Consider the Introduction of an Ordinance Authorizing the City of Ramsey to Convey its Interest in a Property (Lot 1, Block 1, Ramsey Town Center Fifth Addition)

In May 2011, the City transferred title of the Flaherty & Collins COR property (Lot 1, Block 1 Ramsey Town Center Fifth Addition) to the Ramsey Housing and Redevelopment Authority (HRA) by process of Quit Claim Deed.  The attorneys have now advised the City that the transfer of the property from the City to the HRA needs to be done by ordinance.  The City Charter, Chapter 12, Section 12.3 (Sales of Real Property) requires the City to convey property by Ordinance and an Ordinance conveying property is not effective until 30 days after it is adopted/published.  The title company will not issue title insurance to allow the HRA to close on the property until this action is taken by the City.  Consequently, the F & C closing will be delayed until this action is taken and the Ordinance becomes effective the end of April.  The closing was originally scheduled for March 29. 

Pursuant to the Charter, Section 3, Section 3.1 (Council Meetings), a special meeting has been called by the Mayor to introduce the necessary ordinance.  The ordinance will then be scheduled for consideration of adoption at the March 27 regular meeting.  Upon adoption, the Ordinance will be published in the March 30 edition of The Union, making April 30 the effective date.

Staff recommends introduction of the attached Ordinance for conveyance of Lot 1, Block 1, Ramsey Town Center Fifth Addition.

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