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<br />Councilmember Riley introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #25-045 <br /> <br />RESOLUTION APPROVING PURCHASE AGREEMENT AND RIGHT OF RE-ENTRY <br />AGREEMENT FOR THE SALE OF PART OF OUTLOT B, COR FIVE <br /> <br /> WHEREAS, the City of Ramsey, herein referred to as the “City,” owns various parcels <br />throughout the City of Ramsey; and <br /> <br />WHEREAS, the City negotiated the terms of Purchase Agreement for the sale of the parcel <br />legally described on Exhibit A (“the Property”), with CorTrust Bank, N.A., a South Dakota <br />Corporation (the “Buyer”); and <br /> <br />WHEREAS, the City and Buyer have negotiated a Purchase Price of $190,794 ($6.00 per <br />square foot) on +/- 0.73 acres (31,799 square feet) subject to Final Plat for the Property referenced <br />in the Purchase Agreement; and <br /> <br />WHEREAS, the City herby declares the Property to be surplus City-owned land and is no <br />longer needed for current or future City functions, and authorizes the property to be sold; and <br /> <br />WHEREAS, the formal Purchase Agreement requires a Right-of-Re-Entry Agreement be <br />recorded at the closing of this land transaction; and <br /> <br />WHEREAS, the Ramsey EDA met on February 13, 2025 and recommends the sale and <br />development of the Property to COR TRUST BANK, N.A., a South Dakota Corporation; and <br /> <br />WHEREAS, Proof of being in Good Standing for COR TRUST BANK, N.A., a South <br />Dakota Corporation will be required prior to sale of Property to Buyer. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA <br />COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />1) That the City hereby declares the Property to be surplus City-owned land, and authorizes <br />the property to be sold. <br /> <br />2) That the City hereby authorizes the sale of the Property to COR TRUST BANK, N.A., a <br />South Dakota Corporation for $190,794 ($6.00 per square foot) on +/- 0.73 acres (31,799 <br />square feet) subject to Final Plat for the Property for the development of a minimum 5,000 <br />square foot bank/office. <br /> <br />3) That the City authorizes execution of the Purchase Agreement and Right-of-Re-Entry <br />Agreement to be recorded at the closing of this land transaction. <br /> <br /> <br />