Agenda - Council - 02/08/2011 - Laserfiche WebLink

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CC Regular Session Date: 02/08/2011 By: Heidi Nelson Administrative Services Information Item #: 7. 5. Title: Approve Officer Certification, Release of Land From and Amendment to Ground Lease and Lease Agreement for Ramsey Municipal Center Background: As Councilmembers may recall, when the new Ramsey Municipal Center was constructed, lease revenue bonds were issued by the Economic Development Authority (EDA) to fund the project. The land that the new Municipal Center was constructed on was provided to the City of Ramsey by the former master developer of the Ramsey Town Center. A lease agreement for the new Municipal Center building was approved between the EDA and the City of Ramsey for the City's occupancy and use of the building and a ground lease was approved between the City of Ramsey and the EDA to allow for the building funded by EDA lease revenue bonds to be constructed on land owned by the City of Ramsey. On December 14, 2010, the City Council and the City's Housing and Redevelopment Authority (HRA) approved a purchase agreement and development agreement for the development of a 230 unit market rate apartment project by Flaherty and Collins, The Residences at the COR. The City also approved a new plat (COR ONE) for the area that separates the land for development purposes from the City owned land for the Ramsey Municipal Center and Municipal Parking Facility. The previous plat that covered this entire area was RTC 5th Addition. Attached to this case are the previous plat and the new plat that reflects the parcels being sold for development purposes. The action being requested by the Council is to approve The Officers Certification, the Release of Land From and Amendment to the Ground Lease Agreement and the Release of Land From and Amendment to the Lease Agreement for the Ramsey Municipal Center. The Certification and Release and Amendment documents are attached to this case for Council review. The EDA is scheduled to take action on these items on February 10, 2011. Notification: There is no notificaiton required for this action. Recommendation: The action being recommended to the Council is to approve the Officers Certification, the Release of Land From and Amendment to the Ground Lease Agreement and the Release of Land From and Amendment to the Lease Agreement for the Ramsey Municipal Center. The Release and Amendment documents are attached to this case for Council review. Funding Source: Funding for the legal work associated with review of the lease and preparation of documents for amendment and release of land was provided by the HRA for the sale of land for development. Council Action: