Resolution - #23-034 - 01/24/2023

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Councilmember Specht introduced the following resolution and moved for its adoption: RESOLUTION #23-034 RESOLUTION APPROVING FIRST AMENDMENT TO PURCHASE AGREEMENT FOR RAMSEY PROPERTIES, LLC WHEREAS, the City of Ramsey, herein referred to as the “City,” owns various parcels throughout the City of Ramsey; and WHEREAS, on August 23, 2022 the City approved Resolution #22-185 approving execution and the terms of Purchase Agreement for the sale of Outlot A, Gigi Addition to Schiebout Limited Family Partnership, LLLP and/or its assigns (the “Buyer”); and WHEREAS, the Schiebout Limited Family Partnership, LLLP has requested its Buyer’s interest in the Purchase Agreement be assigned to Ramsey Properties, LLC; and WHEREAS, the real estate being sold to the Buyer is amended from Outlot A, Gigi Addition to Part of Outlot A, COR TWO as identified on Exhibit A (the “Property”); and WHEREAS, the City and Ramsey Properties, LLC have negotiated a First Amendment to Purchase Agreement for the sale of the Property including a purchase price of $1.00 on +/- 2.85 acres (124,146 square feet) as outlined in Exhibit A (the “Purchase Price”). The property valuation is $434,511; 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 as referenced in the underlying legal in Ordinance #15-05. The parent parcel authorized for sale is 28-32-25-22-0058; and WHEREAS, the Purchase Agreement and First Amendment to Purchase Agreement requires the City and Buyer to execute a Right of Re-Entry Agreement be recorded at the closing of this land transaction; and WHEREAS, on January 12, 2023. the Ramsey EDA adopted a motion recommending approval to the City Council of the First Amendment to Purchase Agreement and provision of a land cost write down of $434,511 and Pay-GO TIF of $550,000 for Site Improvements and Site Development on the Property. WHEREAS, a public hearing to consider approval of TIF Financial assistance will be held at a later date and that this resolution does not bind the City Council to award a specific amount of financial assistance for the project; and WHEREAS, the Buyer is a company that is active and in good standing as documented in the Office of the Secretary of State as of January 18, 2023.