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Councilmember Musgrove introduced the following resolution and moved for its adoption: <br /> RESOLUTION #24-147 <br /> RESOLUTION APPROVING RIGHT OF RE-ENTRY AGREEMENT, <br /> SUBORDINATION AGREEMENT AND SALE OF PORTION OF OUTLOT A, RAMSEY <br /> PROPERTIES ADDITION: CENTRA NORTH, LLC <br /> WHEREAS, the City of Ramsey, herein referred to as the "City," owns various parcels <br /> throughout the City of Ramsey; and <br /> WHEREAS, on August 8, 2023 the City Council adopted Resolution 423-173 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 /> WHEREAS, on September 12, 2023 the City Council adopted Resolution 423-206 <br /> approving a First Amendment to Purchase Agreement for the sale of the parcel legally described <br /> on Exhibit A ("the Property"), with Centra Homes LLC, a Minnesota Limited Liability Company <br /> (the "Buyer"); and <br /> WHEREAS, the entity name that will be acquiring the Property is Centra North, LLC, a <br /> Minnesota Limited Liability Company; and <br /> WHEREAS, the Buyer and Seller have agreed upon a price of $6,214.00 per approved <br /> units; and <br /> WHEREAS,the unit count for the Waterfront Village Preliminary Plat has increased from <br /> 103 units to 108 units resulting in a new purchase price of$671,112; and <br /> WHEREAS, a Right of Re-Entry Agreement in the form attached hereto as Exhibit B will <br /> be filed as part of the land closing transaction for the Property; and <br /> WHEREAS, a Subordination Agreement with Bridgewater Bank releasing the City's right <br /> to re-enter and take possession of the Property but retains the ability to impose up to a $800,000 <br /> penalty for lots that do not obtain certificates of Occupancy with in the agree upon time frame will <br /> be filed at the land closing; and <br /> WHEREAS, the Buyer has agreed to contribute $256,600 to the City of Ramsey for its <br /> share of the cost associated with the construction of West Ramsey Parkway adjacent to the <br /> Property; and <br /> WHEREAS, Centra Homes LLC and Centra North, LLC are in Good Standing with the <br /> Secretary of State of Minnesota as of June 5, 2024. <br />