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Councilmember <br />adoption: <br />introduced the following resolution and moved for its <br />RESOLUTION #22-185 <br />RESOLUTION APPROVING PURCHASE AGREEMENT AND SALE OF 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 Purchase Agreement for the sale of Outlot <br />A, Gigi Addition to THE SCHIEBOUT FAMILY LIMITED PARTNERSHIP, LLLP and/or <br />its assigns (the "Buyer"); legally described in Exhibit A, attached hereto; and <br />WHEREAS, the City and the Buyer have negotiated a purchase price of $1.00 on +/- 1.43 <br />acres (62,290 square feet) as outlined in Exhibit A (the "Purchase Price"). The property <br />valuation is $311,454; and <br />WHEREAS, the City herby declares the Property to be surplus City -owned land and is no <br />longer needed for current or future City functions, and authorizes the property to be sold as <br />referenced in the underlying legal in Ordinance #15-05. The parent parcel authorized for sale is <br />28-32-25-23-0010; and <br />WHEREAS, the Purchase Agreement with requires a Right of Re -Entry Agreement be <br />recorded at the closing of this land transaction; and <br />WHEREAS, the Buyer is a company that is active and in good standing as documented in <br />the Office of the Secretary of State as of August 15, 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 hereby authorizes the sale of the Property to THE SCHIEBOUT FAMILY <br />LIMITED PARTNERSHIP, LLLP, for $1.00 on +/- 1.43 acres (62,290 square feet) as <br />outlined in Exhibit A (the "Purchase Price"). The property valuation is $311,454 ($5.00/SF); <br />subject to the following: <br />a. Satisfactory review of the underwriting by the Seller demonstrating the need <br />of financial assistance in the form of a land write down of $311,454. <br />b. City Council approval and execution of a Tax Increment Financing <br />Agreement between the Seller and Buyer and or its assigns. <br />c. City Council approval of Business Subsidy for Buyer and or its assigns. <br />d. Hotel feasibility study supporting a viable market in the City of Ramsey, <br />