Consider First Amendment to Purchase Agreement - The Residence at The COR

On March 27th, 2012 the City Council adopted the resolution approving the disposition of excess land owned by the City of Ramsey and transferring ownership to the HRA. This property is generally described as:

PART OF LOT 1, BLOCK 1, RAMSEY TOWN CENTER 5TH ADDITION, OWNED BY THE CITY OF RAMSEY, TO BE CONVEYED TO BE A PORTION OF LOT 3, BLOCK 1, COR ONE

The effective date of this ordinance will be April 30th, 2012.

The current purchase agreement approved by the HRA required the parties to close on or before March 29th, 2012. Because the HRA will not have marketable title to the property until April 30th, they cannot convey by the date outlined in the current agreement.

The attached amendment to that agreement extends the closing date to April 30th, 2012.

The Developemnt Team recommends the HRA approve the proposed First Amendment to the Purchase Agreement and direct staff to execute the document and deliver to the buyer.

N/A

Approve the First Amendment to the Purchase Agreement and direct staff to execute the document and deliver to the buyer.