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

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Councilmember Specht introduced the following resolution and moved for its adoption: RESOLUTION #22-185 RESOLUTION APPROVING PURCHASE AGREEMENT AND SALE OF OUTLOT A, GIGI ADDITION WHEREAS, the City of Ramsey, herein referred to as the "City," owns various parcels throughout the City of Ramsey; and WHEREAS, the City negotiated the terms of Purchase Agreement for the sale of Out of A, Gigi Addition to THE SCHIEBOUT FAMILY LIMITED PARTNERSHIP, LLLP and/or its assigns (the "Buyer"); legally described in Exhibit A, attached hereto; and WHEREAS, the City and the Buyer have negotiated a purchase price of $ 1.00 on +/- 1.43 acres (62,290 square feet) as outlined in Exhibit A (the "Purchase Price"). The property valuation is $311,454; and WHEREAS, the City herby declares the Property to be surplus City -owned land and is no longer needed for current or future City functions, and authorizes the property to be sold as referenced in the underlying legal in Ordinance # 15-05 . The parent parcel authorized for sale is 28-32-25-23-0010; and WHEREAS, the Purchase Agreement with requires a Right of Re -Entry Agreement be recorded at the closing of this land transaction; and WHEREAS, the Buyer is a company that is active and in good standing as documented in the Office of the Secretary of State as of August 15, 2022. NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That the City hereby authorizes the sale of the Property to THE SCHIEBOUT FAMILY LIMITED PARTNERSHIP, LLLP, for $1.00 on +/- 1.43 acres (62,290 square feet) as outlined in Exhibit A (the "Purchase Price"). The property valuation is $311,454 ($5.00/SF); subject to the following: a. Satisfactory review of the underwriting by the Seller demonstrating the need of financial assistance in the form of a land write down of $311,454. b. City Council approval and execution of a Tax Increment Financing Agreement between the Seller and Buyer and or its assigns. c. City Council approval of Business Subsidy for Buyer and or its assigns. d. Hotel feasibility study supporting a viable market in the City of Ramsey, Developer obtaining surveys, environmental and geotechnical reports, wetland studies and such other items Developer determines to be necessary to build and operate the proposed hotel.