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to read it aloud. City Attorney Goodrich read aloud the resolution, which states: "Whereas, in <br />2003 the City approved the plat of Ramsey Town Center Addition (RTC PLAT); and Whereas, <br />after approval of the RTC Plat certain events occurred which created practical and legal <br />difficulties for the further development of the RTC Plat; and Whereas, as a result of the various <br />issues relating to the development of the RTC Plat the City commenced a Declaratory Judgment <br />action known as City of Ramsey vs. Minnwest Central Bank, Anoka County District Court File <br />No. 02 -CV -07 -2643; and Whereas, after considerable negotiation and discussion including <br />several closed attorney /client meetings with its attorneys, the City Council and Minnwest Bank <br />Central have agreed upon certain settlement terms as described below: Now, therefore, be it <br />resolved by the City Council of the City of Ramsey as follows: 1. The Settlement Agreement <br />attached hereto and reviewed by the Ramsey City Council at its Special Meeting on March 17, <br />2009 is incorporated herein and is hereby conditionally approved. The Mayor and City <br />Administrator are authorized to execute said Settlement Agreement contingent on the following: <br />a. The approval by the City's HRA of the purchase agreement referenced in the Settlement <br />Agreement and attached hereto as Exhibit B for the purchase by the City of certain lands in <br />Ramsey Town Center Addition from Minnwest Central Bank as described in the purchase <br />agreement. b. Delivery to the City by Minnwest Central Bank of all 25 participating banks <br />executed Consent to Settlement Agreement and Release Forms. c. Agreement between the City <br />Attorney and Minnwest Bank Central's attorney as to the form of the required Stipulation of <br />Dismissal attached as Exhibit "F" to the Settlement Agreement. 2. The City Council approves <br />and authorizes the Mayor and City Administrator to sign the Consent to Settlement Agreement <br />and Release with the Participant Banks, contingent upon a., b., and c. above. 3. The City <br />Council approves and authorizes the Mayor and City Administrator to sign the Release <br />Agreement with Ramsey Town Center, LLC contingent upon a., b., and c. above. 4. The City <br />Council delegates authority to the Mayor, Acting Mayor and Chairperson of the HRA to <br />authorize execution of the final settlement documents referenced in this resolution upon their <br />finding that said final documents conform to the settlement concept as approved by the City <br />Council pursuant to direction given by the City Council at is Special City Council meeting on <br />March 17, 2009 regarding this subject. <br />Motion carried. Voting Yes: Mayor Ramsey and Councilmembers Elvig, Look, Dehen, <br />McGlone and Wise. Voting No: None. Absent: Councilmember Jeffrey. <br />Mayor Ramsey stated that Councilmember Jeffrey was privy to all the meetings, but is out of <br />town this week for work and could not attend tonight's meeting. <br />City Attorney Goodrich stated that immediately following this meeting there will be an HRA <br />meeting to discuss this issue, which will also be televised. <br />Councilmember Look stated that there was a consensus of the Council that both of these <br />meetings be televised so there is transparency and everyone at home can be fully aware of what <br />is going on. <br />Mayor Ramsey asked for an explanation of why the HRA is taking action and not the Council. <br />Special City Council Meeting /March 17, 2009 <br />Page 5 of 6 <br />