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Councilmember introduced the following resolution and moved for its <br /> adoption: <br /> RESOLUTION #22-095 <br /> RESOLUTION ENTERING INTO A BINDING LETTER OF INTENT FOR OUTLOT A, <br /> GIGI ADDITION <br /> WHEREAS, the City of Ramsey, herein referred to as the "City," owns various parcels <br /> throughout the City of Ramsey; and <br /> WHEREAS, the City negotiated the terms of a Binding Letter of Intent (the "LOI") for <br /> the future sale of the parcel legally described on Exhibit A ("the Property"), with The Schiebout <br /> Family Limited Partnership, LLLP, a Minnesota Limited Partnership or Assigns (the <br /> "Developer"); and <br /> WHEREAS, the purpose of the LOI is to give the Developer three months to complete a <br /> market demand study for a 60 unit hotel on the Property. Once complete,the demand market study <br /> will be provided to the City at no cost; and <br /> WHEREAS, the LOI outlines general terms of a future purchase agreement (including <br /> consideration for the provision of an up-front land cost write-down) that will be considered at a <br /> later date by the EDA and City Council; and <br /> WHEREAS,The Schiebout Family Limited Partnership, LLLP is a company that is active <br /> and in good standing as documented in the Office of the Minnesota Secretary of State as of April <br /> M 2022. <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA <br /> COUNTY, STATE OF MINNESOTA, as follows: <br /> 1) That the City Council authorizes the Mayor and City Administrator to execute the binding <br /> Letter of Intent with The Schiebout Family Limited Partnership, LLLP and directs staff to <br /> continue negotiations with the Developer. <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 />