Agenda - Council - 11/28/2017 - Laserfiche WebLink

Home

MEMORANDUM OF UNDERSTANDING This Memorandum of Understanding (this "MOU") is entered into between the City of Ramsey, Minnesota, a Minnesota municipal corporation, (the "City"), and Hageman Holdings, LLC, a Minnesota limited liability company ("Hageman"). WHEREAS, Hageman is the owner of certain real property situated in the City and legally described as Lot 1, Block 1, and Outlots A and D, ALPHA DEVELOPMENT, Anoka County. Minnesota. according to the recorded plat thereof ("Alpha Development"); and WHEREAS, Hageman entered into a Purchase Agreement, dated April 14, 2017, to sell to Paxmar, LLC, a Minnesota limited liability company ("Buyer") that part of Alpha Development that is legally described as Outlot A, ALPHA DEVELOPMENT, Anoka County, Minnesota ("Outlot A"); and WHEREAS, Buyer desires to subdivide Outlot A pursuant to a plat to be known as North Fork Meadows (the "New Plat"); and WHEREAS, the City, as a condition of approval of the New Plat, is requiring the conveyance to the City of fee title to the portion of Alpha Development (the "Alpha Development Open Space") that is depicted as "GREENWAY CORRIDOR" on Exhibit "A" attached to and made a part of this MOU by this reference, which Alpha Development Open Space shall consist of the areas along the north and northeast lines of Lot 1, Block 1, and the nearly triangular area in the eastern and northeastern part of Outlot D, of ALPHA DEVELOPMENT that are subject to drainage and utility easements dedicated pursuant to the plat of ALPHA DEVELOPMENT; and WHEREAS, the conveyance of the Alpha Development Open Space by Hageman to the City will satisfy the City's requirements for park dedication, public benefit and open space in connection with the New Plat and any PUD agreement or ordinance (the "PUD Agreement") in connection with the New Plat, and also will satisfy the City's requirements for park dedication, public benefit and open space for the Iemainder of Alpha Development. NOW THEREFORE, the parties agree in principle to the following: 1. Hageman and the City shall negotiate in good faith in an effort to enter into a formal and binding agreement (the "Agreement"), within sixty (60) days after the date of this MOU but in no event later than the date of the City's granting of preliminary plat approval of the New Plat, for the conveyance by Hageman to the City of the Alpha Development Open Space. 2. As part of the Agreement, Hageman shall convey the Alpha Development Open Space to the City contingent upon the City's granting of final plat approval of the New Plat and release of the New Plat for recording, and contingent upon the closing of Buyer's purchase of Outlot A. 3. The recording of the conveyance of the Alpha Development Open Space to the City after satisfaction of the contingencies to such conveyance shall fully satisfy all requirements of the 3892318v3 I Commented [JJL1]: what is left?