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I <br /> I <br /> I <br /> I <br /> i <br /> I <br /> I <br /> ! <br /> I <br /> I <br /> I <br />,I <br /> <br />November 1 2, 1 987 <br /> <br />PANNELL <br />KERR <br />FORSTER <br /> <br />Certified Public Accountants <br /> <br />410 Park National Bank Bldg. <br />5353 Wayzata Boulevard <br />Minneapolis. MN 55416 <br />Telephone (612) 545-O421 <br /> <br />Mr. David R. Hartley, City Administrator <br />City of Ramsey <br />15153 Nowthen Blvd. <br />Ramsey, Minnesota 55303 <br /> <br />Re: Recommendation of Escrow Amount for Proposed Lateral Sanitary Sewer and <br /> Watermain Construction by Joseph Sentyrz <br /> <br />Dear David: <br /> <br />At your request, we have reviewed the personal financial statements submitted by <br />Mr. Sentyrz and the feasibility report on the above mentioned project prepared <br />by the firm of Hakanson Anderson Associates, Inc. in order to support a recom- <br />mendation as to an adequate escrow requirement. Based on our review of these <br />documents, we believe that Mr. Sentyrz's financial position is healthy and <br />therefore the City would have minimal risk with a project of this size. We <br />further believe that the minimal escrow of 20% would be sufficient. <br /> <br />You understand that we have not audited the documents to verify their accuracy, <br />nor have we performed any procedures that would sustain amounts represented in <br />those documents. <br /> <br />~is report is solely for your information to determine an escrow amount for <br />this project and should not be used for any other purpose. <br /> <br />Please let me know if you have any questions or if I can be of further <br />assistance. <br /> <br />Sincerely, <br /> <br />_~NN-.b,. KERR FORSTER <br /> <br />Kenneth W. Ma!loy, Partner <br /> <br />KWH/se ! <br /> <br /> <br />