Adopt Resolution #13-11-195 Granting Request for Termination of Development Contract for Ramsey Town Center 3rd Addition

The City has received a request from Sophia-Ramsey, LLC for a Termination of the Development Contract for Ramsey Town Center 3rd Addition. The Development Contract was executed on December 22, 2004 lays out the obligations of Sophia-Ramsey, LLC related to the original subdivision and site plan approval of Northstar Marketplace.

It appears that all obligations under the contract have now been completed and the Development Contract may be released. In the event that final review determines that there are outstanding obligations, this case will be pulled for further review. Staff is forwarding the case at this time as there appears to be a real estate transaction of the Property scheduled for November 18, 2013.

No notification is required.

Alternative #1 - Grant Termination of Development Contract. As it appears that all obligations under the Contract have been completed, this appears to be the preferred option, subject to final review by Staff.

Alternative #2 - Grant Termination of Portions of the Development Contract. It does not appear that there are individual items outstanding related to the Contract.

Alternative #3 - Do not grant Termination of Development Contract. As there appear to not be any outstanding items related to the Contract, this option is not preferred. The request to terminate the Contract is a result of a pending sale of the Property the week of November 18, 2013.

Preparation of the case is being handled as part of normal Staff duties.

Staff recommends that the City Council adopt Resolution #13-11-195 granting termination of the Development Contract for RAMSEY TOWN CENTER 3RD ADDITION for Lots 1 and 2, Block 1, RAMSEY TOWN CENTER 3RD ADDITION.

Motion to adopt Resolution #13-11-195 granting termination of the Development Contract for RAMSEY TOWN CENTER 3RD ADDITION for Lots 1 and 2, Block 1, RAMSEY TOWN CENTER 3RD ADDITION.