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· First Amendment DesCription:' ~". Lfi~le%r of credit of 45¢. $3 million for performance of <br /> pi ''' ! <br /> develo ng actW~t~es,... <br /> ' Option Agreement: ...~ti0ns!in~iS~be~ ~Xer¢ised by the City within ..... ~,,, three years..." <br /> <br />Tom Bray of Briggs & Morgan .~eflYYe~i~the main provisions of the First Amendment to <br />the Master Development Agreement; <br /> <br />Councilmember Strommen ques~ned ~e~l~ge regarding the restrictive bank covenants. <br /> <br />Mr. Bray rephed a prowston h~ bee~t/~cl~d~ that states "The City Council has advised the <br />Developer that it is opposed to:~srestaet~0fi.?, <br /> <br />Councilmember Elvig questionerS, ifJthOre hm o~er changes in the document that the Council has <br />not received. <br /> <br />Mr. Bray replied there are not ~ subO{_~?i_V~ ~anges. Page 2 includes an added definition of <br />the Core Area. Pages 11 and iD r~enee in bold of the amount of CiW Phase II <br />Roadway assessments, wNchh~ bae~::~j~t~ to an mount of $514,800. He indicated the <br />other changes w~e clean-up it~ on de {i~e pages. ' <br />Councilmember Strommen s~t~ the ~aii io,the work session was regarding the <br />Option Agreement and r~a~ 1~ ~oa~ ~uld reve~ baa to the developer. There were <br />concerns about whether that wo~ pier,ffice, ns on the site. . <br /> <br />Mr. Bray replied there was dia~aioa jaboBi t~is, but there is not much that can be done to <br />address those concernS. ~e d~el0P~.'~ i~ be sure the CiW dOes not leave the developer <br />with a remnant it cabot utiliZe~} ~at;is h&}t8O much of a risk on the site next to the parking <br />ramp, but the City will have tot~ork ~i~ ~he; ~eveloper to come up with a configuration that <br />works for both sites. <br /> <br />Motion by Councilmemb~ C~, s~nd~d~bY~ ~ouncilmember ElVig, tO authorize execution of <br />the First Amendment t6 the M~ De(el~p~g~A~eement for the Ramsey Town Center. <br /> <br />Motion ca~ed. Voting Y~: ;:MaYot:0~ec,~Councilmembers Cook, 'Elvig, Jemey, Olson, <br />Pearson, and Strommen. Votin~N°: <br />Motion by Councilmember Coo~ s~mndM~by~ouncilmember Olson, to authorize execution of <br />the Option A~eement between ~e CI~ o ~s~y and Ramsey Town Center, LLC: <br /> <br />Motion came& Voting Yes: ;MaYor :q~e¢~Councdmembem Cook, Olson, Elwg, Jeffrey, <br />Pearson, and Strommen. Votin~No~ N°~e~'¢': ". ~ ' <br /> <br /> ~l~ C0~F~rna~ 22, 2005 <br /> <br />P55 <br /> <br /> <br />