Minutes - Council - 08/08/2006 - Laserfiche WebLink

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. . . responsibility to undertake the streetscape improvements around the Municipal Center and requiring Ramsey Town Center, LLC to pay for said improvements via its City escrow account in 2007, and to be collateralized by the RTC, LLC $3,000,000 letter of credit. Motion by Councilmember Elvig, seconded by Councilmember Jeffrey, to ratify the recommendation of the Finance Committee in Case No.1 and to approve the change order for a not-to-exceed amount of $215,928 and to direct the City Attorney to negotiate a second amendment to the master development agreement dated September 17,2003, with Ramsey Town Center, LLC such that the City accepts the responsibility to undertake the streetscape improvements around.the Municipal Center and requiring Ramsey Town Center, LLC to pay for said improvements via its City escrow account in' 2007 and to be collateralized by the Ramsey Town Center, LLC $3,000,000 letter of credit. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Elvig, Jeffrey, Cook, Olson, Pearson, and Strommen. Voting No: None. City Attorney Goodrich recommended the following motion based on the discussion of the Finance Committee: Motion to direct the City Attorney and City Finance Officer on behalf of the City to take such actions as necessary to insure that the Ramsey Town Center, LLC $3,000,000 letter of credit is extended for an additional one year beyond its current expiration date of September 17,2006. Motion by Councilmember Strommen, seconded by Councilmember Cook, to ratify the recommendation of the Finance Committee in Case No. 1 and to direct the City Attorney and City Finance Officer on behalf of the City to take such actions as necessary to insure that the Ramsey Town Center, LLC $3,000,000 letter of credit is extended for an additional one year beyond its current expiration date of September 17, 2006. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Strommen, Cook, Elvig, Jeffrey, Olson, and Pearson. Voting No: None. 2) Authorization for Acquisition for Future Northwest Metro Corridor River Crossing (Boike Properties) Councilmember Strommen explained language has been included in the purchase agreement for the future Northwest Metro Corridor River Crossing that states if the Buyer elects to terminate this agreement and provides written notice to the Seller prior to September 30,2006, the earnest money will be retuned. After the September 30 date, the earnest money would be forfeited. The other issue that was discussed was regarding Paragraph C of the Joint Powers Agreement (JP A), which discusses the City and County sharing equally in costs. The Committee had a question as to whether the County would share equally in the forfeiture of the earnest money if it was at the City's sole discretion to cancel the purchase. There . was also an issue regarding the 10-year balloon timeframe included in the JP A, while State Statute only allows a 5-year balloon City Council / August 8, 2006 Page 26 of 29