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CC Regular Session <br />Meeting Date: 11/12/2013 <br />By: Tim Gladhill, Community Development <br />4. 10. <br />Information <br />Title: <br />Adopt Resolution #13-11-195 Granting Request for Termination of Development Contract for Ramsey Town <br />Center 3rd Addition <br />Purpose/Background: <br />The City has received a request from Sophia -Ramsey, LLC for a Termination of the Development Contract for <br />Ramsey Town Center 3rd Addition. The Development Contract was executed on December 22, 2004 lays out the <br />obligations of Sophia -Ramsey, LLC related to the original subdivision and site plan approval of Northstar <br />Marketplace. <br />It appears that all obligations under the contract have now been completed and the Development Contract may be <br />released. In the event that final review determines that there are outstanding obligations, this case will be pulled for <br />further review. Staff is forwarding the case at this time as there appears to be a real estate transaction of the <br />Property scheduled for November 18, 2013. <br />Notification: <br />No notification is required. <br />Observations/Alternatives: <br />Alternative # 1 - Grant Termination of Development Contract. As it appears that all obligations under the Contract <br />have been completed, this appears to be the preferred option, subject to final review by Staff. <br />Alternative #2 - Grant Termination of Portions of the Development Contract. It does not appear that there are <br />individual items outstanding related to the Contract. <br />Alternative #3 - Do not grant Termination of Development Contract. As there appear to not be any outstanding <br />items related to the Contract, this option is not preferred. The request to terminate the Contract is a result of a <br />pending sale of the Property the week of November 18, 2013. <br />Funding Source: <br />Preparation of the case is being handled as part of normal Staff duties. <br />Recommendation: <br />Staff recommends that the City Council adopt Resolution #13-11-195 granting termination of the Development <br />Contract for RAMSEY TOWN CENTER 3RD ADDITION for Lots 1 and 2, Block 1, RAMSEY TOWN <br />CENTER 3RD ADDITION. <br />Action: <br />Motion to adopt Resolution #13-11-195 granting termination of the Development Contract for RAMSEY TOWN <br />CENTER 3RD ADDITION for Lots 1 and 2, Block 1, RAMSEY TOWN CENTER 3RD ADDITION. <br />Attachments <br />