Agenda - Council - 05/14/2013 - Laserfiche WebLink

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MEMORANDUM OF UNDERSTANDING This Memorandum of Understanding ("MOU") is made by and between City of Ramsey, a Minnesota municipal corporation, 7550 Sunwood Drive NW, Ramsey, Minnesota 55303 (the "City") and 2-01, LLC and PSG, LLC, both of which are Minnesota limited liability companies with the address of both being 7533 Sunwood Drive, Suite 220, Ramsey, Minnesota 55303 (collectively referred to as the "LLCs"). It is understood between the parties hereto that this MOU is intended to lead to definitive legally binding documents to be executed by the parties. This MOU is intended to set forth the following tentatively agreed upon terms and conditions of the parties: I RECITALS 1. LLC's Ownership. The LLCs are the owners of the real property described as Outlot A Tooth Acres, Anoka County, Minnesota ("Outlot A Tooth Acres") and Lot 1, Block 1, The Diamonds, Anoka County, Minnesota ("Lot 1 Diamonds"). See Exhibit 1. 2. City Ownership. The City is the owner of Outlot A, The Diamonds, Anoka County, Minnesota ("Outlot A Diamonds"). See Exhibit 1. 3. County Ownership. The County of Anoka (the "County") is the owner of Outlot B Tooth Acres, Anoka County, Minnesota ("Outlot B Tooth Acres"). See Exhibit 1. II UNDERSTANDING 4. Grant of Easement. The LLCs agree to grant PERMANENT Right-of-way, Trail and Utility easements ("the Easements") to the City outlined in the Minnesota Depaitinent of Transportation Engineering Plan for the Riverdale Extension dated March 6, 2013 (the "MN DOT Riverdale Extension Plan") (generally shown as the yellow highlighted area on Exhibit 1) for purposes of extending Riverdale Drive from where it currently terminates close to the western edge of the Tooth Acres Plat to be connected to Traprock Street NW ("Riverdale Extension"). The form of the Easement documents will be generally as attached Exhibits 2 and 3.