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REQUEST BY RAMSEY TOWN CENTER LLC FOR ALTERNATIVE SECURITY AND <br />RELEASE OF CERTAIN ESCROW FUNDS <br /> By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />The City received a request by the Ramsey Town Center LLC (RTC) on January 29, formally <br />requesting a release of certain escrow funds and alternative security arrangements (request <br />attached to case). Staff has had further conversations with both RTC and the bank providing the <br />financing for the project and has indicated the probable recommendation of denial. Because of <br />staff commitments throughout the week, staff has not had the necessary time to provide the <br />formal recommendation prior to preparation of the agenda. A final recommendation will be <br />completed by the time of the Finance Committee. <br /> <br />Committee Action: <br /> <br />Make recommendation to the City Council based upon discussion. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Finance Officer <br />Assistant Community Development Director <br /> <br />FC: 02/10/04 <br /> <br /> <br />