Agenda - Council - 11/12/2019 - Laserfiche WebLink

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ii. Development Agreement for Affinity at Ramsey, LLC, approved by the City of Ramsey on June 26, 2018 by Resolution # 18-131. Agreement 1. The recitals are incorporated herein as if fully set forth. 2. In the event Buyer does not obtain a Certificate of Occupancy from the City of Ramsey for the Project within thirty (30) months from Closing, Seller shall have the right, but not the obligation, to impose a penalty of $50,000.00 against the Property, unless the failure to do so was due to circumstances beyond Buyer's control (such as fire/casualty/force majeure). The penalty is due upon written notice to Buyer from Seller of the failure to satisfy this condition. In the event the penalty is not paid within 30 days of receipt of the notice, Seller may, but is not required to, certify the penalty to Anoka County as an assessment against the Property. Buyer waives any and all rights under Minnesota Statutes, chapter 429, and any other applicable law, including any right to notice of hearing and hearing, the right to object, and the right to appeal the assessment. Buyer further waives any requirements of the City Charter that may apply to said assessment. a. In the event Buyer does obtain a Certificate of Occupancy from the City of Ramsey for the Project within thirty (30) months from Closing, Seller shall promptly confirm to Buyer in writing (letter or email) that Seller no longer has the right to impose a penalty against the Property in accordance with paragraph 2 above. 3. In the event Buyer fails to obtain a Building Permit for the Project within six (6) months following Closing, Seller shall have the right, but not the obligation, to do either or both of the following: a. impose a penalty of $25,000.00 against the Property. The penalty is due upon written notice to Buyer from Seller of the failure to satisfy this condition. In the event the penalty is not paid within 30 days of receipt of the notice, Seller may, but is not required to, certify the penalty to Anoka County as an assessment against the Property. Buyer waives any and all rights under Minnesota Statutes, chapter 429, and any other applicable law, including any right to notice of hearing and hearing, the right to object, and the right to appeal the assessment. Buyer further waives any requirements of the City Charter that may apply to said assessment. b. upon refunding the Purchase Price to Buyer, to re-enter and take physical possession of the Property. Upon refunding the Purchase Price to Buyer,