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<br />. <br /> <br />. <br /> <br />. <br /> <br />Councilmember Pearson introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #06-08-264 <br /> <br />RESOLUTION AUTHORIZING THE CITY ADMINISTRATOR TO EXERCISE ANY <br />OR ALL REMEDIES DESCRIBED IN SECTION 15.1 OF THE MASTER <br />DEVELOPMENT AGREEMENT <br /> <br />WHEREAS, the City and Ramsey Town Center LLC entered into a Master Development <br />Agreement dated September 17, 2003; and <br /> <br />WHEREAS, the Letter of Credit to secure certain obligations within the Master <br />Development Agreement is set to expire on September 17, 2006. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA: <br /> <br />1) That if Ramsey Town Center, LLC and Community National Bank fail to cure the Master <br />Development Agreement defaults described in Briggs and Morgan, P .A. ' s August 11, <br />2006 Notice of Default within the time periods set forth in Section 15.1 of the <br />Development Agreement, the City Administrator is authorized to exercise any and all <br />remedies described in Section 15.1 of the Development Agreement. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />Elvig, and upon vote being taken thereon, the following voted in favor thereof: <br /> <br />Mayor Gamec <br />Councilmember Pearson <br />Councilmember Elvig <br />Councilmember Cook <br />Councilmember Jeffrey <br /> <br />and the following voted against the same: <br /> <br />None <br /> <br />and the following abstained: <br /> <br />None <br /> <br />and the following were absent: <br /> <br />Councilmember Olson <br />Councilmember Strommen <br /> <br />RESOLUTION #06-08-26~ <br />Page 1 of2 <br />