4.12.
CC Regular Session
- Meeting Date:
- 11/12/2013
- By:
- Tim Gladhill, Community Development
Information
Title
Adopt Resolution #13-11-196 Granting Request for Allocation Agreement for Ramsey Town Center Addition
Purpose/Background:
The City has received a request from Sophia-Ramsey, LLC for a Release of Allocation Agreement for Ramsey Town Center Addition. The Allocation Agreement was executed on December 22, 2004 and allocates certain obligations of Ramsey Town Center, LLC to Sophia-Ramsey, LLC related to the original subdivision and Master Development Agreement for the Ramsey Town Center Addition.
It appears that all obligations under the agreement have now been completed, as the Master Development Agreement has since been terminated, and the Allocation Agreement may be released. In the event that final review determines that there are outstanding obligations, this case will be pulled for further review. Staff is forwarding the case at this time as there appears to be a real estate transaction of the Property scheduled for November 18, 2013.
It appears that all obligations under the agreement have now been completed, as the Master Development Agreement has since been terminated, and the Allocation Agreement may be released. In the event that final review determines that there are outstanding obligations, this case will be pulled for further review. Staff is forwarding the case at this time as there appears to be a real estate transaction of the Property scheduled for November 18, 2013.
Notification:
No notification is required.
Observations/Alternatives:
Alternative #1 - Grant Release of Allocation Agreement. As it appears that all obligations under the Agreement have been completed, this appears to be the preferred option, subject to final review by Staff.
Alternative #2 - Grant Release of Portions of the Allocation Agreement. It does not appear that there are individual items outstanding related to the Agreement.
Alternative #3 - Do not grant Release of Allocation Agreement. As there appear to not be any outstanding items related to the Agreement, this option is not preferred. The request to terminate the Contract is a result of a pending sale of the Property the week of November 18, 2013.
Alternative #2 - Grant Release of Portions of the Allocation Agreement. It does not appear that there are individual items outstanding related to the Agreement.
Alternative #3 - Do not grant Release of Allocation Agreement. As there appear to not be any outstanding items related to the Agreement, this option is not preferred. The request to terminate the Contract is a result of a pending sale of the Property the week of November 18, 2013.
Funding Source:
Preparation of the case is being handled as part of normal Staff duties.
Recommendation:
Staff recommends that the City Council adopt Resolution #13-11-196 granting Release of Allocation Agreement for RAMSEY TOWN CENTER ADDITION for Lots 1 and 2, Block 1, RAMSEY TOWN CENTER 3RD ADDITION.
Action:
Motion to adopt Resolution #13-11-196 granting Release of Allocation Agreement for RAMSEY TOWN CENTER ADDITION for Lots 1 and 2, Block 1, RAMSEY TOWN CENTER 3RD ADDITION.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Diana Lund | Diana Lund | 11/07/2013 11:09 AM |
| Kurt Ulrich | Kurt Ulrich | 11/07/2013 04:36 PM |
- Form Started By:
- Tim Gladhill
- Started On:
- 11/07/2013 10:38 AM
- Final Approval Date:
- 11/07/2013