Agenda - Council - 05/09/2023 - Laserfiche WebLink

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CC Regular Session 5.17. Meeting Date: 05/09/2023 By: Sean Sullivan, Community Development Information Title: Adopt Resolution # 23-102 Approving Second Amendment to Purchase Agreement and Right of Re -Entry Agreement for Part of Outlot C, Affinity at the COR; Case of COR Trust Bank (Portions maybe closed to the public) Purpose/Background: The City Council may choose to go into closed session pursuant to Minnesota Statutes section 13D.05, subdivision 3(c)(3) to consider offers or counteroffers for the purchase or sale of real or personal property. If the City Council chooses to enter into closed session, the statute and reason above needs to be referenced along with legal description (Part of Outlot C, Affinity at the COR) and the Anoka County Tax ID number 28-32-25-24-0017. The purpose of this case is to consider extending the Inspection Period from April 30, 2023 to June 30, 2023. The Developer has submitted a site plan application that will be reviewed by the Planning Commission on May 25, 2023. The developer is not comfortable issuing a Notice to Proceed prior to the site plan being recommended by the Planning Commission and ultimately adopted by the City Council. As such, the request to extend the Inspection Period from April 30 to June 30, 2023 has been submitted by the Developer. City Staff and the City Attorney have drafted a Second Amendment to Purchase Agreement to accomplish this goal. The Developer has reviewed the Second Amendment and has signed it showing its commitment to move forward in this process. The Developer has stated that the City can continue to hold the $10,000 in Earnest Money in the interim until the Second Amendment is approved. COR Trust is on track to break ground this year if site plan approval is granted. More Background The EDA met August I I, 2022 and adopted a motion to City Council recommending approval of a purchase agreement with COR Trust Bank to build in the COR. The City Council of Ramsey approved the Purchase Agreement and form of Right of Re -Entry Agreement through adoption of Resolution #22-186. Staff previously reviewed the proposed layout and has requested more detailed information relating to building size, materials, access points and some preliminary building elevations. Staff has also conveyed the requirements of the COR and building height along Sunwood Drive to the Developer. The site has been reconfigured based on Staff comments. The buyer had some problems with its civil engineer/architect relating to licensing in Minnesota that set back this project a few months. The City Council approved the First Amendment to Purchase Agreement extending the Inspection Period one month to April 30, 2023. However, this was not enough time to get a complete site plan submitted in a timely manner and more time is ultimately needed. The Planning Commission will review the formal site plan on May 25, 2023 to ensure the layout is consistent with COR zoning and code. Notification: Notification is not required. Observations/Alternatives: