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I <br /> I <br /> I <br />'1 <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br />Case <br /> <br />AUTHORIZE EXECUTION OF MEMORANDUM OF UNDERSTANDING WITH <br />RAMSEY TOWN CENTER LLC <br /> By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />The developer of the proposed Town Center is the Ramsey Town Center LLC, a Minnesota <br />Limited Liability Company (RTC). The City has begun formal discussion with RTC since last <br />year and now a great deal of staff time being utilized for the Town Center Project. Staff realizes <br />that a development agreement may be months away from consideration, and the City desires a <br />more fonrtal relationship with the developer. The Town Center Task Force had recommended <br />the negotiation and development of a Memorandum of Understanding with RTC in the report <br />card of the beginning of the year. Staff has been working with the developer and a document is <br />prepared for Council authorization. <br /> <br />The Memorandum of Understanding with RTC is not a development agreement. It does, <br />however, set the stage for negotiations with the developer for a development agreement. Perhaps <br />the most important feature of the Memorandum is the agreement by the developer to create an <br />escrow to post a cash escrow from which escrow expenditures attributed to the Town Center <br />Project, or City Staff time and resources can be reimbursed. <br /> <br />Staff would recommend authorization of the Memorandum of Understanding. <br /> <br />Couucil Actiou: <br /> <br />Motion to authorize execution of the Memorandum of Understanding with the Ramsey Town <br />Center LLC. <br /> <br />Reviewed by: <br />City Administrator <br /> <br />Copies also distributed to: <br />Community Development Director <br />Principal Planner <br />Development Consultant <br /> <br />CC: 02/25/03 <br /> <br />-137- <br /> <br /> <br />