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Councilmember Musgrove introduced the following resolution and moved for its adoption: CITY COUNCIL RESOLUTION #20-057 RESOLUTION APPROVING FIRST AMENDMENT TO PURCHASE AGREEMENT FOR PART OF OUTLOT A, COR STONE BROOK ACADEMY WHEREAS, the City of Ramsey, herein referred to as the “City,” owns various parcels throughout the City of Ramsey; and WHEREAS, the City negotiated the terms of Purchase Agreement for the sale of Part of Property Outlot A, COR Stone Brook Academy (“the ”), with Cobblestone Hotel Development, LLC a Wisconsin limited liability company (“Cobblestone”); and WHEREAS, the City and Cobblestone have negotiated a Purchase Price valuation of $5.00 per square foot for the Property referenced in the Purchase Agreement; and WHEREAS, the acreage to be sold to Cobblestone has been reduced from 1.5 acres to 1.428 acres which results in a reduction of the valuation of the Property from $326,700 to $311,020; and WHEREAS, Cobblestonehas filed a new business entity in Minnesota called Ramsey Hotel Group, LLC and has requested that this entity be the purchaser of the Property in the First Amendment to Purchase Agreement; and WHEREAS, the Effective Date of the First Amendment to Purchase Agreement will remain February 5, 2020; and WHEREAS, the City hereby declares the Property to be surplus City-owned land and is no longer needed for current or future City functions, and authorizes the property to be sold; and WHEREAS, the formal First Amendment Purchase Agreement with an effective date of February 5, 2020 requires a Right-of-Re-Entry Agreement be recorded at the closing of this land transaction; and WHEREAS, Ramsey Hotel Group, LLC is a company that is active and in good standing as documented in the Office of the Secretary of State as of 3/12/2020; and NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That the City hereby declares the Property to be surplus City-owned land, and authorizes the property to be sold.