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WHEREAS, a public hearing to consider approval of TIF Financial assistance will be on <br />June 13, 2023 this resolution does not bind the City Council to award a specific amount of financial <br />assistance for the project; and <br /> <br />WHEREAS, the Buyer is a company that is active and in good standing as documented in <br />the Office of the Secretary of State as of June 6, 2023. <br /> <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA <br />COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />1) That the City hereby authorizes execution of the Second Amendment to Purchase <br />Agreement for the sale of the Property to Ramsey Properties, LLC, for $1.00 on +/- <br />2.813 acres (122,543 square feet) as outlined in Exhibit A (the “Purchase Price”). The <br />property valuation is $434,511 ($3.55/SF); subject to the following contingencies: <br /> <br />a. Satisfactory review of the underwriting by the Seller demonstrating the need of <br />financial assistance in the form of a land write down of $434,511. <br />b. City Council approval and execution of a Tax Increment Financing Agreement <br />between the Seller and Buyer and or its assigns. <br />c. City Council approval of Business Subsidy for Buyer and or its assigns. <br />d. Hotel feasibility study supporting a viable market in the City of Ramsey, Developer <br />obtaining surveys, environmental and geotechnical reports, wetland studies and <br />such other items Developer determines to be necessary to build and operate the <br />proposed hotel. <br />e. Seller’s approval of a replat of the Property. <br />f. Buyer and Seller entering into a Development Agreement on such terms as are <br />satisfactory to Buyer; <br />g. Any shared access easement(s) between the Property and any adjacent property <br />required by Seller is in existence or has been obtained. <br /> <br />2) That the City of Council authorizes the sale of Part of Outlot A, COR TWO to be platted <br />as Lot 1, Block 1, Ramsey Properties Addition as identified on Exhibit A (the “Property”) <br />to Ramsey Properties, LLC. <br /> <br />3) That the City Council authorizes execution of the Right of Re-Entry Agreement referenced <br />in the Purchase Agreement(s). <br /> <br />4) That the City Council hereby authorizes the City Administrator and Mayor to sign any and <br />all documents necessary to close on the sale of the Property, consistent with Charter and <br />State law requirements. <br /> <br /> <br /> <br /> <br /> <br />Resolution #23-125 <br />Page 2 of 4 <br /> <br />