Agenda - Council - 05/28/2024 - Laserfiche WebLink

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FIRST AMENDMENT TO THE PURCHASE AGREEMENT This is the First Amendment to the Purchase Agreement("First Amendment")by and between the City of Ramsey, a Minnesota municipal corporation ("Seller"), and Centra Homes LLC, a Minnesota Limited Liability Company and/or its assigns ("Buyer"), with an Effective Date of August 17, 2023. Recitals 1. ORIGINAL AGREEMENT. Seller and Buyer entered into a certain Purchase Agreement dated effective as of August 17, 2023 (the "Original Agreement"), for the purchase and sale of approximately 16.3 acres located in Anoka County, Minnesota and legally described as set forth in the Original Agreement and defined therein as the Property. Seller and Buyer desire to amend certain terms of the Original Agreement as specifically set forth in this First Amendment and only the terms specifically set forth in this First Amendment. 2. EFFECTIVE DATE. The Effective Date remains August 17, 2023. 3. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller approximately 16.3 acres (710,028 SF) of vacant land, legally described as follows: see attached Exhibit A PID Number: Portion of 28-32-25-22-0058 ("Property"). 4. CONSTRUCTION DEADLINE. Section 28 of the Original Agreement is hereby amended in its entirety as follows: 28. CONSTRUCTION DEADLINE. The project consists of 103-unit owner occupied detached townhomes. Buyer shall obtain certificates of occupancy for the construction of forty(40) single family townhomes pursuant to the following schedule: Construction Deadline Schedule: Eight(8) certificates of occupancy within sixteen 0 6) months after Closing; A total of sixteen (16) certificates of occupancy within twenty-eight (28) months after Closing; A total of twenty-four(24) certificates of occupancy within forty(40) months after Closing; A total of thirty-two (32) certificates of occupancy within fifty-two (52)months of Closing; A total of forty(40) certificates of occupancy within sixty-four(64) months of Closing.