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I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br />! <br />I <br />I <br />I <br />I <br />I <br /> <br />[Bank's Letterhead] <br /> <br />Honorable Mayor and City Council <br />City Hall <br />15153 Northern Boulevard N. W. <br />Ramsey, Minnesota 55303 <br /> <br />Re: <br /> <br />Proposed Issuance of Commercial <br />Development Revenue Note of the City <br />of Ramsey, Minnesota (¥ R Sharp, Inc., <br />Project Owner) <br /> <br />Gentlemen: <br /> <br /> At the request of Y R Sharp, Inc., we have conducted <br />a study of the economic feasibility of the proposal that the <br />City of Ramsey issue one or more of its revenue bonds or a <br />revenue note under the provisions of the Minnesota Municipal <br />Industrial Development Act to provide funds for the acquisition <br />and construction' of an office-warehouse facility located within <br />the City of Ramsey, to be owned by Y R Sharp, Inc., and leased <br />to various tenants. <br /> <br /> Our study has led us to the conclusion that on the <br />basis of current financial conditions, the Project is <br />economically feasible and the revenue bond(s) of the City can <br />be successfully issued and sold. <br /> <br /> We understand a copy of this letter will be forwarded <br />by the Ramsey City Mayor to the Commissioner of Securities and <br />Real Estate of the State of Minnesota to serve as the letter of <br />feasibility required by the Commissioner. <br /> <br />Very truly yours, <br /> <br />By <br /> Its <br /> <br /> <br />