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together, in good faith, to relocate the lot line between the Development and Lot 2, Block <br />1, COR ONE, Anoka County, Minnesota. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA: <br /> <br /> <br />1) That the City Council hereby rescinds its prior Resolution #15-02-044. <br /> <br />2) That the City Council, for itself and as the successor to the Board of the HRA <br />hereby ratifies and approves the City’s and the HRA’s execution of the <br />Assignment and Assumption Agreement dated February 12, 2015 between the <br />City and the HRA pursuant to which the HRA assigned to the City and the City <br />assumed from the HRA all of the HRA’s rights and obligations under the <br />Development Agreement and ratifies and approves the City’s and the HRA’s <br />execution of the Memorandum of Assignment and Assumption Agreement <br />executed by the Chair and Executive Director of the HRA on January 27, 2015 <br />and by the Mayor and City Administrator on February 12, 2015 and directs City <br />Staff to record the Memorandum of Assignment and Assumption Agreement in <br />the Anoka County land records. <br /> <br />3) That the City Council, in its capacity as the governing body of the City and in its <br />capacity as the successor-in-interest to the Board of the HRA, hereby authorizes <br />the Mayor and City Administrator to execute the First Amendment, the <br />Development Agreement Estoppel, the PUMA Estoppel, the Assignment of <br />Development Agreement, the TIF Note, the Collateral Assignment, the <br />Subordination Agreement, the Maintenance Agreement and the Encroachment <br />Easement Amendment (collectively the “Approved Documents”) and to deliver or <br />to authorize the delivery of executed originals of the Approved Documents to the <br />other parties thereto contemporaneously with F&C Borrower's repayment in full <br />of Note No. 1 and Note No. 2, and authorizes the recording of the Approved <br />Documents, other than the TIF Note, the Development Agreement Estoppel and <br />the PUMA Estoppel, in the Anoka County land records. <br /> <br />4) That the City Council, in its capacity as the governing body of the City and in its <br />capacity as the successor-in-interest to the Board of the HRA, hereby authorizes <br />and directs the Mayor and City Administrator to return the originals of Note No. 1 <br />and Note No. 2 to F&C Borrower and to execute and deliver to F&C Borrower <br />such documents and instruments as may be necessary to evidence the termination <br />of the security interest granted to the HRA in the membership interests of F&C <br />Apartments, LLC and the release of the other Loan Documents, all upon F&C <br />Borrower's repayment, in full, of Note No. 1 and Note No. 2. <br /> <br />5) The City Council has approved the approved documents in substantially the form <br />attached hereto. The City Council hereby authorized the Mayor and City <br />Administrator to approve modifications to the Approved Documents as may be <br />necessary to correct typographical or other errors or as otherwise necessary or <br />desirable to achieve the intended purpose of the Approved Documents, and the <br /> <br />4 <br />6911974v4 <br /> <br />