Adopt Resolution #19-275 Approving Release of Right of Re-Entry Agreement for Affinity at Ramsey, LLC

Purpose: To release Affinity at Ramsey, LLC from Right of Re-Entry Agreement

Background:  The City of Ramsey entered into a right or Re-Entry Agreement with Affinity at Ramsey, LLC, recorded as document number 558797.009 in the Anoka County Office of the Registrar of Titles to ensure that the property would develop according to the approved site plan and within the approved project deadline.  Affinity at Ramsey, LLC has presented a Certificate of Occupancy documenting the the project has been completed within the deadline (30 months from closing) and has requested that the City release the property from the Right of Re-Entry Agreement.

Notification is not required.

The City has received the Certificate of Occupancy and has drafted a Release of Right of Entry Agreement that has been reviewed by the City Attorney.  The attached release will satisfy the Buyer's request by its lender.

This case is being handled as part of normal Staff duties.

Staff recommends adoption of Resolution #19-275 Approving Release of Right of Re-Entry Agreement for Affinity at Ramsey, LLC; subject to City Attorney approval

Motion to adopt Resolution #19-275 Approving Release of Right of Re-Entry Agreement for Affinity at Ramsey, LLC, subject to City Attorney approval