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Center L[.C, at the September 13, 2005 Council meeting. At that meeting the Council directed <br />that the final terms and conditions of the purchase agreement be approved by'the Council. Final <br />terms of the agreement have now been negotiated and are before the Council for final approval. <br />l-lc advised staff recommends the addition of the following statement to the purchase agreement: <br /> ~'This Agreement will be contingent on release of the restrictive encumbrance in Ramsey <br /> Town Center Addition, Anoka County, Minnesota related to the establishment of banking <br /> t'acilities, which covenant was recorded on September 26, 2003." <br /> <br />C{ty Attorney Goodrich advised the Metropolitan Council has approved the loan agreement. The <br />l:'tmds arc available, title work has been completed; and closing is scheduled for Thursday Of this <br />week. Staff will conduct a walk-through tomorrow; there has been some storm damage that will <br />need to be discussed. <br /> <br />Councilmember Cook noted this purchase agreement is with Town Center LLC, but the covenant <br />is through the lender for Town Center LLC. He questioned how the City can ask Town Center <br />LLC to release something they do not have control of. <br /> <br />City Attorney Goodrich replied staff believes there is an integral relationship between Town <br />(;enter LLC and the lender. He advised this purchase agreement does not deal with any Town <br />Center [.LC land; it relates to the Deal property, but they are very much related transactions. <br /> <br />Councilmember Elvig questioned how the City will be assured that the restrictive covenant will <br />be removed. <br /> <br />City Attorney Goodrich replied there will be a release from Community National Bank that' <br />~,tates they release the document of record on this property. <br /> <br />Councilmember Strommen requested the language in the purchase agreement be amended to <br />~tate that the covenant will be eliminated, rather than released, as was discussed in the work <br />~;essi{m prior to this meeting. <br /> <br />City Attorney Goodrich recommended the following language be included in the purchase <br />agreement: <br /> ~'This Agreement will be contingent on release, elimination, and termination of the <br /> restrictive encumbrance in Ramsey Town Center Addition, Anoka County, Minnesota <br /> related to the establishment of banking facilities, which covenant was recorded on <br /> September 26, 2003." <br /> <br />Coundlmember Elvig commented the City is the vehicle to purchase the property, but RALF <br />t:unds are paying the City for that purchase. The property will be in the City's name and will be <br />purchased from Town Center LLC. This addresses his previous concern of the City doing a <br />bridge loan for Community National Bank, as the transaction is not done through the bank. <br /> <br />Motion by Councilmember Elvig, seconded by Councilmember Cook, to authorize final approval <br />or' purchase agreement with Ramsey Town Center LLC for the purchase of Lot 3, Block 1, Deal <br /> <br />City Council / September 27, 2005 <br /> Page 23 of 25 <br /> <br />-75- <br /> <br /> <br />