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CC Regular Session <br />Meeting Date: 11/12/2013 <br />By: Tim Gladhill, Community Development <br />4. 12. <br />Information <br />Title <br />Adopt Resolution #13-11-196 Granting Request for Allocation Agreement for Ramsey Town Center Addition <br />Purpose/Background: <br />The City has received a request from Sophia -Ramsey, LLC for a Release of Allocation Agreement for Ramsey <br />Town Center Addition. The Allocation Agreement was executed on December 22, 2004 and allocates certain <br />obligations of Ramsey Town Center, LLC to Sophia -Ramsey, LLC related to the original subdivision and Master <br />Development Agreement for the Ramsey Town Center Addition. <br />It appears that all obligations under the agreement have now been completed, as the Master Development <br />Agreement has since been terminated, and the Allocation Agreement may be released. In the event that final review <br />determines that there are outstanding obligations, this case will be pulled for further review. Staff is forwarding the <br />case at this time as there appears to be a real estate transaction of the Property scheduled for November 18, 2013. <br />Notification: <br />No notification is required. <br />Observations/Alternatives: <br />Alternative # 1 - Grant Release of Allocation Agreement. As it appears that all obligations under the Agreement <br />have been completed, this appears to be the preferred option, subject to final review by Staff. <br />Alternative #2 - Grant Release of Portions of the Allocation Agreement. It does not appear that there are individual <br />items outstanding related to the Agreement. <br />Alternative #3 - Do not grant Release of Allocation Agreement. As there appear to not be any outstanding items <br />related to the Agreement, this option is not preferred. The request to terminate the Contract is a result of a pending <br />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 #13-11-196 granting Release of Allocation Agreement for <br />RAMSEY TOWN CENTER ADDITION for Lots 1 and 2, Block 1, RAMSEY TOWN CENTER 3RD ADDITION. <br />Action: <br />Motion to adopt Resolution #13-11-196 granting Release of Allocation Agreement for RAMSEY TOWN CENTER <br />ADDITION for Lots 1 and 2, Block 1, RAMSEY TOWN CENTER 3RD ADDITION. <br />Attachments <br />Site Location Map <br />Request for Release of Allocation Agreement <br />