Agenda - Council - 12/28/2006 - Laserfiche WebLink

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AGREEMENT This Agreement is made this day of December 2006 by and between the City of Ramsey, a municipal corporation organized and existing under the laws of the State of Minnesota (the. "City"), whose address is Ramsey, Minnesota, and P.S.D., LLC, a Minnesota limited liability company ("PSD"), whose address is 7333 Sunwood Drive, Ramsey, Minnesota 55303. RECITALS A. 'The City has approved a plan for the development of a portion of the City, said development being known as Ramsey Town Center. In furtherance ...thereof, the City entered into that certain Master Development Agreement, dated September 17, 2003, which-was filed for record in the office of the Anoka County Recorder on September 24, 2003 as Document No. 1854364 and filed for record in the office of the Registrar of Titles for Anoka County on September 24, 2003 as Document No. 446333, as amended by First Amendment to Master Development Agreement, dated February 28, 2005, which was filed for record in the office of the Anoka County Recorder as Document No. 1973508.001 and filed for record in the office of the Registrar of Titles for Anoka County as Document No. 482049.001 (the Master Development Agreement and the First Amendment to Master Development being referred to herein as the "Development Agreement"). The Development Agreement is between the . City and Ramsey Town Center, LLC (the "Developer"). B. As a part of the plan for the development of Ramsey Town Center, the City entered into an Option Agreement with the Developer, dated February 28, 2005, which was filed of record in the office of the Anoka. County Recorder on January 18, 2006 as Document No. 1981372.001 and filed for record in the office of the Registrar of Titles for Anoka County on January 18, 2006 as Document No. 486116.001 (the "City Option"). Pursuant to the terms of the City Option, the City has the right to purchase certain-parcels of land located within Ramsey Town Center to be used for the purposes set forth in the City Option, said parcels being legally . described in Exhibit A to this Agreement (the "Option Properly"). The City deems it important to the further development of Ramsey Town Center that the Option Property be developed as contemplated by the plan for Ramsey Town Center. C. On or about November 2, 2006, the City exercised its rights under the City Option to purchase the Option Property.