Adopt Resolution Granting Revised Final Plat Approval of COR TWO; Case of the City of Ramsey Housing and Redevelopment Authority

Attached for the City Council's consideration for a revised Final Plat for COR TWO. The original Final Plat was originally approved on August 13, 2012. At this time, the proposed Lots 1 and 2 (existing lots) are not being included in the current version of the Final Plat. The additional area that is to be added to Lots 1 and 2 will be added with a subsequent Plat to be recorded by Sophia-Ramsey, LLC at the end of 2013. The attached HRA case provides background on the impetus for the change.

No notification required at this time. The revised Plat is consistent with past approvals.

The City Council previously granted Final Plat Approval to COR TWO in 2012. At that time, the plat included reconfiguration of Lots 1 and 2, Ramsey Town Center 3rd Addition. The Ramsey Town Center 3rd Addition is more commonly known as Northstar Marketplace or the Coborn's anchored retail center. Due to timing of the plat and associated tax requirements, the owners of Lots 1 and 2 have requested a delay to recording the plat of COR TWO. However, in order to facilitate development on the newly-created three (3) lots north of Northstar Marketplace, as well as completing grant requirements for the funding provided for the Sunwood Drive realignment, a version of the Plat must be recorded.

The proposed, revised plat removes Lots 1 and 2, but creates two (2) new outlots that will be included in a future plat of COR TWO, submitted by Sophia-Ramsey, LLC, that will bring the plat to it's originally planned configuration. Background on this topic is included in the Staff Report to the HRA, attached hereto.

Also attached is the most current version of the Development Agreement. Said Agreement is consistent with the previous approval, and has been revised as to legal form. In addition, the Agreement clarifies Engineering Inspection Fee requirements for Stage I and Stage II Improvements, consistent with previous discussion and approval.

The Planning Commission recommended approval of the original COR TWO Plat. City Staff recommends approval of the revised plat, with revisions required to dedicate the necessary right of way (or permanent roadway easement) in areas of Sunwood Drive as well as the intersection of Armstrong Boulevard and Bunker Lake Boulevard. The revised configuration appears to be consistent with the original Planning Commission recommendation.

All costs associated with the Application are the responsibility of the Applicant.

Motion to adopt Resolution #13-02- granting revised Final Plat Approval to COR TWO, with revisions required to dedicate the necessary right of way (or permanent roadway easement) in areas of Sunwood Drive as well as the intersection of Armstrong Boulevard and Bunker Lake Boulevard.