Adopt Resolution #15-02-043 Ratifying Certificate of Completion and Release of Forfeiture Executed by the Housing and Redevelopment Authority in and for the City of Ramsey, Minnesota and the City of Ramsey on or about October 31, 2014

The City of Ramsey (the “City”) and The Housing and Redevelopment Authority in and for the City of Ramsey, Minnesota (the “HRA”) are parties to a Development Agreement with F&C Ramsey, LLC, an Indiana limited liability company, (“F&C Ramsey”) and F&C Ramsey Member, LLC, an Indiana limited liability company, (“Borrower”)  dated March 9, 2012 and recorded in the Office of the Anoka County Registrar of Titles on May 3, 2012 as Document No. 508341.004 (the “Development Agreement”).  On or about March 9, 2012, F&C Ramsey assigned certain rights and obligations under the Development Agreement to F&C Apartments, LLC, an Indiana limited liability company, (“F&C Apartments”).

Pursuant to Section 5.5 of the Development Agreement, the City and the HRA are obligated to provide a Certificate of Completion and Release of Forfeiture, in a form attached as Exhibit A to the Development Agreement (the “Certificate of Completion”) to the Developer upon the Developer’s completion of certain “Minimum Improvements” defined in the Development Agreement.  The purpose of this case is to approve said documents.

Prior to October 31, 2014, the Developer notified the City that the Developer had substantially completed construction on the Minimum Improvements, and the City confirmed the Developer's completion of the Minimum Improvements.
 

Previously, the HRA acted to deliver the Certificate of Completion, and since that time the HRA has been dissolved.  Consequently, the City, in its own capacity and in its capacity as the successor-in-interest to the HRA’s rights and obligations of the Development Agreement, needs to ratify the execution and delivery of the Certificate of Completion.  In the opinion of staff, the project has been completed as proposed by the Development Agreement, and it is recommended that the City attest to the completion of the project as stated.
 

Not applicable.

It is recommended that the City Council approve the attached RESOLUTION RATIFYING CERTIFICATE OF COMPLETION AND RELEASE OF FORFEITURE EXECUTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF RAMSEY, MINNESOTA AND THE CITY OF RAMSEY ON OR ABOUT OCTOBER 31, 2014

Motion to approve the attached RESOLUTION #15-02-043 RATIFYING CERTIFICATE OF COMPLETION AND RELEASE OF FORFEITURE EXECUTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF RAMSEY, MINNESOTA AND THE CITY OF RAMSEY ON OR ABOUT OCTOBER 31, 2014