Resolution - #22-062 - 03/08/2022

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Councilmember Riley introduced the following resolution and moved for its adoption: RESOLUTION #22-062 RESOLUTION APPROVING REIMBURSEMENT OF RIVERSTONE SOUTH DEVELOPMENT FEES WHEREAS, the City of Ramsey entered into a Development Agreement for the project known as Riverstone South; and WHEREAS, the Development Agreement approved, per Resolution 422-008, identified development fees owed; and WHEREAS, the fees calculated for this project were inconsistent in the formulas used as compared to other development agreements executed by the City; and WHEREAS, staff recommends reimbursing a portion of engineer inspection escrow fees and reducing the Letter of Credit; and WHEREAS, terms of the Development Agreement to require the developer to complete the project and have such fees paid by them will remain in place. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That the Ramsey City Council hereby approves the reimbursement of Engineering Inspection Fee cash escrow, as identified in Exhibit B of the Development Agreement for Riverstone South, in the amount of$33,847. This would bring the beginning cash escrow balance to $159,842. Terms of the agreement require the Developer to reimburse the City for all fees associated with engineering inspections. 2) That the Ramsey City Council hereby approves the reduction of the Letter of Credit from $4,842,219 to $4,199,127. The City will hold the original Letter of Credit until receipt of the revised Letter of Credit. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Woestehoff, and upon vote being taken thereon, the following voted in favor thereof: Mayor Kuzma Councilmember Riley Councilmember Woestehoff Councilmember Heineman Councilmember Howell Councilmember Musgrove Councilmember Specht