Laserfiche WebLink
CASE # ---] <br /> <br />CONSIDER ALLOCATION AGREEMENT BETWEEN RTC, LLC, D.R. HORTON, <br />INC.-MINNESOTA AND THE CITY <br /> By: Bill Goodrich, City Attorney <br /> <br />Background: <br /> <br />On September 17, 2003 the City entered into a Master Development Agreement with Ramsey <br />Town Center, LLC ("RTC"). The Development Agreement requires the Developer to obtain City <br />approval prior to transferring title to any land within the RTC Plat to secondary developers. The <br />form of this City approval is what is known as an Allocation Agreement. RTC is negotiating an <br />option to sell approximately 65 acres of the RTC Plat to D. R. Horton. D.R. Horton proposes to <br />build 900 residential units on said 65 acres. The 65 acres comprises approximately two thirds of <br />the land available for residential development in the RTC Plat. Various issues regarding the <br />proposed Allocation Agreement are being negotiated with RTC and D.R. Horton. Certain terms <br />in the Allocation Agreement amend the Development Agreement as to the 65 acres and therefore <br />it is a significant document. <br /> <br />At the time of this writing the final Allocation Agreement terms have not been agreed upon. <br />Hopefully, at the Council meeting final terms will be available for consideration. <br /> <br />The following item is enclosed for your information: <br /> <br />Allocation Agreement <br /> <br />Recommendation: <br /> <br />Enter into Allocation Agreement with D.R. Horton, RTC and the City. <br /> <br />Council Action: <br /> <br />Motion to approve the Allocation Agreement presented between Ramsey Town Center, LLC, a <br />MN Limited Liability Company, D.R. Horton, Inc. - MINNESOTA, a Delaware Corporation, <br />and the City of Ramsey. <br /> <br />Review Checklist: <br /> <br />City Administrator <br />Assistant Community Development Director <br />Assistant Public Works Director <br /> <br />CC: 11/25/03 <br /> <br /> <br />