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(h'cg 1 layes, Ramdance, stated the company Ramsey Sophia is Pat Hart and Jay Scott who are <br />very "big" in Real Estate. Ramdance are still the point people - Ramsey Sophia is basically <br />buying a completed project early. <br /> <br />(;ouncihncmbcr Elvig inquired if they will purchase to own and lease to which Mr. Hayes <br />responded yes. They are taking over effective this week. They will be leasing - they will <br />actually be thc owners at the "end of the day". He continued to present credentials for Mr. Hart <br />and Mr. Scott. <br /> <br />(',ouncilmembcr Cook inquired what this would do for the timeline to which Mr. Hayes replied <br />nothing - it will stay the same, We will still be here but they will physically own it. <br /> <br />Councihnc~nber Pearson inquired about breaking ground to which Mr. Hayes speculated that <br />Coborn's would be open by Thanksgiving. <br /> <br />City Attorney Goodrich stated that as a result of that pending transaction, the City is asked to <br />sign documents intended to confirm what is in existence. We have gone through a couple of the <br />clocnnaenls and we will go through the rest tomorrow. He summarized the documents he <br />reviewed and presented a sample motion for Council as to what they are being asked to do. <br /> <br />(;ouncilmcmber Jeffrey asked for assurance this is not an additional risk - this is simply an <br />assignment with thc same standards. <br /> <br />Mr. (ioodrich replied there is no new risk and these are exactly the same standards. <br /> <br />Mr. I laycs stated that Ramdance is paying all the fees, posting the sureties, etc.; Ramdance is <br />living up to its obligation. In order for this to transpire, certain documents have to be signed. <br /> <br />Councihnembcr Elvig mentioned the Letter of Credit and asked if the City would require <br />Ramscy 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 information getting out about the Town Center <br />and that Jl's successful? <br /> <br />Mr. l laycs 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 seconded by Councilmember Cook to approve the <br />assignment and assumption agreement of the Master Development Agreement for Ramsey Town <br />Center 3~'~ Addition; approve the assignment and assumption agreement of the Development <br />Contract lyf Ramsey Town Center 3rd Addition; and approve the Zoning Letter addressed to the <br />buyer of Outlot I, Ramsey Town Center (RTC 3rd Addition), all of which agreements are <br />conlingcnt upon the City Attorney and Community Development Director final review and <br />approval as to specific language provisions. <br /> <br />City Council Special Meeting/February 28, 2005 <br /> Page 2 of 3 <br /> <br /> <br />