Visions

Star Tribune Tue, 06 May 2008 02:29:56 GMT
Bank wants out of Ramsey Town Center restrictions

The bank holding 150 acres of foreclosed land doesn't want to be bound by the original development plan. The Ramsey Town Center was supposed to feel like a traditional downtown, with parks and fountains interspersed among small shops, restaurants and hundreds of homes. But the bank that holds the mortgage for 150 foreclosed acres in the Town Center is saying that the city of Ramsey needs to set aside its dreams for the project, according to court documents filed Friday in Anoka County District Court. Last June the City of Ramsey filed a lawsuit against Minnwest Bank Central arguing that the city's original plan, or master development agreement, for the Town Center project should continue to be followed, even though the project's original developer, Bruce Nedegaard, went into bankruptcy and died in 2006. For months, the lawsuit has lingered, but now Minnwest has filed a counterclaim that says the land should be "free and clear of the terms, covenants and restrictions" in the development agreement.

[[keywords: LandUse;Housing;Metro;]]