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B. Do nothing and wait for McDonald's to develop the Property. <br />C. Negotiate a new settlement with McDonald's. <br />The timeframe of the re -vestment action will be dependent on McDonald's response to the Complaint and lawsuit. <br />The estimated expense of this action if it goes through trial, is expected to be no less than $64,500. However, many <br />of the fees and costs may be unnecessary based on McDonald's response to the Complaint and lawsuit, or <br />substantially reduced, if the number of documents, party deponents, third -party witnesses and experts is small. Both <br />the timeframe and the expense will be greatly reduced if McDonald's does not contest this action. <br />Under the re -vestment process, the McDonald's is not required to receive any compensation for the property. The <br />City invested over $300,000 of improvements in reliance upon McDonald's commencing with development and the <br />added value that McDonald's would bring as the anchor for this commercial retail node. <br />Taking the action to re -vest the property allows the City to recoup the cost of preparing the land for development, <br />and would allow the City to sell the land to another development for the purpose of improving the selection of retail <br />and restaurant services, to increase the local tax base, and to provide employment opportunities. <br />Funding Source: <br />Legal costs will be deducted from land proceeds at the time of resale. <br />Recommendation: <br />It is recommended that the City Council adopt Resolution # 16-06-159 Authorizing Staff to Commence an Action in <br />Anoka County District Court Re -vesting Title to Lot 2, Block 1, COR TWO, City of Ramsey. <br />Action: <br />Motion to adopt Resolution # 16-06-159 Authorizing Staff to Commence an Action in Anoka County District Court <br />Re -vesting Title to Lot 2, Block 1, COR TWO, City of Ramsey. <br />Res 17 06 159 <br />COR Two Plat Map <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 06/22/2017 05:10 PM <br />Form Started By: Jo Thieling Started On: 06/22/2017 09:20 AM <br />Final Approval Date: 06/22/2017 <br />