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BRIGGS <br />1 <br />A N <br />D <br />MORGAN <br />2200 IDS Center <br />80 South 8th Street <br />Minneapolis MN 55402-2157 <br />tel 612.977.8400 <br />fax 612.977.8650 <br />MEMORANDUM <br />TO: City of Ramsey <br />Attn: Mr. Kurt Ulrich <br />FROM: Thomas L. Bray <br />DATE: February 5, 2015 <br />RE: Resolution Ratifying Certificate of Completion and Release and <br />Resolution Authorizing execution of First Amendment to Development <br />Agreement and other actions. <br />Attached to this Memorandum are two Resolutions that the Developer of the F & C <br />Project is requesting. Both Resolutions relate to the Development Agreement among and <br />between the City, the HRA, F & C Ramsey, LLC and its assignee F & C Ramsey Apartments, <br />LLC (collectively, the "Developer" and F & C Ramsey Member, LLC (the "Borrower") (the <br />"Development Agreement"). <br />The first Resolution ratifies the Certificate of Completion and Release of Forfeiture that <br />the City and the HRA executed in October to evidence that the Developer has completed the <br />"Minimum Improvements" described in the Development Agreement. The Development <br />Agreement is recorded in the Anoka County Land records, and therefore, the Developer wants to <br />record the Certificate of Completion and Release. The County will not record the Certificate <br />without a supporting Resolution adopted by the City Council. <br />The second Resolution authorizes the Mayor and City Administer to (1) execute a <br />proposed First Amendment to Development Agreement in the form attached to the Resolution, <br />(2) execute and deliver the TIF Note in the amount of $3,000,000.00, and (3) authorized the City <br />to return to the Borrower the originals of Note No. 1 and Note No. 2; and to execute such <br />documents as may be necessary to release the Security Interest the City, as successor to the <br />HRA, holds in the membership interest of Borrower as security for the repayment of Note No. 1 <br />and Note No. 2, all upon and only upon the Borrower's payment of all principal and interest due <br />under both Note No. 1 and Note No. 2. <br />When the Borrower repays Note No. 2, the City is obligated to issue the TIF Note <br />described in the Development Agreement to the Developer. The TIF Note is in the amount of <br />$3,000.000.00 <br />6908561v1 <br />Briggs and Morgan, Professional Association <br />Minneapolis 1 St. Paul I www.briggs.com <br />Member - Lex Mundi, a Global Association of Independent Law Firms <br />