Laserfiche WebLink
L-09-05 <br />RELEASE OF AGREEMENT AND RESTRICTIVE COVENANT <br />THIS RELEASE OF AGREEMENT AND RESTRICTIVE COVENANTS ("Release") is made <br />as of 2026 ("Effective Date") by the Metropolitan Council, a public <br />corporation and political subdivision of the State of Minnesota ("Council") and the City of <br />Ramsey, a municipal corporation of the State of Minnesota ("City") (collectively, the "Parties"). <br />Recitals <br />A. The City is the owner of the following real property, located in the City of Ramsey, Anoka <br />County and is legally described as follows: <br />Tract A, Registered Land Survey No. 249, Anoka County, Minnesota <br />(the "Property"). <br />B. The Council and the City are parties to a Loan Agreement Between the Metropolitan <br />Council and the City of Ramsey for Protective Acquisition of Highway Right -of -Way, <br />dated July 10, 2009, and Amendment No. 1 to Loan Agreement Between the Metropolitan <br />Council and the City of Ramsey for Highway Right -of -Way Acquisition Loan Agreement <br />No. L-09-05) (collectively, "Loan Agreement No. L-09-05"). <br />C. The City acquired the Property utilizing loan funds provided by the Council to the City <br />pursuant to Loan Agreement No. L-09-05. <br />D. The Council's interest in the Property represented by Loan Agreement No. L-09-05 is <br />secured by the Parties' an Amended Agreement and Restrictive Covenant, dated December <br />3, 2012, recorded March 18, 2013, as Document No. 514444.002 in the Office of the Anoka <br />County Property Tax Administrator/Recorder/Registrar of Titles ("Amended Agreement <br />and Restrictive Covenant") <br />E. On September 8, 2026, the City of Ramsey City Council adopted Resolution No. 26-207 <br />Approving Purchase Agreement For Sale of Tract A, Registered Land Survey No. 249 to <br />6781 Properties, LLC, <br />F. To facilitate the City's conveyance of the Property, the Council authorized the City to sell <br />the Property, among others, and authorized the release of its interests in the Property upon <br />payment of funds pursuant to Business Item No. 2026-171 at its October 28, 2026 Council <br />Meeting ("Council Business Item"). <br />