Agenda - Economic Development Authority - 05/11/2023

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NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That the City hereby authorizes execution of the First Amendment to Purchase Agreement including the sale of the Property to Ramsey Properties, LLC, for $1.00 on +/- 2.85 acres (124,146 square feet) as outlined in Exhibit A (the "Purchase Price"). The property valuation is $434,511 ($3.50/SF); subject to the following contingencies: a. Satisfactory review of the underwriting by the Seller demonstrating the need of financial assistance in the form of a land write down of $434,511. b. City Council approval and execution of a Tax Increment Financing Agreement between the Seller and Buyer and or its assigns. c. City Council approval of Business Subsidy for Buyer and or its assigns. d. Hotel feasibility study supporting a viable market in the City of Ramsey, Developer obtaining surveys, environmental and geotechnical reports, wetland studies and such other items Developer determines to be necessary to build and operate the proposed hotel. e. Seller's approval of a replat of the Property. f. Buyer and Seller entering into a Development Agreement on such terms as are satisfactory to Buyer; g. Any shared access easement(s) between the Property and any adjacent property required by Seller is in existence or has been obtained. 2) That the City Council hereby authorizes the City Administrator and Mayor to sign any and all documents necessary to close on the sale of the Property, consistent with Charter and State law requirements. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Musgrove, and upon vote being taken thereon, the following voted in favor thereof: Mayor Kuzma Councilmember Specht Councilmember Musgrove Councilmember Olson Councilmember Riley Councilmember Woestehoff and the following voted against the same: Councilmember Howell and the following abstained: None Resolution #23-034 Page 2 of 4