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CITY COUNCIL WORK SESSION <br />Topic Report: Ramsey Town Center <br />Restrictive Covenant <br />By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />Council may be aware that the Ramsey Town Center has a restrictive covenant placed on <br />it by Community National Bank of Lino Lakes. The restrictive covenant was placed on <br />the property by Ramsey Town Center as required by the bank that financed the <br />acquisition of land. <br /> <br />The City Administrator recently met with the president of Community National Bank and <br />reccived a formal proposal for the City to consider if it would like to purchase the <br />restrictive covenant. Staff will discuss the matter with the City Council during the work <br />session. <br /> <br />Action Statement: <br /> <br />Based u]9on discussion. <br /> <br />Revie~ved by: <br /> <br />City Administrator <br /> <br />CCWS: 05/17/05 <br /> <br /> <br />