Agenda - Council - 01/24/2023 - Laserfiche WebLink

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FIRST AMENDMENT TO PURCHASE AGREEMENT This is the First Amendment to the Purchase Agreement by and between the City of Ramsey, a Minnesota municipal corporation ("Seller"), and THE SCHIEBOUT FAMILY LIMITED PARTNERSHIP, LLLP and/or its assigns, a Minnesota Limited Partnership ("Buyer"), with an Effective Date of August 26, 2022. Recitals 1. The BUYER interest has been assigned from THE SCHIEBOUT FAMILY LIMITED PARTNERSHIP, LLLP (the "Assignor") to RAMSEY PROPERTIES, LLC (the "Assignee) 2. EFFECTIVE DATE. The Effective Date remains August 26, 2022. 3. SALE OF PROPERTY. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller approximately 2.85 acres (124,146 SF) of vacant land, legally described as follows and depicted on Exhibit A: Outlot A, COR TWO, to be platted as: T.B.D. Anoka County, Minnesota PID Number: Portion of 28-32-25-22-0058 (the "Property") 4. PURCHASE PRICE. The purchase price for the Property is $1.00 on +/- 2.85 acres (124,146 square feet) as outlined in Exhibit A (the "Purchase Price"). The Property Valuation is $434,511. 5. INSPECTION PERIOD. The Inspection Period is changed from March 26, 2023 to May 26, 2023. 6. CONSTRUCTION DEADLINE. Buyer shall obtain a certificate of occupancy from the City of Ramsey for the construction of minimum 98 unit - 4 story hotel with pool compliant with COR Zoning requirements to be further defined by an approved Site Plan 16 months after closing; provided, however, that if completion of performance shall be delayed at any time by reason of acts of God, war, civil commotion, riots, strikes, picketing or other labor disputes, unavailability of labor or materials, damage to work in progress by reason of fire or other casualty, or any cause beyond such Party's reasonable control, then the time for performance as herein specified shall be appropriately extended by the amount of the delay actually so caused. At Closing, a "Right of Re -Entry Agreement" must be executed and recorded to the Property providing that, in the event the above deadline is not met, Seller has the right to reclaim title to Page 1 of 3