair financing plan, Commissioner Jim McDonough said in a statement. The plan will hold our developer-partner, Alatus, accountable for meeting our shared goals, he said.
The proposal will be reviewed Sept. 4 by the projects joint development authority.
Check back later for more on this developing story.
Greg Stanley 612-673-4882