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Councilmember introduced the following resolution and moved for its <br /> adoption: <br /> RESOLUTION #25-006 <br /> RESOLUTION APPROVING PURCHASE AGREEMENT AND RIGHT OF RE-ENTRY <br /> AGREEMENT FOR THE SALE OF PART OF OUTLOT, D WATERFRONT VILLAGE: <br /> CAPITAL REAL ESTATE, INC. <br /> WHEREAS, the City of Ramsey, herein referred to as the "City," owns various parcels <br /> throughout the City of Ramsey; and <br /> WHEREAS, the City negotiated the terms of Purchase Agreement for the sale of real <br /> property legally described in Exhibit A, attached hereto (the "Property") to Capital Real Estate, <br /> Inc., a Minnesota Corporation and/or its assigns (the "Buyer"); and <br /> WHEREAS, the City and the Buyer have negotiated a purchase price of$981,000 on +/- <br /> 3.34 acres (145,490 square feet) for the real estate depicted in Exhibit B of the Purchase <br /> Agreement if a Pylon sign is able to be constructed at the southeast corner of Armstrong and <br /> Bunker Lake Boulevards (the"Purchase Price"). The per square foot cost for this option is $6.74; <br /> and <br /> WHEREAS, the City and the Buyer have negotiated a purchase price of$966,596 on +/- <br /> 3.17 acres (138,085 square feet) for the real estate depicted in Exhibit B of the Purchase <br /> Agreement if a Pylon sign cannot be constructed at the southeast corner of Armstrong and Bunker <br /> Lake Boulevards (the "Purchase Price"). The per square foot cost for this option is $7.00; and <br /> WHEREAS, The Buyer proposes to construct a minimum 2,200 square foot Chipotle <br /> restaurant on the Property; and <br /> WHEREAS, the City hereby declares the Property to be surplus City-owned land and is <br /> no longer needed for current or future City functions, and authorizes the property to be sold; and <br /> WHEREAS, a Right of Re-Entry Agreement will be recorded at the closing of this land <br /> transaction; and <br /> WHEREAS,the Buyer is a company that is active and in good standing as documented in <br /> the Office of the Secretary of State as of January 2, 2024. <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA <br /> COUNTY, STATE OF MINNESOTA, as follows: <br /> 1) The City Council authorizes the City Administrator and Mayor to execute the Purchase <br /> Agreement and Right of Re-Entry Agreement with Capital Real Estate, Inc.; subject to <br /> City Attorney review <br /> 2) That the City hereby authorizes the sale of the Property to Capital Real Estate, Inc., a <br />