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In 2009, The City's Housing and Redevelopment Authority (HRA) took on an exciting challenge by purchasing 150 acres of land in the Ramsey Town Center. This purchase of land has allowed the City to reposition the project for further development. In the summer of 2009, The City held public meetings to review the vision for the project with the community. The public agreed that the long-standing vision of the project should remain in place. This vision includes a mix of office, retail, housing, and civic uses that encourages walkability and is a transit oriented gathering place for the community. In addition, construction began on the City's third water tower in 2009. The expected completion date is fall of2010. CERTIFICATE OF ACHIEVEMENT 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, 2008. This was the fifteenth 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. ACKNOWLEDGMENT The 2009 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. ;~:Yctteko City Administrator cX)~ L--{ Diana Lund Finance Officer - VI-