Resolution - #20-179 - 08/25/2020

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Councilmember Menth introduced the following resolution and moved for its adoption: RESOLUTION #20-179 RESOLUTION APPROVING THIRD AMENDMENT TO PURCHASE AGREEMENT WITH 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 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 amended to Ramsey Hotel Group LLC, a Minnesota Limited Liability Company; 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 Ramsey Hotel Group LLC is 1.428 acres and the valuation is $311,020; and WHEREAS, the Effective Date of the 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 proposed Third Amendment to Purchase Agreement requires a Right-of- Re-Entry Agreement be recorded at the closing of this land transaction; and WHEREAS, the proposed Third Amendment to Purchase Agreement will extend the Inspection Period to March 1, 2021; 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 8/18/2020; 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. 2) That the City hereby authorizes the sale of the Property to Ramsey Hotel Group, LLC, for the development of a 60 unit 4 story hotel with first floor restaurant..