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· First Amendment Description: ,,...a letter of credit of$:2:$3 million for performance of <br /> developing activities;,.." <br />· Option Agreement: "...Options must be exercised by the City within two .three years..." <br /> <br />Tom Bray of Briggs & Morgan briefly reviewed the main provisions of the First Amendment to <br />the M aster Development Agreement. ~ <br /> <br />Councilmember 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 />Councilmember Elvig questioned if there are other changes in the document that the Council has <br />not received. ~ <br /> <br />Mr. Bray replied there are not any substantive :changes. Page 2 includes an added definition of <br />the Core Area. Pages 11 and I2 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 />Cotn~cihnember Strommen stated <br />Option Agreement and remaining <br />concerns about whether that would <br /> <br />the other discussion at the work session was regarding the <br />land that WOuld revert back to the developer. There were <br />place restrictions on the site. <br /> <br />Mr. Bray replied there was discussion about this, but there is not much that can be done to <br />address those concerns. The developer wants t° be sure the City does not leave the developer <br />with a remnant it cannot utilize. That is not to° 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 Councihnember Cookl seconded by Councilmember Elvig, to authorize execution of <br />the Fi rst 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 />?carson, and Strommen. VotingNo: None. <br /> <br />Motion by Councilmember 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 CounCiFFebruary 22, 2005 <br /> : Page 25 of 31 <br /> <br /> <br />