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AGREEMENT BETWEEN THE CITY OF RAMSEY <br /> AND THE WALTEK INC. <br /> <br /> Whereas, on October 12, 1999, the City Council of the City of Ramsey (the "City") did <br /> approve-~~~~~~hich will result in the extension of samtary sewer and <br /> public water services to the Waltek Inc. property located at 14310 Sunfish Lake Boulevard, <br /> Ramsey, Minnesota, contingent upon Waltek Inc. entering into an agreement with the City'to pay <br /> its proportional share of the project cost; and <br /> <br /> WHEREAS, the proportional share of Waltek Inc.'s cost has been preliminarily <br />identified as $64,186 in a feasibility study prepared by the City Engineer, entitled "Feasibility <br />Report roi' the Construction of Sanitary Sewer and Watermain Along Sunfish Lake Boulevard" <br />dated June 1999 with the last revision date of August 1999. <br /> <br /> NOW THEREFORE, IT IS HEREBY AGREED by Waltek Inc. and the City of <br />Ramsey: : <br /> <br />1) That pursuant to its public hnprovement Project #99-63, the City will extend public sanitary <br /> sewer and water to service to the Waltek Inc. property. <br /> <br />2) That Waltek Inc. will pay its proportional share of project costs upon completion of the <br /> project in accordance with the method and in the amount outlined within the above- <br /> referenced feasibility study. <br /> <br />3) That in consideration of receiving the public utilities, Wattek Inc. shall remit to the City its <br /> proportional share as identified above and in the approximate amount of $64,186.00, to be <br /> assessed over five years with 8% interest. <br /> <br />WALTEK INC. <br /> <br />By: . <br /> <br />-109- <br /> <br /> <br />