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CC Regular Session <br />Meeting Date: <br />05/26/2026 <br />Primary Strategic Plan Initiative: Promote economic growth and development. <br />Title: <br />Adopt Resolution #26-132 Approving First Amendment to Purchase Agreement for Sale of Lot 1, Block 7, <br />Waterfront Village: Roers Ramsey Apartments I LLC <br />5. 12. <br />Purpose/Background: <br />This Council action is a housekeeping item. The purpose of this case is to assign the buying entity from Roers <br />Acquisition LLC, a Minnesota limited liability company to Roers Ramsey Apartments I LLC, a Delaware limited <br />liability company as permitted in the PA council approved on May 27, 2025. A First Amendment to Purchase <br />Agreement is required to complete this assignment. This is typical for entities that own numerous real estate <br />holdings in one state. <br />Notification: <br />None required <br />Time Frame/Observations/Alternatives: <br />This Council action is a housekeeping item. The purpose of this case is to assign the buying entity from Roers <br />Acquisition LLC, a Minnesota limited liability company to Roers Ramsey Apartments I LLC, a Delaware limited <br />liability company as permitted in the Purchase Agreement council approved on May 27, 2025. This is typical for <br />entities that own numerous real estate holdings in one state. <br />The project and terms of the Purchase agreement and Right of Re -Entry Agreement aside from the buying entity <br />remain unchanged from the previously approved Purchase Agreement. <br />The City Attorney has reviewed the First Amendment to Purchase Agreement and has approved to form, and <br />effectiveness, which is required to complete the assignment. <br />Alternatives: <br />1) Adopt Resolution #26-132 Approving First Amendment to Purchase Agreement for Sale of Lot 1, Block 7, <br />Waterfront Village: Roers Ramsey Apartments I LLC; (as presented); subject to City Attorney review <br />2) Adopt Resolution #26-132 Approving First Amendment to Purchase Agreement for Sale of Lot 1, Block 7, <br />Waterfront Village: Roers Ramsey Apartments I LLC; (as presented); subject to City Attorney review <br />3) Something Else <br />Funding Source: <br />This item is being covered under normal staff duties. <br />Recommendation: <br />Staff recommends adoption of Resolution #26-132 Approving First Amendment to Purchase Agreement for Sale <br />of Lot 1, Block 7, Waterfront Village: Roers Ramsey Apartments I LLC; (as presented); subject to City Attorney <br />review <br />Outcome/Action: <br />