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Councilmember Howell introduced the following resolution and moved for its adoption: <br /> RESOLUTION #24-238 <br /> RESOLUTION APPROVING PARTIAL FINANCIAL SECURITY REDUCTION FOR <br /> SODERHOLM & ASSOCIATES BUILDING EXPANSION AND SITE <br /> IMPROVEMENTS <br /> WHEREAS, the City of Ramsey (City) and Representative Investments, LLC (Permittee) <br /> entered into a Development Agreement (Agreement) related to the building expansion and <br /> associated site improvements at 7150 143rd Avenue NW on June 13, 2023; and <br /> WHEREAS, the Agreement required the Permittee to provide a Financial Security in the <br /> amount of$641,320.00 to the City for the Required Improvements; and <br /> WHEREAS, that Financial Security exists for the purpose of protecting the City by <br /> allowing it to complete the specified work in the Agreement if the Permittee fails to do so and that <br /> need diminishes directly and proportionately to the extent that each item specified is completed; <br /> WHEREAS, the Development Agreement allows for the release of the Financial Security <br /> upon completion of the Required Improvements; and <br /> WHEREAS, the City has historically and consistently followed the practice of reducing <br /> Financial Securities proportionately for projects as specific improvements subject to the <br /> Development Agreement are completed through the stages, while retaining security sufficient to <br /> assure completion of the remaining items; and <br /> WHEREAS, the request of the Permittee is entirely consistent with past practice and the <br /> expectations of the parties; and <br /> WHEREAS, City staff has reviewed a request from the Permittee establishing the <br /> completion of specific items governed by the agreement and supports proportionately reducing the <br /> financial security to $55,000, based upon the completed work; and <br /> WHEREAS, the remaining amount is sufficient to cover the remaining Required <br /> Improvements as Stipulated by the Development Agreement. <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> 1) That the Ramsey City Council hereby approves the partial reduction to the Soderholm & <br /> Associates Development Agreement to an amount of$55,000. <br /> 2) That the Financial Security may be reduced further upon review of work completed by City <br /> Staff to a minimum amount sufficient to cover any remaining Required Improvements <br /> identified in the Development Agreement. <br />