Laserfiche WebLink
NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA <br />COUNTY, STATE OF MINNESOTA, as follows: <br />1) That the City hereby authorizes execution of the First Amendment to Purchase <br />Agreement including the sale of the Property to Ramsey Properties, LLC, for $1.00 on <br />+/- 2.85 acres (124,146 square feet) as outlined in Exhibit A (the "Purchase Price"). The <br />property valuation is $434,511 ($3.50/SF); subject to the following contingencies: <br />a. Satisfactory review of the underwriting by the Seller demonstrating the need of <br />financial assistance in the form of a land write down of $434,511. <br />b. City Council approval and execution of a Tax Increment Financing Agreement <br />between the Seller and Buyer and or its assigns. <br />c. City Council approval of Business Subsidy for Buyer and or its assigns. <br />d. Hotel feasibility study supporting a viable market in the City of Ramsey, Developer <br />obtaining surveys, environmental and geotechnical reports, wetland studies and <br />such other items Developer determines to be necessary to build and operate the <br />proposed hotel. <br />e. Seller's approval of a replat of the Property. <br />f. Buyer and Seller entering into a Development Agreement on such terms as are <br />satisfactory to Buyer; <br />g. Any shared access easement(s) between the Property and any adjacent property <br />required by Seller is in existence or has been obtained. <br />2) That the City Council hereby authorizes the City Administrator and Mayor to sign any and <br />all documents necessary to close on the sale of the Property, consistent with Charter and <br />State law requirements. <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 this <br />the 24th day of January, 2023. <br />ATTEST: <br />City Clerk <br />Mayor <br />Resolution #23-034 <br />Page 2 of 3 <br />