Agenda - Council - 06/24/2025 - Laserfiche WebLink

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Councilmember introduced the following resolution and moved for its adoption: RESOLUTION #25-150 RESOLUTION APPROVING FIRST AMENDMENT TO PURCHASE AGREEMENT AND RIGHT OF RE-ENTRY AGREEMENT FOR PART OF OUTLOT D, WATERFRONT VILLAGE: CAPITAL REAL ESTATE, INC. (CHIPOTLE) WHEREAS, the City of Ramsey, herein referred to as the "City," owns various parcels throughout the City of Ramsey; and WHEREAS, on January 14, 2025, the City adopted Resolution #25-006 approving a Purchase Agreement and Right of Re -Entry Agreement for the sale and development of Part of Outlot D, Waterfront Village (the "Property") to Capital Real Estate, Inc. and/or its assigns (the "Buyer"); and WHEREAS, the Buyer is in the process of platting Bunker Lake Crossing that plats Outlot D, Waterfront Village (referenced in the original Purchase Agreement into Lots 1, 2 and 3, Block 1 and Outlot A, Bunker Lake Crossing (the "Property"); and WHEREAS, the City will sell the newly platted Lots 1, 2 and 3, Block 1, Bunker Lake Crossing to the Buyer and retain Outlot A, Bunker Lake Crossing; and WHEREAS, the Buyer has notified the City the Purchasing/Owner entity will be assigned from Capital Real Estate, Inc., a Minnesota Corporation to Bunker Lake Crossing LLC, a Delaware limited liability company and the business/ownership entity name in purchase agreement needs to be changed to Bunker Lake Crossing LLC in the First Amendment to Purchase Agreement and the Right of Re -Entry Agreement; and WHEREAS, the City will sell Lots 1, 2 and 3, Block 1, Bunker Lake Crossing (the "Property), to Capital Real Estate, Inc. for $981,000 on +/- 4.01 acres (174,676 square feet) legally described on attached Exhibit A (the "Purchase Price") subject to terms included in the Purchase Agreement, First Amendment to Purchase Agreement and Right of Re -Entry Agreement; and WHEREAS, the First Amendment to Purchase Agreement modifies the legal description from Part of Outlot D, Waterfront Village, to Lots 1, 2 and 3, Block 1, Bunker Lake Crossing and locks in the Sales price of $981,000 for 4.01 acres; and WHEREAS, the updated Right of Re -Entry Agreement will be recorded at the closing of this land transaction; and WHEREAS, Capital Real Estate, Inc. is a company that is active and in good standing as documented in the Office of the Secretary of State as of June 18, 2025 and Bunker Lake Crossing LLC will be filed and be in good standing prior to the closing date.