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<br />Councilmember Peters introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #25-206 <br /> <br />RESOLUTION APPROVING FIRST AMENDMENT TO PURCHASE AGREEMENT <br />AND RIGHT OF RE-ENTRY AGREEMENT: CORTRUST BANK, N.A. <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, the City negotiated the terms of Purchase Agreement for the sale of the parcel <br />legally described on Exhibit A (“the Property”), with CorTrust Bank, N.A., a South Dakota <br />Corporation (the “Buyer”) and adopted Resolution #25-045 on February 25, 2025 approving the <br />Purchase Agreement and form of Right of Re-Entry Agreement; and <br /> <br />WHEREAS, the City and Buyer have negotiated a Purchase Price of $190,794 ($6.00 per <br />square foot) on +/- 0.73 acres (31,799 square feet) subject to Final Plat for the Property referenced <br />in the Purchase Agreement; and <br /> <br />WHEREAS, the City herby declares the Property to be surplus City-owned land and is no <br />longer needed for current or future City functions, and authorizes the property to be sold; and <br /> <br />WHEREAS, the formal Purchase Agreement requires a Right-of-Re-Entry Agreement be <br />recorded at the closing of this land transaction; and <br /> <br />WHEREAS, the Buyer has requested the Inspection Period be extended to obtain Site Plan <br />and Plat approvals prior to giving its “Notice to Proceed”; and <br /> <br />WHEREAS, the Buyer has provided the City with a Draft Plat named COR SIX; and <br /> <br />WHEREAS, Proof of being in Good Standing for CorTrust Bank, N.A., a South Dakota <br />Corporation will be required prior to sale of Property to Buyer. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA <br />COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />1) That the City hereby declares the Property to be surplus City-owned land, and authorizes <br />the property to be sold. <br /> <br />2) That the City hereby authorizes the sale of the Property, legally described on Exhibit A to <br />CorTrust Bank, N.A., a South Dakota Corporation for $190,794 ($6.00 per square foot) on <br />+/- 0.73 acres (31,799 square feet) subject to Final Plat for the Property for the development <br />of a minimum 5,000 square foot bank/office. <br /> <br /> <br />