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6. 23. <br />CC Regular Session New <br />Meeting Date: 09/24/2024 <br />Primary Strategic Plan Initiative: Promote economic growth and development. <br />Title: <br />Adopt Resolution #24-281 Approving Release of Assessment Agreement for Outlot D, Ramsey Town Center 11 th Addition <br />Purpose/Background: <br />The purpose of this case is to consider executing a release of special assessments levied against Outlot D, Ramsey Town <br />Center 11 th Addition for the 133 unit, amenity rich Skyline apartment project in the COR. Staff has been approached by a <br />title company (Registered Abstracters) looking to close on financing for the Skyline apartment project. The title work shows <br />an outstanding special assessment for Outlot d RTC 11 th Addition. Staff consulted with the Finance Department and verified <br />that the special assessments have been paid in full on this parcel and the plat and a Release of the Deferred Assessment <br />Agreement filed as document number 1992150.001 should be executed by the Council and provided to the title company <br />(Registered Abstracters) for recording. <br />Time Frame/Observations/Alternatives: <br />The Special Assessment Agreement filed as document number 1992150.001 (see attached) for Outlot D, Ramsy Town <br />Center 11 th Addition has been paid in full. Staff and the City Attorney has reviewed release for the deferred special <br />assessments and it is "Approved as to Form" Staff is presenting Resolution #24-281 for consideration by the Council. <br />Alternatives Include: <br />1) Adopt Resolution #24-281 Approving Release of Assessment Agreement for Outlot D, Ramsey Town Center 11 th <br />Additior(as presented); subject to City Attorney review <br />2) Adopt Resolution #24-281 Approving Release of Assessment Agreement for Outlot D, Ramsey Town Center 11 th <br />Additior(with changes); subject to City Attorney review <br />3) Something Else <br />Funding Source: <br />There is no cost to the City as the document was drafted by the title company. The title company will be recording <br />the release so there is no recording cost to the city. <br />Recommendation: <br />Staff recommends adoption of Resolution #24-281 Approving Release of Assessment Agreement for Outlot D, Ramsey Town <br />Center 11 th Additio (as presented); subject to City Attorney review <br />Outcome/Action: <br />Motion to adopt Resolution #24-281 Approving Release of Assessment Agreement for Outlot D, Ramsey Town Center 11 th <br />Additio (as presented); subject to City Attorney review <br />Attachments <br />Site Location Map <br />ACTION - Resolution #24-281 <br />ACTION - Release of Deferred Special Assessments <br />Reference - Recorded Deferred Assessment Agreement <br />Form Review <br />Inbox Reviewed By Date <br />Brian Hagen Brian Hagen 09/19/2024 12:49 PM <br />Form Started By: Sean Sullivan Started On: 09/18/2024 08:44 AM <br />Final Approval Date: 09/19/2024 <br />