Agenda - Council - 12/08/2020 - Laserfiche WebLink

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From: Jim Steffen To: Sean Sullivan Subject: RE: EDA Comments Welcome - Proposed Action -Release of Right of Re -Entry Agreement - PSD LLC Date: Thursday, November 26, 2020 11:12:38 AM I'm fine with option #1. Jim Steffen, CFP® CEO & Founder P: 763-213-1000 F: 763-213-1001 From: Sean Sullivan <SSullivan@ci.ramsey.mn.us> Sent: Tuesday, November 24, 2020 3:58 PM To: Sean Sullivan <SSullivan@ci.ramsey.mn.us> Subject: EDA Comments Welcome - Proposed Action -Release of Right of Re -Entry Agreement - PSD LLC EDA Members: Below is a summary of a request being brought to the City Council on December 8, 2020. Release of Right of Re -Entry Agreements are typically a formality at the City Council level but this one has a slightly different twist. Staff is fully supportive of the request to issue a Release of Right of Re -Entry based on the information below. The purpose of this email is to give you an opportunity to provide comments regarding the matter. I will need to receive written comments (if any) prior to Noon on Tuesday, December 2nd. Please reply back to this message. Information on Proposed Case Background: Consider approval of a Right of Re -Entry Agreement for PSD LLC on Lots 1 and 2, Block 1, West Armstrong Addition (the "Property"). The City of Ramsey sold/exchanged PSD LLC two lots now platted as Lots 1 and 2, Block 1, West Armstrong Addition as part of a land swap to secure land needed for a storm water infiltration basin. As part of that transaction PSD LLC agreed to develop the site with a minimum 12,000 square foot commercial retail building by January 26, 2021 and obtain a Certificate of Occupancy and entered into a Right of Re -Entry Agreement. The City typically enters in to Right of Re -Entry Agreements to ensure that development occurs and that land is not held by developers for speculation. The Developer has constructed a 15,152 SF