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Background: <br />CONSIDER EXERCISE OF OPTION REGARDING OUTLOTS A & B <br />RAMSEY TOWN CENTER FIFTH ADDITION <br />By: James E. Norman, City Administrator <br />As part of the negotiations with the Ramsey Town Center, LLC, at the time of the February 2005 <br />First Amendment to the Master Development Agreement, the City entered into an Option <br />Agreement for the purchase of what has now been platted as Outlots A and B, Ramsey Town <br />Center Fifth Addition. In order to exercise the Option, the City needs to give notice to the <br />Ramsey Town Center LLC; of its intent to exercise and that it is intended to use the property for <br />one of the following permitted uses: <br />(i) public facilities including a community center <br />(ii) a performing arts center <br />(iii) a health club; and/or <br />(iv) a cinema <br />Council Action: <br />Reviewed by: <br />City Administrator <br />CC: 10/10/06 <br />CASE # 7 <br />The initial Option term expires on February 28, 2008, and this date can be extended for two, one- <br />year periods, or February 28, 2010. Staff recommends exercising the Option pursuant to the <br />First Amendment to the Master Development Agreement. <br />Motion to authorize staff to implement the required actions to exercise the City's option to <br />acquire Outlots A and B, Ramsey Town Center Fifth Addition, pursuant to the terms and <br />conditions of the Option Agreement dated February 28, 2006, between Ramsey Town Center <br />LLC and the City. <br />