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Ramsey Town Center, since its inception, has been a significant private development within Ramsey. The project stalled in 2006 after the death and bankruptcy of its owner and developer. Since that time, the undeveloped portion has moved into foreclosure involving 25 banks. Due to the complexity of the foreclosure, it has been difficult to attract new developers into the project. On March .17, 2009, the Ramsey City Council authorized settlement of the protracted litigation involving the Ramsey Town Center project, and the purchase of 150 acres of undeveloped property to free it from foreclosure, protect the city's infrastructure investments and position the project for additional private development. We believe buying this property will allow us to put our community's vision back on the map, move forward in a way that best meets our needs and build a better future for the entire region. The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting (CAEFR) to the City for its CAFR for the year ended December 31, 2007. This was the twelveth consecutive year the City has received this prestigious award. Also, the City had previously received the award from 1981 through 1988, after which the City did not participate in the program for several years. The CAEFR is valid for a period of one year only. We believe our current CAFR continues to meet the CAEFR Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. The 2008 CAFR of the City meets the highest professional standards and was prepared in a timely and cost - effective manner. This could never have been accomplished without the excellent work of the entire Finance Department. We would like to express our appreciation to the Finance Department and all members of the City's staff who contributed to its preparation. Respectfully submitted, Kurt Ulrich City Administrator CERTIFICATE OF ACHIEVEMENT ACKNOWLEDGMENT Diana Lund Finance Officer