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Councilmember Riley introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #26-047 <br /> <br />RESOLUTION APPROVING RELEASE OF RIGHT OF RE-ENTRY AGREEMENT AND <br />AMENDED AND RESTATED RIGHT OF RE-ENTRY AGREEMENT – RAMSEY <br />PROPERTIES LLC <br /> <br /> WHEREAS, Ramsey Properties, LLC (the “Buyer”) executed a Right of Re-Entry <br />Agreement (the “RORE”) with the City of Ramsey (the “Seller”) on August 22, 2023 encumbering <br />the property defined on Exhibit A, attached hereto (the “Property”), which was recorded as <br />Document number 612539.008 in the Anoka County Recorder / Registrar of Titles Office; and <br /> <br /> WHEREAS, Buyer executed an Amended and Restated Right of Re-Entry Agreement (the <br />“Amended RORE”) with Seller on January 15, 2025 encumbering the Property, which was <br />recorded as Document number 622491.001 in the Anoka County Recorder / Registrar of Titles <br />Office; and <br /> <br />WHEREAS, Buyer has completed construction of a 98-unit Hilton Home2 Suites Hotel <br />and has obtained a Certificate of Occupancy as required in the RORE and Amended RORE; and <br /> <br />WHEREAS, the City Attorney has reviewed the Release of Right of Re-Entry Agreement <br />and Amended and Restated Right of Re-Entry Agreement and has approved it as to form. <br /> <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />1) That the City of Ramsey authorizes approval and execution of the Release of Right of Re- <br />Entry Agreement and Amended and Restated Right of Re-Entry Agreement by the Mayor <br />and City Administrator; subject to City Attorney review. <br /> <br />The motion for adoption of the foregoing resolution was duly seconded by Councilmember <br />Buscher, and upon vote being taken thereon, the following voted in favor thereof: <br /> <br /> Mayor Heineman <br /> Councilmember Riley <br /> Councilmember Buscher <br /> Councilmember Peters <br /> Councilmember Stewart <br /> <br />and the following voted against the same: <br /> <br /> None <br /> <br />