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CASE # 6 <br />CONSIDER RESOLUTION AUTHORIZING THE TERMINATION <br />OF THE RAMSEY TOWN CENTER <br />MASTER DEVELOPMENT AGREEMENT AND <br />PARKLAND AND TRAIL PLAN AGREEMENT <br />By: William K. Goodrich, City Attorney <br />Background: <br />As Council is aware, the City's purchase of the Ramsey Town Center parcels from MinnWest <br />Bank is scheduled to close on June 26, 2009. For various future development purposes, as <br />discussed previously with the City Council, the City's consulting legal counsel Tom Bray is <br />recommending that the Master Development Agreement and the Parkland and Trail Plan <br />Agreement be terminated in conjunction with the City's purchase of the subject parcels. The <br />Master Development Agreement Section 15.3 does allow for the City to terminate the Master <br />Development Agreement as a remedy for specific defaults in the Agreement which defaults have <br />been previously identified by the City. Tom Bray will be available at the City Council meeting <br />to respond to questions from the City Council and members of the public regarding this case. <br />Observations: <br />This is an action required to allow for flexibility in developing Ramsey Town Center as a viable <br />mixed residential /commercial center. <br />Funding Source: <br />No funding for this action is necessary. <br />Council Action: <br />Motion to adopt Resolution 09 -06 -XXX authorizing the Termination of the City of Ramsey <br />Master Development Agreement for Ramsey Town Center and the City of Ramsey Parkland and <br />Trail Plan Agreement for Ramsey Town Center. <br />Attachments: <br />Proposed Resolution <br />August 11, 2006 Briggs and Morgan Letter to Ramsey Town Center, LLC and Community <br />National Bank identifying Master Development Agreement Developer defaults <br />Reviewed by: <br />City Attorney <br />City Administrator <br />A � <br />CC: 06/23/09 <br />