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<br />Councilmember Musgrove introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #23-206 <br /> <br />RESOLUTION APPROVING FIRST AMENDMENT TO PURCHASE AGREEMENT <br />FOR PORTION OF OUTLOT A, RAMSEY PROPERTIES ADDITION: CENTRA <br />HOMES <br /> <br /> WHEREAS, the City of Ramsey, herein referred to as the “City,” owns various parcels <br />throughout the City of Ramsey; and <br /> <br />WHEREAS, on August 8, 2023 the City Council adopted Resolution #23-173 approving <br />a Purchase Agreement for the sale of the parcel legally described on Exhibit A (“the Property”), <br />with Centra Homes LLC, a Minnesota Limited Liability Company (the “Buyer”); and <br /> <br />WHEREAS, the Buyer has requested that Section 28 of the Purchase Agreement be <br />amended as follows: <br /> <br />28. CONSTRUCTION DEADLINE. The project consists of 103-unit owner <br />occupied detached townhomes. Buyer shall obtain certificates of occupancy for the construction <br />of forty (40) single family townhomes pursuant to the following schedule: <br /> <br />Construction Deadline Schedule: <br />Eight (8) certificates of occupancy within sixteen (16) months after Closing; <br />A total of sixteen (16) certificates of occupancy within twenty-eight (28) months after <br />Closing; <br />A total of twenty-four (24) certificates of occupancy within forty (40) months after Closing; <br />A total of thirty-two (32) certificates of occupancy within fifty-two (52) months of Closing; <br />A total of forty (40) certificates of occupancy within sixty-four (64) months of Closing. <br /> <br />Each total certificate requirement outlined above shall include all certificates of occupancy <br />received during the current deadline period and all prior deadline periods. For instance, if sixteen <br />(16) certificates of occupancy are received within sixteen (16) months after Closing, Buyer shall <br />have no requirement to obtain any additional certificates of occupancy within twenty-eight (28) <br />months after Closing. <br /> <br />At Closing, a “Right of Re-Entry Agreement” must be executed, in substantially the same <br />form as attached hereto as Exhibit C, and recorded to the Property providing that, in the event any <br />of the above deadlines are not met, Seller has the right to reclaim title to the parcels for which <br />certificates of occupancy have not been obtained, or in the alternative, and at Seller’s sole <br />discretion, Buyer shall pay Seller $20,000 for each certificate of occupancy that is not obtained <br />pursuant to the deadlines set forth above.; and <br /> <br /> <br /> <br /> <br />