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2 <br /> <br />(c) <br /> <br />Audited financial statements for the development firm, as <br />required by section 170.039D, were not available because <br />this firm is a new partnership just being formed. <br /> <br />(D) <br /> <br />The partners' net worth represents for the most part <br />investments in another real estate development firm and <br />other real estate. Such investments are relatively <br />illiquid, and the partners have minimal liquid assets. <br /> <br />Except for the above observations and findings, nothing came to <br />our attention that caused us to believe that the partners of <br />River's Bend Properties should not undertake a project of the <br />size proposed here, with a minimum letter of credit filed with <br />the City of Ramsey. <br /> <br />Our observations, findings and opinion are based on the results <br />of performing the procedures and inquiries enumerated above <br />with respect to this project and the financial statements of <br />Richard Foster and Lyle McLaughlin dated July 16, 1984 and <br />July 30, 1984, respectively, and did not include investigation <br />of financial transactions arising after these dates. <br /> <br />Our procedures and inquiries do not constitute an audit in <br />accordance with generally accepted auditing standards. <br />Therefore, we do not express any opinion on (a) the financial <br />statements of River's Bend Properties as of any date or for any <br />period, or (b) any finanCial data or other information included <br />or referred to in this report. In addition, the procedures <br />and inquir.ies we performed at your request may not comprehend <br />all matters relating to River's Bend Properties that might be <br />pertinent or necessary to your evaluation of the proposed <br />transaction. Accordingly, we make no representation as to the <br />sufficiency of our procedures and inquiries for your purposes. <br /> <br />The accompanying report is intended solely for the information <br />of the City of Ramsey in connection with your evaluation of the <br />development application of River's Bend Properties and is not <br />to be otherwise referred to, in whole or in part, or quoted by <br />excerpt or reference in any manner without our permission. <br /> <br />Yours truly, <br /> <br /> <br />