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City Administrator Ulrich stated that there are several possible sources for interim borrowing. <br />One source could be the storm water fund with the understanding that land sales would pay us <br />back. TIF is also a possibility. <br />Vice-Chair Jeffrey stated he just wanted to make sure we are clear where we are getting the <br />money. <br />Commissioner Dehen inquired what is the Letter of Credit to which Mr. Himmer replied <br />$200,000 to execute the current plan. <br />Mr. Lazan commented that the contractor posted that Letter of Credit as part of the deal <br />originally. <br />Commissioner Dehen stated that the WMO requirement is a performance bond. The developer <br />buys an insurance policy and we are the recipient of this policy in some capacity. Insurance <br />proceeds -that's factored into the price, risk, etc. <br />City Engineer Himmer relayed that we will have more wetlands in the future to impact. <br />Director of Public Works Olson stated that if we change the mitigation plan, we cannot use that <br />$200,000. <br />Commissioner Dehen asked can we pick and choose which part of these areas we want to use the <br />performance bonds on. Why wouldn't it be a good idea to use the $200,000 for the two areas <br />and leave that open in the WNW area. <br />Mr. Himmer reported that if we want to leave that azea open, we would still be putting in about <br />$55,000. <br />Commissioner Ramsey inquired if the WMO pulls the $200,000 what is the impact on Rehbein - <br />they were the ones that posted that bond. <br />Mr. Himmer replied he did not know but it would have an impact on their bonding abilities. <br />Mr. Kaster stated that the WMO would give them notice and a 30 day period of time. Then <br />Rehbein could come in in about 30 days and finish the work. <br />Commissioner Ramsey felt that Rehbein had been "hammered" enough on this whole project. <br />Commissioner Wise stated that Rehbein's were working for TC, LLC -not the HRA and the <br />City of Ramsey so they would be going onto someone else's property. <br />Mr. Olson stated that if that is Council's direction, we would request that of the WMO. <br />Mr. Himmer agreed that we would have to allow that to happen <br />Housing and Redevelopment Authority /June 1, 2010 <br />Page 4 of 6 <br />