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James Gilbertson, Mayor <br />Sheila Beyer, Couneilmember <br />Glen Hardin, Councilmember <br />Ken Peterson, Councilmember <br />Gerald Zimmerman, Councilmember <br />Ryan Schroeder, City Administrator <br /> <br />FROM: <br />DATE: <br /> <br />Sylvia Frolik, Zoning Administrator <br />Steve Jankowski, City Engineer <br />William Goodrich, City Attorney <br /> <br />Sandra Ashley Helling, Finance Officer <br /> <br />April 27, 1993 <br /> <br />SUBJF_L-~: REVIEW OF FINANCIAL DATA - AMBER RIDGE <br /> <br />I have reviewed the personal financial statements presented by Gary M. Gotham, <br />Christina C. Gotham, Anthony Emmerich and Theresa Emmerich. This information was <br />presented for the purpose of determining net worth and liquidity of the named <br />individuals should the City accept personal guarantees to satisfy a portion of the <br />financial guarantee required by the Development Agreement for Stage I <br />Improvements of Amber Ridge. <br /> <br />Gary and Christina C. Gotham <br />Balance sheets and the related statements of income and retained earnings <br />of Gorham Builders, reviewed by Bertram, Vallez, Kaplan and Talbot, LTD., <br />for the years ended January 31, 1993 and 1992, profile a going concem <br />and significant retained earnings. A personal financial statement presented <br />by Gary and Christina Gotham indicates significant net worth and good <br />liquidity. <br /> <br /> Anthony and Theresa Emmerich <br /> Statements of financial condition were submitted. These statements were <br /> prepared as to form by Thomas E. Harvey, Ltd., Certified Public <br /> Accountant; however, no audit or review was conducted by Thomas <br /> Harvey. The statements indicate significant net worth, none of which is <br /> attested to by a third party. As there are no footnote disclosures, and <br /> verification of the information would require seven to ten days to <br /> accomplish, the City should avoid placing any significant reliance on the <br /> valuation or accuracy of the data provided. <br /> <br />As of this writing, the Developer is requesting the City accept personal guarantees in <br />the amount of $630,000 ($750,000 minus Letter of Credit for $120,000). This amount <br />is subject to reduction proportionate to the improvements completed. Based on the <br />£mancial information received, it is my opinion sufficient net worth and liquidity will <br />be pledged by the personal guarantees to provide reasonable assurance to the City. <br /> <br /> <br />