Agenda - Council - 02/08/2000 - Laserfiche WebLink

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NORWE~' BANKS January 24, 2000 Norwest Bank Minnesota, Al. A. Anoka Office 2015 Third Avenue North Anoka, Minnesota 55303 612/667-3627 Mr. James Norman City Administrator City of Ramsey 15153 Nowthen Blvd. N.W. Ramsey, Minnesota 55303-5543 $550,000 Commercial Development Revenue Note (Grosslein Project) Dated June 25, 1979 Issued by the City of Ramsey, Minnesota Dear Mr. Norman: I am writing on behalf of Norwest Bank Minnesota, National Association, as the holder of the above-captioned Note. The borrower (August E. and LaVerne G. Grosslein) and Norwest desire to extend the maturity date of the Note until May, 1, 2005. This extension is desired because the Note "balloons" January 1, 2000 and the borrower and Norwest desire to continue to amortize the Note in monthly payments of the next 64 months. Since the Note was issued by the City of Ramsey, Minnesota, the approval of the City to such extension is'required. Therefore, I have taken the liberty to provide the enclosed "Resolution Approving Amendment to Tax-Exempt Note", which includes a copy of "Amendment No. 2 To Tax-Exempt Note", attached hereto as Exhibit A. I request that the City Council consider such Resolution at its regularly scheduled meeting (which I understand to be Tuesday January 25, 2000). We consider this to be a straight forward extension of the maturity which does not affect the rights or obligations of the City of Ramsey. Your assistance is appreciated. After you have had the opportunity to the enclosed documents, please call to confirm that this matter can be placed on the agenda for the City Council's meeting on January 25, 2000 or the next available City Council meeting. I I