Agenda - Council - 08/14/1984 - Laserfiche WebLink

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i I I I I I I I ,'1 I RESOLUTION WHEREAS, the General Partners (Mr. Lyle McLaughlin and Mr. Richard Foster) are the developers of River's Bend development; and WHEREAS, Section 170.039D Subparagraphs 3 and 4 require that a developer meet certain requirements to comply with the City Code; and WHEREAS, the accounting firm of Deloitte, Haskins and Sells, in compliance with the above stated City Code, have submitted a financial status of the River's Bend properties development firm. Further, they have submitted their recommendation in regards to the letter of credit escrow amount; and WHEREAS, the Deloitte, Haskins and Sells report has been submitted to the City Council in their Council agenda dated August 14, 1984; and WHEREAS, the City Engineer has estimated the River's Bend project Stage I development improvements will cost $1,303,303.Z0. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) In review of the above and documentation received on_Ri.,~er's Bend plat, the escrow amount of the letter of credit is hereby established at ~ % (~-~O/t~) of the City Engineer's estimated cost of the Stage I development improvements which are $1,303,303.20. Z) It is further directed that the General Partners (Mr. Lyle McLaughlin and Mr. Richard Foster) of River's Bend as currently shown cannot change to a limited partnership or add additional partners without the Ramsey City Council first granting approval. It is therefore directed that this be placed in the development contract between the City and River's Bend General Partners.