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Councilmember Riley introduced the following resolution and moved for its adoption: CITY COUNCIL RESOLUTION #20-022 RESOLUTION APPROVING PURCHASE AGREEMENT AND PRELIMINARY TIF FINANCING DEAL STRUCTURE FOR PART OF OUTLOT A, COR STONE BROOK ACADEMY WHEREAS, the City of Ramsey, herein referred to as the “City,” owns various parcels throughout the City of Ramsey; and WHEREAS, the City negotiated the terms of Purchase Agreement for the sale of the parcel Exhibit AProperty legally described on (“the ”), with Cobblestone Hotel Development, LLC and/or its assigns; and WHEREAS, the City and Cobblestone Hotel Development, LLC and/or its assigns have negotiated a Purchase Price of $1.00 for land valued at $5.00 per usable square foot ($326,700) on +/- 1.5 acres (65,340 square feet) subject to a lot split as approved in Final Plat for the Property referenced in the Purchase Agreement; and WHEREAS, the City herby declares the Property to be surplus City-owned land and is no longer needed for current or future City functions, and authorizes the property to be sold as referenced in Ordinance 15-05. The parent parcel authorized for sale is 28-32-25-23-0010; and WHEREAS, the formal Purchase Agreement with an effective date of January 28, 2020 requires a Right-of-Re-Entry Agreement be recorded at the closing of this land transaction; and WHEREAS, Cobblestone Hotel Development, LLC is a company that is active and in good standing as documented in the Office of the Secretary of State as of 1/22/2020; and NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That the City hereby declares the Property to be surplus City-owned land, and authorizes the property to be sold. 2) That the City hereby authorizes the sale of the Property to Cobblestone Hotel Development, LLC and/or its assigns, for $1.00 for land valued at $5.00 per usable square foot on +/- 1.5 acres (65,340 square feet) subject to a lot split as approved in Final Plat for the Property referenced in the Purchase Agreement for the development of a minimum 60 unit, 4 Story hotel with restaurant and indoor pool foot retail building. Subject to the following: a. Satisfactory review of the underwriting by the Seller demonstrating the need of financial assistance in the form of a land write down of $326,699.