Adopt Resolution #21-063 Releasing Agreements for Outlot B, Alpha Development; Case of US Home Corporation (Lennar) and the City of Ramsey

The purpose of this case is to release Outlot B, Alpha Development (the "Subject Property"), from three past development agreements that are no longer necessary for the land. This is a standard and typical case for the City, that happens when land is sold from one party to another. In this situation, the City of Ramsey is selling the piece of land to US Home Corporation (Lennar), and the title company has found past, expired agreements still tied to the property. The Subject Property is on the southeastern section of the Puma/Okapi Street and Alpine Drive intersection.

The Applicant and Staff are requesting that the City release the Subject Property from three separate agreements - the original Development Contract, an Amended and Restated Development Contract, and a Stormwater and Ponding Agreement. The items outlined in these contracts are no longer necessary on this piece of land.

If approved, this case would clean up title work for a City-owned piece of land, and allow a piece of City-owned land to be sold, furthering the City's goals. The City of Ramsey Economic Development, Planning, and Engineering Departments have reviewed this request and are supportive of the release. The land closing is anticipated to occur on April 7, 2021

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Staff is handling this case as part of regular duties.

Staff recommends adoption of Resolution #21-063.

Motion to adopt Resolution #21-063.