Adopt Resolution #26-047 Approving Release of Right of Re-Entry Agreement and Amended and Restated Right of Re-Entry Agreement - Ramsey Properties, LLC 

The purpose of this case is to receive Council approval to fully release the Right of Re-Entry Agreement and Amended and Restated Right of Re-Entry Agreement with Ramsey Properties, LLC for the Hilton Home2 Suites project. 

Ramsey Properties, LLC has completed construction of a 98-unit Hilton Home2 Suites and received its Certificate of Occupancy required in the original Right of Re-Entry Agreement recorded as document number 612539.008 on September 15, 2023 and the Amended and Restated Right of Re-Entry Agreement recorded as document number 622491.001 on January 16, 2025.  The purpose of the Right of Re-Entry Agreements are to prevent land speculation and to ensure that projects are built in a timely manner.  Although this project did take longer than expected to receive its full Certificate of Occupancy, it was ultimately issued and the Hotel is fully open.  In order to clear title, a release of the Right of Re-Entry documents is required.  The City Attorney has reviewed the Release of Right of Re-Entry Agreement and Amended and Restated Right of Re-Entry Agreement and has approved it as to form and effectiveness. 

 

None required

Ramsey Properties, LLC has completed all the requirements of the Right of Re-Entry Agreement and Amended and Restated Right of Re-Entry Agreement for the Hilton Home2 Suites project.  Although it took a few months longer than anticipated, the project was completed as designed and is open for business.  As such, the documents and their encumbrances should be released for Ramsey Properties, LLC to clear title.

Alternatives include:
1) Adopt Resolution #26-047 Approving Release of Right of Re-Entry Agreement and Amended and Restated Right of Re-Entry Agreement (as presented); subject to City Attorney review
2) Adopt Resolution #26-043 Approving Release of Right of Re-Entry Agreement and Amended and Restated Right of Re-Entry Agreement (with changes); subject to City Attorney review
3) Something Else

No funding is required. Ramsey Properties, LLC to pay for recording fees for filing of the Release document

Staff recommends adoption of Resolution #26-047 Approving Release of Right of Re-Entry Agreement and Amended and Restated Right of Re-Entry Agreement (as presented); subject to City Attorney review

Motion to Adopt Resolution #26-047 Approving Release of Right of Re-Entry Agreement and Amended and Restated Right of Re-Entry Agreement (as presented); subject to City Attorney review