Agenda - Council - 01/14/2020 - Laserfiche WebLink

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Agreement Second Amendment. AEON Ramsey 2, LLC did not receive an award from Minnesota Housing for the 2019 application cycle which prompted the request for the extension for more time to work out a solution. The City Council reviewed a request to extend the closing date at the December 14, 2019. The City Council voted to deny Resolution #19-299 which would have extended the closing date. To date, the City has received $30,000 in non-refundable earnest money from AEON Ramsey 2 LLC from the original purchase agreement, first amendment and second amendment. Notification: Notification is not required. Observations/Alternatives: Alternatives: 1. Adopt Resolution #20-013 Approving Notice of Default for AEON Ramsey 2, LLC and retain $30,000 in Non -Refundable Earnest Money. 2. Consider deviation from existing agreement and to negotiate a new settlement. 3. Sell the property to AEON Ramsey 2, LLC without the Buyer obtaining Governmental Approvals and provision of proof of project Financing. 4. Something else. Items that should be considered if the PA is renegotiated include, but are not limited to: • Purchase Price • Project Definition (Concept) • Project Timing • Additional Earnest Money Funding Source: This item would be covered under normal staff duties. Recommendation: Staff has no recommendation. Action: Motion to adopt Resolution #20-013 Approving Notice of Default for AEON Ramsey 2, LLC. Attachments ACTION REQUESTED - Resolution #20-013 REFERENCE: Current PA AEON Ramsey 2 LLC - Second Amendment REFERENCE: PA AEON Ramsey 2 LLC First Amendment REFERENCE: ORIGINAL PA AEON Ramsey 2 LLC Form Review Inbox Reviewed By Date Sean Sullivan (Originator) Sean Sullivan 01/07/2020 03:52 PM Tim Gladhill Tim Gladhill 01/07/2020 04:01 PM Kurt Ulrich Kurt Ulrich 01/09/2020 04:00 PM Form Started By: Sean Sullivan Started On: 01/03/2020 02:56 PM Final Approval Date: 01/09/2020