Agenda - Council - 11/22/2022 - Laserfiche WebLink

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AMENDMENT NO, 1 TO LOAN AGREEMENT BETWEEN THE METROPOLITAN COUNCIL AND THE CITY OF RAMSEY FOR HIGHWAY RIGHT-OF-WAY ACQUISITION LOAN AGREEMENT NO. L-09-02 WHEREAS, the Metropolitan Council ("the Council") and the City of Ramsey ("the Recipient") have entered into a loan agreement for protective acquisition of highway right-of-way, which loan agreement is dated May 15, 2009 and is identified as Loan Agreement No. L-09-02 ("Loan Agreement"); and WHEREAS, the Loan Agreement provides that the Council will advance to the Recipient the Recipient's actual acquisition costs for the real property described in Exhibit A to the Loan Agreement in an amount not to exceed $977,844,00 and WHEREAS, Council and Recipient agree that it is in their best interests to amend the Loan Agreement to Reflect Recipient's actual acquisition cost; NOW, THEREFORE, for one dollar and other good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged by Council and Recipient, the Loan Agreement between the Metropolitan Council and the City of Ramsey for Protective Acquisition of Highway Right of Way, Loan Agreement No. L-09-02 is hereby amended as follows: 1. Section I, Paragraph 1,01 is hereby amended by deleting $977844.00 and substituting therefore $1,038,533.00. 2, Section 1, Paragraph 1.02 is hereby amended by deleting $900,000.00 and substituting therefore the sum of $903,249.00. 3, Section I, Paragraph 1, 02 is hereby amended by deleting $77,844.00 from the third sentence of said Paragraph 1.02 and substituting therefore the sum of $108,284.00, 4. In all other respects the Loan Agreement remains unchanged. APPROVED AS TO FORM: gal Counsel APP OVED AS TO FORM' City Attorney METROPOLITAN COUNCIL B _..VL.. Arlene McCarthy, Director Metropolitan Transportation Services CITY OF RAMSEY By Bob Ramsey, By, Kurt Ulrich, City Administrator