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Councilmember <br />ATTEST: <br />City Clerk <br />Mayor <br />RESOLUTION #06- 08 -XXX <br />Page 1 of 2 <br />Core -" <br />introduced the following resolution and moved for its adoption: <br />RESOLUTION #06- 08 -XXX <br />RESOLUTION AUTHORIZING THE CITY ADMINISTRATOR TO EXERCISE ANY <br />OR ALL REMEDIES DESCRIBED IN SECTION 15.1 OF THE MASTER <br />DEVELOPMENT AGREEMENT <br />WHEREAS, the City and Ramsey Town Center LLC entered into a Master Development <br />Agreement dated September 17, 2003; and <br />WHEREAS, the Letter of Credit to secure certain obligations within that Master Development <br />Agreement is set to expire on September 17, 2006; and <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA: <br />That if Ramsey Town Center, LLC and Community National Bank fail to cure the Master <br />Development Agreement defaults described in Briggs and Morgan, P.A.'s August 11, <br />2006 Notice of Default within the time periods set forth in Section 15.1 of the <br />Development Agreement, the City Administrator is authorized to exercise any and all <br />remedies described in Section 15.1 of the Development Agreement. <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />, and upon vote being taken thereon, the following voted in favor thereof: <br />and the following voted against the same: <br />and the following abstained: <br />and the following were absent: <br />Whereupon said resolution was declared duly passed and adopted by the Ramsey City Council <br />this the 22 day of August, 2006. <br />