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