Agenda - Council - 09/13/2016 - Laserfiche WebLink

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CC Regular Session Meeting Date: 09/13/2016 Submitted For: Patrick Brama, Administrative Services By: Patrick Brama, Administrative Services 4. 9. Information Title Adopt Resolution #16-09-164 approving Amended and Restated Development Contract (Partial Release) for Alpha Development Purpose/Background: PURPOSE Approve Amended and Restated Development Agreement for Alpha Development and Legacy Christian Academy Site Plan. The reason this request has come forward --is Hangman Holdings (affiliated with J&B Group --No Name Steaks) is obtaining financing for a major business expansion they are completing in St. Michael. As part of that refinancing process, their bank is attempting to remove as many unknowns/completed items related to one of their major assets --the Legacy Christian Academy land holdings/plat (and the subsequent agreements). This type of request is common (attempt to clean up property title during the financing process). Staff considers this an administrative/ housekeeping item. This amendment has been reviewed by the City Attorney and Community Development Director. BACKGROUND Hageman Holdings owns 171 acres of raw land located just west of Armstrong Boulevard on the north and south side of Bunker Lake Boulevard in the City of Ramsey. In 2011, the City of Ramsey entered into a development agreement with Hageman Holdings for roughly 64.26 acres of land that was anticipated for use by a new Legacy Christian Academy campus ("Lot 1, Block 1"). Additionally, in December of 2010, the City of Ramsey approved a plat ("Alpha Development Plat") to guide the development of the Hageman Holdings property. With that plat, came several individual agreements/ recorded documents. Agreements 1. Alpha Development Plat: December 2010 2. Development Agreement: May 2011 3. Right of Entry Agreement: May 2011 4. Warranty Deed: May 2011 5. Declaration of Easement: May 2011 6. Stormwater Treatment and Ponding Maintenance Agreement: May 2011 7. Assessment Agreement Observations/Alternatives: Below are the major changes to the agreement: • All items that have been completed have been removed from the agreement (phase 1 and phase 2 agreements, and all associated language). • Agreement has been simplified, because the property has been platted, descriptions of land are much shorter. • Items in the attached development agreement that still connect/ depend -on the outstanding assessment agreement (also attached) have been left in the development agreement. This mainly includes language RE payment of development fees. • In summary, the amended development agreement is much shorter --and only includes language related to outstanding items (i.e. the assessment agreement -- Hageman still has several years of assessments to pay).