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Councilmember introduced the following resolution and moved for its adoption: <br />RESOLUTION #24-147 <br />RESOLUTION APPROVING RIGHT OF RE-ENTRY AGREEMENT, <br />SUBORDINATION AGREEMENT AND SALE OF PORTION OF OUTLOT A, RAMSEY <br />PROPERTIES ADDITION: CENTRA HOMES LLC <br />WHEREAS, the City of Ramsey, herein referred to as the "City," owns various parcels <br />throughout the City of Ramsey; and <br />WHEREAS, on August 8, 2023 the City Council adopted Resolution #23-173 approving <br />a Purchase Agreement for the sale of the parcel legally described on Exhibit A ("the Property"), <br />with Centra Homes LLC, a Minnesota Limited Liability Company (the "Buyer"); and <br />WHEREAS, on September 12, 2023 the City Council adopted Resolution #23-206 <br />approving a First Amendment to Purchase Agreement for the sale of the parcel legally described <br />on Exhibit A ("the Property"), with Centra Homes LLC, a Minnesota Limited Liability Company <br />(the "Buyer"); and <br />WHEREAS, the Buyer and Seller have agreed upon a price of $6,214.00 per approved <br />units; and <br />WHEREAS, the unit count for the Waterfront Village Preliminary Plat has increased from <br />103 units to 108 units resulting in a new purchase price of $671,112; and <br />WHEREAS, a Right of Re -Entry Agreement in the form attached hereto as Exhibit B will <br />be filed as part of the land closing transaction for the Property; and <br />WHEREAS, a Subordination Agreement with Bridgewater Bank releasing the City's right <br />to re-enter and take possession of the Property but retains the ability to impose up to a $800,000 <br />penalty for lots that do not obtain certificates of Occupancy with in the agree upon time frame will <br />be filed at the land closing; and <br />WHEREAS, the Buyer has agreed to contribute $256,600 to the City of Ramsey for its <br />share of the cost associated with the construction of West Ramsey Parkway adjacent to the <br />Property; and <br />WHEREAS, Centra Homes LLC is in Good Standing with the Secretary of State of <br />Minnesota as of June 5, 2024. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA <br />COUNTY, STATE OF MINNESOTA, as follows: <br />