Agenda - Council - 06/26/2018 - Laserfiche WebLink

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CC Regular Session Meeting Date: 06/26/2018 By: Katie Schmidt, Administrative Services 4. 6. Information Title: Adopt Resolution #18-131 Approving Multiple Actions for Affinity at Ramsey Purpose/Background: PURPOSE Consider the following actions related to original PA between the City of Ramsey and Inland Development (Affinity at Ramsey/ Affinity Senior Living Apartment). These actions are considered by staff to be administrative and consistent with the original Purchase Agreement (PA). The right of re-entry agreement was previously approved by council on April24, 2018, the right of entry agreement was previously approved by council on May 22, 2018, the only change to both agreements is reassigning the entity to Affinity at Ramsey, LLC. Additionally, Staff is attaching the standard Development Agreement for all development projects. This agreement is intended to protect the City from a default in the project after construction has occured. This outlines the required improvements and fees necessary to complete the project. (1) Approve the attached right of re-entry agreement. Per the attached original PA, the buyer must enter into a formal right -of -re-entry agreement. This is a "performance" agreement that will be recorded against the new Affinity Apartment Project (CAP Acquisitions, LLC) property. It will require the construction of the proposed 174-unit apartment by December 31, 2020. This agreement also outlines default provisions. (2) The purpose of this case is to approve the attached right of entry agreement, which allows Affinity/ Inland temporary access to surrounding city owned properties during construction (staging, grading, maneuvering equipment, etc.). This case is administrative in nature. The City approved a similar agreement with Stone Brook Children's Academy recently. Staff recommends approval. This agreement was reviewed by the City Attorney. (3) The purpose of this case is also approve the attached development agreement which outlines the required improvements for site plan approval. This is a standard agreement for all development projects. BACKGROUND, Project Affinity at Ramey LLC entered into a purchase agreement with the City of Ramsey for a roughly 3.36 acre piece of city -owned land located in The COR on September 26, 2017. Affinity at Ramsey is proposing a new 174-unit, senior, independent living, market rate, high amenity, apartment complex called Affinity Living. Attached is the purchase agreement. Affinity Living is proposed to begin construction in July 2018, and will take 12-18 months to complete. Notification: Observations/Alternatives: Funding Source: Recommendation: Staff recommends approving the Right of Re -Entry Agreement and the Right of Entry Agreement. Action: