Adopt Resolution #24-312 Declaring Certain Agreements Related to Ramsey Town Center 7th Addition Satisfied and Authorizing Release from Property; Case of COR at Ramsey, LLC

The City has been contacted by COR at Ramsey, LLC (the "Property Owner"), the fee title owner Lots 1-31, Block 1 and Outlot A, Parkside Townhomes, along with Lots 5-11, Block 3 and Outlot B, Ramsey Town Center 7th Addition (together, the "Subject Property"), requesting the release of two former agreements known as Document Numbers 1977751.011 (Secondary Development Contract) and 2163649.001 (Agreement for Reimbursement of Fees and Requirement of Subsequent Developer(s) to Post Required Fees).  The former was executed and recorded as part of the plat known as Ramsey Town Center 7th Addition.  The latter agreement was executed and recorded when the previous developer (K. Hovnanian Homes of Minnesota, L.L.C.) opted to sell the remaining undeveloped land.  All required improvements outlined in Document Number 1977751.011 have either been fully completed or were incorporated into the Development Agreement for Parkside Townhomes, which has been recorded as Document Number 2423354.004, and thus are deemed to be satisfied.  Furthermore, as is standard practice and as required by City Code, when the remainder of the Subject Property is developed, a new Development Agreement will be executed and recorded, and said agreement will outline all required sureties and fees that will be applicable. 

The request by the Property Owner is simply to clean up the title of the Subject Property and make clear that these former agreements are no longer applicable. It is not uncommon for a property owner to request a release from a development agreement, especially when a property is sold.  Assuming the City Council adopts Resolution #24-312, the Property Owner would be responsible for recording the resolution with the Anoka County Recorder's Office, officially releasing the Subject Property from these two former agreements.

City Staff have verified that all requirements and conditions of the development agreement have been satisfied and/or will be satisfied as part of a new development agreement, which would be required when the remainder of the Subject Property is developed.

Notification is not required.

The Property Owner is responsible for all costs associated with this request.

Staff recommends approval of Resolution #24-312.

Motion to adopt Resolution #24-312 authorizing the release of multiple agreements associated with Ramsey Town Center 7th Addition.