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Councimember Musgrove introduced the following resolution and moved for its adoption: <br />RESOLUTION #22-186 <br />RESOLUTION APPROVING PURCHASE AGREEMENT FOR PART of O TLOT C, <br />AFFINITY AT THE COR <br />WHEREAS, the City of Ramsey, herein referred to as the "City," ovens various parcels <br />throughout the City of Ramsey; and <br />WHEREAS, the City negotiated the terms of Purchase Agreement for the sale of the parcel <br />legally described on Exhibit A ("the Property"), with COR TRUST BANK, N.A., a South Dakota <br />Corporation (the "Buyer"); and <br />WHEREAS, the City and Buyer have negotiated a Purchase Price of $392,040 ($6.00 per <br />square foot) on +/- 1.5 acres (65,340 square feet) subject to Final Plat for the Property referenced <br />in the Purchase Agreement; 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; and <br />WHEREAS, the formal Purchase Agreement requires a Right -of -Re -Entry Agreement be <br />recorded at the closing of this land transaction; and <br />WHEREAS, the Ramsey EDA recommends the sale and development of the Property to <br />COR TRUST BANK, N.A., a South Dakota Corporation; and <br />WHEREAS, Proof of being in Good Standing for COR TRUST BANK, N.A., a South <br />Dakota Corporation will be required prior to sale of Property to Buyer. <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 declares the Property to be surplus City -owned land, and authorizes <br />the property to be sold. <br />2) That the City hereby authorizes the sale of the Property to COR TRUST BANK, N.A., a <br />South Dakota Corporation for $392,040 ($6.00 per square foot) on +/- 1.5 acres (65,340 <br />square feet) subject to Final Plat for the Property for the development of a minimum 3- <br />5000 square foot bank/office. <br />3) That the City authorizes execution of the Purchase Agreement and Right -of -Re -Entry <br />Agreement to be recorded at the closing of this land transaction. <br />