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I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br />I <br /> <br />,I <br /> <br /> I <br /> I <br />I <br /> <br />[Y. R. Sharp, Inc. Letterhead] <br /> <br />· 1981 <br /> <br />City Council of Ramsey <br />City Hall <br />15153 Northern Boulevard N.W. <br />Ramsey, Minnesota 55303 <br /> <br />Re: <br /> <br />Proposed ~350,000 Commercial Development <br />Revenue Note of 1981 (Y R Sharp, Inc. <br />Projeot) <br /> <br />Gentlemen: <br /> <br /> As you know, we are involved in the development of an <br />office-warehouse facility to be located on property in the City <br />of Ramsey. The purpose of this letter is to request that the <br />City of Ramsey undertake to authorize municipal revenue bond <br />financing of all or a portion of the project in accordance with <br />the Municipal Industrial Development Act of the State of <br />Minnesota. <br /> <br /> We hereby confirm our representation that we have no <br />present binding financing commitment, no general contract, nor <br />any legal obligation to undertake the proposed project, and it <br />is not certain the project would be undertaken without the <br />assistance requested herein. <br /> <br /> We have heretofore agreed and do hereby reaffirm that <br />we will pay any and all costs mutually agreed upon in advance <br />that are incurred by the City in connection with the project <br />whether or not the project is completed and whether or not the <br />project is ultimately financed by the City under the Municipal <br />Industrial Development Act. In this regard we understand that <br />though we are liable for the fees of the City's attorney and <br />its bond counsel, they will continue to owe a fiduciary <br />obligation solely to the City with respect to all services <br />rendered in connection with this proposal. <br /> <br />Very truly yours, <br /> <br />Enclosure <br /> <br /> <br />