Resolution - #15-02-043 - 02/10/2015

Home

Councilmember Riley introduced the following resolution and moved for its adoption: RESOLUTION #15-02-043 RESOLUTION RATIFYING CERTIFICATE OF COMPLETION AND RELEASE OF FORFEITURE EXECUTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF RAMSEY, MINNESOTA AND THE CITY OF RAMSEY ON OR ABOUT OCTOBER 31, 2014 WHEREAS, the City of Ramsey (the "City") and The Housing and Redevelopment Authority in and for the City of Ramsey, Minnesota (the "HRA") are parties to a Development Agreement with F&C Ramsey, LLC, an Indiana limited liability company, ("F&C Ramsey") and F&C Ramsey Member, LLC, an Indiana limited liability company, ("Borrower") dated March 9, 2012 and recorded in the Office of the Anoka County Registrar of Titles on May 3, 2012 as Document No. 508341.004 (the "Development Agreement"). On or about March 9, 2012, F&C Ramsey assigned certain rights and obligations under the Development Agreement to F&C Apartments, LLC, an Indiana limited liability company, ("F&C Apartments"). WHEREAS, pursuant to Section 5.5 of the Development Agreement, the City and the HRA are obligated to provide a Certificate of Completion and Release of Forfeiture, in a form attached as Exhibit A to the Development Agreement (the "Certificate of Completion") to the Developer upon the Developer's completion of certain "Minimum Improvements" defined in the Development Agreement. WHEREAS, prior to October 31, 2014, the Developer notified the City that the Developer had substantially completed construction on the Minimum Improvements, and the City confirmed the Developers completion of the Minimum Improvements. WHEREAS, on or about October 31, 2014, the Chair and Secretary of the HRA and the Mayor and City Administrator of the City executed a Certificate of Completion and delivered it to the Developer. WHEREAS, the Developer desires to record the Certificate of Completion in the Office of the Anoka County Registrar of Titles, and as a condition to the Registrar of Titles acceptance of the Certificate of Completion, the Registrar of Titles requires a resolution of the City Council authorizing the execution and resolution of the Certificate of Completion. WHEREAS, on or about November 12, 2014, the HRA Board adopted Resolution #14- 11-236 which approved the transfer of all of the HRA's assets to the City. WHEREAS, on or about December 9, 2014, the City Council adopted Resolution #14-12- 262 approving the transfer of all of the HRA's assets to the City and dissolving the HRA. WHEREAS, the City, in its own capacity and in its capacity as the successor -in -interest under the Development Agreement, but as the successor -in -interest to the HRA's rights and obligations of the Development Agreement desires to ratify the execution and delivery of the Certificate of Completion. 6908487v1