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Councilmember <br />adoption: <br />introduced the following resolution and moved for its <br />CITY COUNCIL RESOLUTION #20-086 <br />RESOLUTION APPROVING METES AND BOUNDS SUBDIVISION AND SALE OF <br />CITY OWNED LAND TO RAMSEY HOTEL GROUP LLC <br />WHEREAS, the City of Ramsey, herein referred to as the "City," owns various parcels <br />throughout the City of Ramsey; and <br />WHEREAS, the City negotiated the terms of Purchase Agreement and First Amendment <br />to Purchase Agreement for the sale of a portion of a parcel to Cobblestone Hotel Development, <br />LLC and/or its assigns (the `Buyer"); legally described in Exhibit A, attached hereto; and <br />WHEREAS, the City has approved the sale of Tract A, described in Exhibit B attached <br />hereto <br />("the Property"); and <br />WHEREAS, the City and the Buyer have negotiated a purchase price of $1.00 for property <br />valued at $5.00 per usable square foot ($311,020) on 1.428 acres (62,203 square feet); and <br />WHEREAS, the City herby declares the Property to be surplus City -owned land and is no <br />longer needed for current or future City functions, and authorizes the property to be sold as <br />referenced in the underlying legal in Ordinance #15-05. The parent parcel authorized for sale is <br />28-32-25-23-0010; and <br />WHEREAS, the formal Purchase Agreement with an effective date of January 28, 2020 <br />requires a Right of Re -Entry Agreement be recorded at the closing of this land transaction; and <br />WHEREAS, the Buyer is a company that is active and in good standing as documented in <br />the Office of the Secretary of State as of May 1, 2020. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA <br />COUNTY, STATE OF MINNESOTA, as follows: <br />1) That the City hereby authorizes the sale of the Property to Ramsey Hotel Group LLC, for <br />$1.00 for land valued at $5.00 per usable square foot on 1.428 acres (62,203 square feet) <br />for a total land value of ($311,020), subject to the following: <br />a. The Buyer must agree to a Platting Agreement to be recorded against the <br />Property. <br />b. The Buyer must obtain Final Plat Approval prior to commencing <br />