Agenda - Economic Development Authority - 03/09/2023

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Councilmember Musgrove introduced the following resolution and moved for its adoption: RESOLUTION #22-186 RESOLUTION APPROVING PURCHASE AGREEMENT FOR PART OF OUTLOT C, AFFINITY AT THE COR WHEREAS, the City of Ramsey, herein referred to as the "City," owns various parcels throughout the City of Ramsey; and WHEREAS,the City negotiated the terms of Purchase Agreement for the sale of the parcel legally described on Exhibit A("the Property"), with COR TRUST BANK, N.A., a South Dakota Corporation (the "Buyer"); and WHEREAS,the City and Buyer have negotiated a Purchase Price of$392,040 ($6.00 per square foot) on +/- 1.5 acres (65,340 square feet) subject to Final Plat for the Property referenced in the Purchase Agreement; and WHEREAS,the City herby declares the Property to be surplus City-owned land and is no longer needed for current or future City functions, and authorizes the property to be sold; and WHEREAS, the formal Purchase Agreement requires a Right-of-Re-Entry Agreement be recorded at the closing of this land transaction; and WHEREAS, the Ramsey EDA recommends the sale and development of the Property to COR TRUST BANK, N.A., a South Dakota Corporation; and WHEREAS, Proof of being in Good Standing for COR TRUST BANK, N.A., a South Dakota Corporation will be required prior to sale of Property to Buyer. NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That the City hereby declares the Property to be surplus City-owned land, and authorizes the property to be sold. 2) That the City hereby authorizes the sale of the Property to COR TRUST BANK, N.A., a South Dakota Corporation for $392,040 ($6.00 per square foot) on +/- 1.5 acres (65,340 square feet) subject to Final Plat for the Property for the development of a minimum 3- 5000 square foot bank/office. 3) That the City authorizes execution of the Purchase Agreement and Right-of-Re-Entry Agreement to be recorded at the closing of this land transaction.