Agenda - Council - 02/25/2014 - Laserfiche WebLink

Home

BROOKFIELD ADDITION AMENDMENT TO WATER MAIN AND SANITARY SEWER COST CONTRIBUTION/REIMBURSEMENT AGREEMENT CITY OF RAMSEY, ANOKA COUNTY, MINNESOTA THIS AGREEMENT, made and entered into by the CITY OF RAMSEY, ,a Municipal Corporation under the laws of the State of Minnesota (the "CITY"); OAKWOOD LAND DEVELOPMENT, INC., aMinnesota Corporation ("Oakwood"); and 21sT CENTURY BANK, a Minnesota Corporation (`.'21st"); RECITALS WITNESSETH: WHEREAS, Oakwood and City are parties to the following: WATER MAIN AND SANITARY SEWER COST CONTRIBUTION/REIMBUR2SEMENT AGREEMENT Dated March 22, 2006 (the "WSCA") (copy appended hereto), and WHEREAS, pursuant to the WSCA, Oakwood has contributed to City the sun of $6.0 million in performance of its obligations under Article 2 of the WSCA, and, WHEREAS, Oakwood is now entitled to reimbursement from City under Article 3 of the WSCA, and WHEREAS, Oakwood has assigned its rights to reimbursement under the WCSA to _21st, as contemplated by Article 3.06 of the WCSA, and WHEREAS, 21st and City have reached agreement on numerous issues in connection with certain plats known as Brookfield First Addition, Brookfield Second Addition, and Brookfield Third Addition (collectively, `Brookfield") NOW THEREFORE, in consideration of the foregoing and in consideration of the mutual promises herein, it is agreed by and amongst the parties hereto as follows: 1. SUBSTITUTION 21s' is hereby substituted for Oakwood under Articles 3, 4 and 5 of the WCSA. Oakwood hereby assigns its interest thereunder to 21st and 21st accepts said assignment. It is acknowledged that all duties of all parties under Articles 1 and 2 of the WCSA have been fully performed, and that Oakwood contributed the sum of $6,0 million under Section 2,01 of the WCSA. From and after the date hereof, Oakwood shall have no interest or rights under the WCSA. Where the word "Oakwood" is used herein, it shall be deemed to mean "21 "" unless a different connotation is apparent.