Agenda - Council - 09/09/2025 - Laserfiche WebLink

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Councilmember adoption: introduced the following resolution and moved for its RESOLUTION #25-206 RESOLUTION APPROVING FIRST AMENDMENT TO PURCHASE AGREEMENT AND RIGHT OF RE-ENTRY AGREEMENT: CORTRUST BANK, N.A. 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 the parcel legally described on Exhibit A ("the Property"), with CorTrust Bank, N.A., a South Dakota Corporation (the "Buyer") and adopted Resolution #25-045 on February 25, 2025 approving the Purchase Agreement and form of Right of Re -Entry Agreement; and WHEREAS, the City and Buyer have negotiated a Purchase Price of $190,794 ($6.00 per square foot) on +/- 0.73 acres (31,799 square feet) subject to Final Plat for the Property referenced in the Purchase Agreement; 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; and WHEREAS, the formal Purchase Agreement requires a Right -of -Re -Entry Agreement be recorded at the closing of this land transaction; and WHEREAS, the Buyer has requested the Inspection Period be extended to obtain Site Plan and Plat approvals prior to giving its "Notice to Proceed"; and WHEREAS, the Buyer has provided the City with a Draft Plat named COR SIX; and WHEREAS, Proof of being in Good Standing for CorTrust Bank, N.A., a South Dakota Corporation will be required prior to sale of Property to Buyer. 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, legally described on Exhibit A to CorTrust Bank, N.A., a South Dakota Corporation for $190,794 ($6.00 per square foot) on +/- 0.73 acres (31,799 square feet) subject to Final Plat for the Property for the development of a minimum 5,000 square foot bank/office.