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Councilmember Musgrove introduced the following resolution and moved for its adoption: RESOLUTION #20-086 RESOLUTION APPROVING METES AND BOUNDS SUBDIVISION AND SALE OF CITY OWNED LAND TO RAMSEY HOTEL GROUP LLC 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 and First Amendment to Purchase Agreement for the sale of a portion of a parcel to Cobblestone Hotel Development, LLC and/or its assigns (the “Buyer”); legally described in Exhibit A, attached hereto; and WHEREAS , the City has approved the sale of Tract A, described in Exhibit B attached hereto Property (“the ”); and WHEREAS, the City and the Buyer have negotiated a purchase price of $1.00 for property valued at $5.00 per usable square foot ($311,020) on 1.428 acres (62,203 square feet); and WHEREAS, the City herby 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 as referenced in the underlying legal in Ordinance #15-05. The parent parcel authorized for sale is 28-32-25-23-0010; and WHEREAS, the formal Purchase Agreement with an effective date of January 28, 2020 requires a Right of Re-Entry Agreement be recorded at the closing of this land transaction; and WHEREAS, the Buyer is a company that is active and in good standing as documented in the Office of the Secretary of State as of May 1, 2020. NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1)That the City hereby authorizes the sale of the Property to Ramsey Hotel Group LLC, for $1.00 for land valued at $5.00 per usable square foot on 1.428 acres (62,203 square feet) for a total land value of ($311,020), subject to the following: a.The Buyer must agree to a Platting Agreement to be recorded against the Property. b.The Buyer must obtain Final Plat Approval prior to commencing construction. c.The Buyer must construct a hotel with a minimum of four (4) stories and a minimum of sixty (60) units. d.The Buyer must provide the City with satisfactory review of the underwriting demonstrating the need of financial assistance in the form of a land write down of $311,020.