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Deloitte <br />I Haskins+Sells <br /> <br /> Saint Paul. Minnesota 55101 <br /> (6t2) 291-8110 <br /> I Cable DEHANDS <br /> <br /> Mr. Lloyd G. Schnelle August 8, 1984 <br />I City Administrator <br /> City of Ramsey <br /> 15153 Nowt. hen Boulevard N.W. <br />I Ramsey, Mznnesota <br /> 55303 <br /> <br /> Dear Mr. Schnelle: <br />I At your request, in accordance with section 170.039D, <br /> subdivision 4, of. the Ramsey City Code, and to assist you in <br /> I evaluating the f~nan, cial status of River's Bend Properties, a <br /> development firm whzch .has submitted a land development <br /> application to the City of Ramsey, we have performed certain <br /> I procedures and made certain inquiries with respect to the <br /> financial affairs of River's Bend Properties, as follows: <br /> <br /> (1) We met with the partners of River's Bend Properties, and <br />i discussed the nature of the proposed project. :~ ~ :~ :~ :r~ ~ <br /> <br /> (2) We obtazned and read forecasts of the project costs and <br />i' cash flows. <br /> <br /> (3) We .obtained and read the general partnership agreement <br />I between Lyle McLaughlin and Richard Foster forming River's <br /> Bend Proper ties. <br /> <br /> (4) We obtained and read the unaudited p. ersonal financial <br />I . statements of the two partners of R~ver's Bend Properties, <br /> dated July 16, 1984 for Richard Foster and July 30, 1984 <br />i for Lyle McLaughlin. <br /> (5) We discussed the nature of the project and the credit <br /> worthiness of the partners with a representative of a <br />I local bank which proposes to participate in the project. <br /> <br />I Our findings and observations are summarized as follows: <br /> (A) This project is estimated to involve the incurrence of <br />I approximately $2,3.25,000 in development costs over a <br /> period of up to fzve years, exclusive of interest costs. <br /> <br /> <br />