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First Amendment Description: ".. <br />developing activities;..." <br /> <br />;a:lette~r of credit of $-2- $3 million for performance of <br /> <br /> · Option Agreement: "...Options mUst-be exercised by the City within twe three years..." <br /> <br />Tom Bray of Briggs & Morgan briefly reviewed ~he main provisions of the First Amendment to <br />the Master Development Agreement. <br /> <br />Councihnember Strommen questioned the language regarding the restrictive bank covenants. <br /> <br />Mr. Bray replied a provision has. been inclUded that states "The City Council has advised the <br />Developer that it is opposed to this restrictiOn." <br /> <br />Counci hncmber Elvig questioned if there are other changes in the document that the Council has <br /> <br />not received. <br /> <br />Mi'. Bray replied there are not any <br /> <br />substantive Changes. Page 2 includes an added definition of <br /> <br />the Core Area. Pages 11 and 12 include a reference in bold of the amount of City Phase II <br />Roadway assessments, which has been adjusted!to an amount of $514,800. He indicated the <br />other changes were clean-up items on the signatUre pages. <br /> <br />Councilmember Strommen stated the other discussion at the work session was regarding the <br />Option Agreement and remaining land thlat WoUld revert back to the developer. There were <br />concerns about whether that would place reStriCtiOns on the site. <br /> <br />Mi'. Bray replied there was discussion about this, but there is not much that can be done to <br />address those concerns. The developer wants toy be sure the City does not leave the developer <br />with a remnant it cannot utilize. That is not too much of a risk on the site next to the parking <br />ramp, but the City will have to work With the developer to come up with a configuration that <br />works for both sites. <br /> <br />Motion by Councilmember Cook, seconded by Councilmember Elvig, to authorize execution of <br />the First Amendment to the Master Development Agreement for the Ramsey Town Center. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Cook, Elvig, Jeffrey, Olson, <br />Pearson, and Strommen. Voting No: None. <br /> <br />Motion by Co uncilmember Cook, seconded by Councilmember Olson, to authorize execution of <br />the Option Agreement between the City of Ramsey and Ramsey Town Center, LLC. <br /> <br />Motion carried. Voting Yes: Mayor Gamec Councilmembers Cook, Olson, Elvig, Jeffrey, <br />Pearson, and Strommen. Voting No: None. <br /> <br />City CounCil/Fel~ruary 22, 2005 <br /> :Page~25 of 31 <br /> <br /> : <br /> <br /> <br />