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Councilmember introduced the following resolution and moved for its adoption: <br /> RESOLUTION #22-062 <br /> RESOLUTION APPROVING REIMBURSEMENT OF RIVERSTONE SOUTH <br /> DEVELOPMENT FEES <br /> WHEREAS, the City of Ramsey entered into a Development Agreement for the project <br /> known as Riverstone South; and <br /> WHEREAS, the Development Agreement approved, per Resolution #22-008, identified <br /> development fees owed; and <br /> WHEREAS, the fees calculated for this project were inconsistent in the formulas used as <br /> compared to other development agreements executed by the City; and <br /> WHEREAS, staff recommends reimbursing a portion of engineer inspection escrow fees <br /> and reducing the Letter of Credit; and <br /> WHEREAS, terms of the Development Agreement to require the developer to complete <br /> the project and have such fees paid by them will remain in place. <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> 1) That the Ramsey City Council hereby approves the reimbursement of Engineering <br /> Inspection Fee cash escrow, as identified in Exhibit B of the Development Agreement for <br /> Riverstone South, in the amount of$33,847. This would bring the beginning cash escrow <br /> balance to $159,842. Terms of the agreement require the Developer to reimburse the City <br /> for all fees associated with engineering inspections. <br /> 2) That the Ramsey City Council hereby approves the reduction of the Letter of Credit from <br /> $4,842,219 to $4,199,127. The City will hold the original Letter of Credit until receipt of <br /> the revised Letter of Credit. <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 />