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Greg Hayes, Ramdance, stated the cOmPany Ran~sey Sophia is Pat Hart and Jay Scott who are <br />very "big" in Real Estate. RamdanCe arel still t~e point people - Ramsey Sophia is basically <br />buying a completed project early. <br /> <br />Councilmember Elvig inquired ff they will ~ur~hase to own and lease to which Mr. Hayes <br />responded yes. They are taktng !over effect!ye ~his week. They will be leasing - they will <br />actually be the owners at the "end,of.the da,'y'.~ ~e continued to present credentials for Mr. Hart <br />and Mr. Scott. - <br /> <br />Councilmember Cook inquired what :thiS: wou. lddo for the timeline to which Mr. Hayes replied <br />nothing - it will stay the same. We will atilI b~ here but they will physically own it. <br /> <br />Councihnember Pearson inquired~ about b~eakin~ ground to which Mr. Hayes speculated that <br />Coborn's would be open by Thanki~givingt <br /> <br />City Attorney Goodrich stated thitt as a re.quit 0~that pending transaction, the City is asked to <br />sign documents intended to confim what is, ih existence. We have gone through a couple of the <br />documents and we will go throligh the:' ~ed t0fnorrOw. He summarized the documents he <br />reviewed and presented a sample motionCfoi COun~il as to what they are being asked to do. <br /> <br />Councilmember Jeffrey asked for assurance ?thisi is not an additional risk - this is simply an <br />assignment with the same standards. ' · <br /> <br />Mr. Goodrich replied there is no new risk aqd these are exactly the same standards. <br /> <br />Mr. Hayes stated that Ramdance is paying'ail:thc fees, posting the sureties, etc.; Ramdance is <br />living up to its obligation. In ordOr for this to irafi~pire, certain documents have to be signed. <br /> <br />Councilmember Elvig mentioned the Letter, of iCredit and asked if the City would require <br />Ramsey Sophia to post a Letter of Credit too. <br /> <br />Mr. Goodrich stated they will post One in place of the current one. <br /> <br />Councihnember Cook inquired is this a'sign of igformation getting out about the Town Center <br />and that it's successful? <br /> <br />Mr. Hayes felt that it is and they are Working With :credible people so it is not such a risk. <br /> <br />Motion by Councilmember Pearson and s~eCon~d by Councilmember Cook to approve the <br />assignment and assumption agreement of the Mas~er Development Agreement for Ramsey Town <br />Center 3rd Addition; approve the ': assignment anti assumption agreement of the Development <br />Contract for Ramsey Town Center: 3rd Addirti0n; :and approve the Zoning Letter addressed to the <br />buyer of Outlot I, Ramsey Town Centeri(RTC 3rd Addition), all of which agreements are <br />contingent upon the City Attorney and C;omm ~u~n~ ity Developmem Director final review and <br />approval as to specific language prOvisions, i i <br /> <br />City Coun~il <br /> <br />SpeCiz~l Meel~ing/February 28, 2005 · Page. _ 2 ~)f 3 <br /> <br /> <br />