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CC Regular Session 7. 4. <br />Meeting Date: 05/10/2011 <br />By: Heidi Nelson, Administrative Services <br />Title: <br />Approve Documents to Clear Title to Lands owned by the City of Ramsey in the plat of COR ONE <br />Background: <br />Over the past 12 months in preparation for land transactions in The COR with Flaherty and Collins and TOTI Land <br />Development, the DM Team has been working with the City's HRA Real Estate Counsel to research and resolve <br />any title issues that would need to be cleared prior to completing a land transaction. <br />There are five documents that need to be approved by the City Council. The HRA (items no. 2 and 6 in Bray letter) <br />and Board of Adjustment (item no. 3 in Bray letter) will also need to approve documents related to clearing the <br />title. Those actions will be requested at upcoming meetings of those Boards. <br />The following documents are presented to the City Council this evening for approval (item no.'s in attached Bray <br />letter): <br />Release of Option (item no. 1) <br />Release of Land from Restrictions (item no. 2) <br />Release of Deferred Assessments (item no. 5) <br />Quit Claim Deed (item no. 6) <br />Declaration of Easment (item no. 6) <br />The attached letter from Mr. Tom Bray, the HRA's Real Estate Counsel, describes in detail the title issue that is <br />being resolved with each document. As Council may recall, item no. 4 (Release of Land from and Amendment to <br />Lease Agreement) in the attached letter was completed earlier this year by action of the City Council, HRA and <br />EDA. Items no. 1 (Release of Option), 2 (Release from Use Restrictions), 5 (Release of Deferred Assessments) <br />will be executed, upon approval, and recorded immediately following tonight's action. Item no. 6 (Quit Claim <br />Deed and Easement Declaration) will be recorded at closing. <br />Notification: <br />None required. <br />Observations: <br />Please refer to letter from the HRA's Real Estate Counsel, Mr. Tom Bray. Letter is attached as first attachment. <br />Recommendation: <br />Staff recommends that the following documents be approved by the City Council: <br />Release of Option <br />Release of Land from Restrictions <br />