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<br />Councilmember Musgrove introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #22-206 <br /> <br />RESOLUTION APPROVING RIVERSTONE SOUTH PARTIAL FINANCIAL <br />SECURITY REDUCTION <br /> <br /> WHEREAS, the City of Ramsey (City) and Riverstone Development, LLC (Permittee) <br />entered into a Development Agreement (Agreement) for Riverstone South on February 25, 2022; <br />and <br /> <br />WHEREAS, the Agreement requires the Permittee to provide financial security in the <br />amount of $4,842,219 to the City for required Stage I and Stage II Improvements; and <br /> <br />WHEREAS, that financial security exists for the purpose of protecting the City by <br />allowing it to complete the specified work in the Agreement if the Developer fails to do so and <br />that need diminishes directly and proportionately to the extent that each item specified is <br />completed; <br /> <br /> WHEREAS, the Agreement allows for a reduction of the financial security upon <br />completion of Stage I and Stage II Improvements; and <br /> <br /> WHEREAS, the City has historically and consistently followed the practice of reducing <br />the financial security proportionately for projects as specific improvements subject to the <br />Development Agreement are completed through the stages, while retaining security sufficient to <br />assure completion of the remaining items ; and <br /> <br /> WHEREAS, the request of the Permittee is entirely consistent with past practice and the <br />expectations of the parties; and <br /> <br /> WHEREAS, City staff has reviewed a request from the Permittee establishing the <br />completion of specific items governed by the agreement and supports proportionately reducing the <br />financial security to $1,400,000 based upon that completed work; and <br /> <br /> WHEREAS, the remaining amount is sufficient to cover remaining improvements, <br />guarantees and warranty as required by the Agreement. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />1) That the Ramsey City Council hereby approves the partial reduction to the Riverstone <br />South Development Agreement to an amount of $1,400,000. <br />2) That the financial security may be reduced further upon review of work completed by City <br />staff to a minimum amount sufficient to cover remaining Stage I and Stage II <br />Improvements, guarantees and warranties as identified in the Agreement. <br /> <br />