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construction. <br />c. The Buyer must construct a hotel with a minimum of four (4) stories and a <br />minimum of sixty (60) units. <br />d. The Buyer must provide the City with satisfactory review of the <br />underwriting demonstrating the need of financial assistance in the form of a <br />land write down of $311,020. <br />e. The Buyer must execute a Tax Increment Financing (110 Agreement <br />providing a Business Subsidy. <br />f. The Buyer shall record a Minimum Assessment Agreement. <br />g. The Buyer must execute a Right of Re -Entry Agreement with the City and <br />record the document with Anoka County Property Records and <br />Taxation/Registrar of Titles. <br />2) That the City approves the lot split and legal descriptions of Tract A (the "Property") and <br />Tract B legally described in Exhibit B, attached hereto. <br />3) That the City Council hereby authorizes the City Administrator and Mayor to sign any and <br />all documents necessary to close on the sale of the Property, consistent with Charter and <br />State law requirements. <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />, and upon vote being taken thereon, the following voted in favor thereof: <br />and the following voted against the same: <br />and the following abstained: <br />and the following were absent: <br />Whereupon said resolution was declared duly passed and adopted by the Ramsey City Council this <br />the 12th day of May 2020. <br />ATTEST: <br />Mayor <br />Resolution #20-086 <br />Page 2 of 6 <br />