Resolution - #25-037 - 02/25/2025

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Councilmember Peters introduced the following resolution and moved for its adoption: RESOLUTION #25-037 RESOLUTION APPROVING PURCHASE AGREEMENT FOR SALE OF LOT 2, BLOCK 1, KOVAR ADDITION WHEREAS,the City of Ramsey, herein referred to as the"City,"acquired various parcels acquired utilizing the Right of Way Acquisition Loan Fund (RALF) for the purposes relating to construction of future Hwy 10 improvements the City of Ramsey; and WHEREAS, the City acquired Lot 2, Block 1, Kovar Addition (the "Property") on June 7, 2006 utilizing RALF Funds for the Hwy 10 project; and WHEREAS, the City has leased the Property to rm Golf Carts since May 6, 2011 and the Tenant is in good standing with the City. The lease ends on May 31, 2025; and WHEREAS, the rm Golf Carts, Inc. has created a new buyer entity called RM Property Management LLC has agreed to pay all closing costs aside from special assessments and the City portion of the pro-rated real estate taxes to acquire the Property; and WHEREAS, the purchase price of the Property is Five Hundred Fifty Thousand and 00/100 Dollars($550,000.00)which is supported by an appraisal conducted by Valbridge Property Advisors as required by the Loan Agreement to determine Fair Market Value ($550,000.00) and the sale proceeds will satisfy the requirements of RALF Loan L06-03; and WHEREAS, an Early Termination Amendment to Lease Agreement with rm Golf Carts, Inc. to terminate the lease if the Closing occurs before May 31, 2025 has been reviewed and approved by the City Attorney as to form; 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 evidenced in adopted Ordinance 24-11; and WHEREAS, both RM Property Management LLC and rm Golf Carts, Inc. are Active and in Good Standing with the Office of the Secretary of State as of February 14, 2025. NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That the City hereby declares the Property to be surplus City-owned land, and authorizes the property to be sold. 2) That the City hereby authorizes the sale of the Property to RM Property Management LLC for Five Hundred Fifty Thousand and 00/100 Dollars ($550,000.00).