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The total costs incurred by K. Hovnanian to perform the Work that was to be done by <br /> RTC and which is reimbursable under the Escrow Agreement is $71,120.00; and, <br /> WHEREAS, As set forth in the November 21, 2007 letter from K. Hovnanian's attorney <br /> (Attachment B hereto), RTC has consented to the release of $71,120.00 to K. Hovnanian from <br /> the Escrow Account; and, <br /> WHEREAS, K. Hovnanian has decided not to proceed with the development of the <br /> Property and is currently trying to sell the Property. <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA <br /> COUNTY, STATE OF MINNESOTA, as follows: <br /> 1) That the City of Ramsey hereby authorizes an agreement for release of fees and <br /> requirement of subsequent developer(s) to post required fees and authorizes the <br /> Mayor and City Administrator to sign said agreement on behalf of the City. <br /> The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br /> and upon vote being taken thereon, the following voted in favor thereof: <br /> and the following voted against the same: <br /> and the following abstained: <br /> and the following were absent: <br /> Whereupon said resolution was declared duly passed and adopted by the Ramsey City Council this <br /> the 24th day of January, 2017. <br /> Mayor <br /> ATTEST: <br /> City Clerk <br /> RESOLUTION #17-01-033 <br /> Page 2 of 2 <br />