Agenda - Council - 02/13/2007 - Laserfiche WebLink

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Case # • AUTHORIZE EXECUTION OF EXCLUSIVE NEGOTIATION AGREEMENT WITH RYAN COMPANIES US, INC. FOR RAMSEY CROSSINGS By: Patrick Trudgeon, AICP, Community Development Director. Background: In 2006, the City solicited development proposals from various developers for the redevelopment of land west of Armstrong known as Ramsey Crossings. After reviewing those proposals, the City initially selected RCM — Minnesota Corporation ( "Muir ") as a potential developer for the Development Property. The City and Muir entered into an Exclusive Negotiation Agreement dated as of July 26, 2006. Muir terminated the Exclusive Negotiation Agreement by a letter to the City's consultant, James Lasher of LSA Design, Inc. delivered on January 26, 2007. Ryan Companies US, Inc ( "Ryan ") was one of the Developers that submitted a proposal in response to the City's original request for proposals, and the City would like to enter into negotiations with Ryan to determine if the City and Ryan can reach an agreement pursuant to which Ryan would develop Ramsey Crossings. Ryan has indicated that this agreement is necessary for them to proceed to have discussions with potential end users in the Ramsey Crossings project. • Funding Source: The costs for drafting the Exclusive Negotiation Agreement and the negotiation with Ryan for the Ramsey Crossings project have been directed to the Ramsey Crossings escrow account. It is the intention of the City to recover these costs as part of the final agreement with, Ryan Companies. Staff Recommendation: Staff and attorneys have completed the Exclusive Negotiation Agreement and is now ready for Council consideration (attached). Staff recommends entering into the Exclusive Negotiation Agreement with Ryan. Council Action: Motion to authorize the City to enter into the Exclusive Negotiation Agreement with Ryan Companies US, Inc. for the Ramsey Crossings project. Review Checklist: Interim City Administrator • CC: 02.13.07 -119-