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City of Ramsey <br />15153NOWTIIEN P, OI~L[VAfID N.W.,RAIVISEY. MItJN.rSOTA.r,.'-,3()3 - (SIP} 47/ 1410 <br /> <br />May 14, 1986 <br /> <br />l:r. Riel Fearer <br />River's Bond Properties <br />Route ¢1 <br />?ri~meton, Nn 55371 <br /> <br />Request to reduce the an:ount of letter of credit used as <br />escrow for public improvements. <br /> <br />I)efl r ' ' <br /> <br />After our visit on Tuesday, May 13, 1986, I began my review of <br />the City's ordlnancen, the bond transcript for the issuance of <br />$2,045,000 to fund the improvements to giver's Bend and the <br />developmr, nt contract with lliver~ Bend Properties. Additionally, <br />I contacted Pete Raatikka, City Engineer and Bill Coodrich, City <br />Attorney, regarding your request. <br /> <br />tlere is what I have learned: <br /> <br />The as,essment report which you provided for my <br />information is correct and does accurately represent <br />the actual co~t of publi.c improvemer, t~ to the River'g <br />Bend Properties and the O-d~ow Addition. <br /> <br />The City's subdivision ordinance sets out the gu:zt,'o~ine$_, <br />which have been implemented by the development contrr~ct <br />between tile City of Ramsey and River'~ Bend Properties. <br />The ~ubdJvision ordinance provideg that the letter of <br />credit (which wa~ properly establist,ed) is to be in the <br />amount of 20% of the City Engineer's estimated co~t. <br />Thero npponrn to be no provisions within the City Code <br />to reduce the 1otter of credit based -pon actual <br />e~tim,qtod costs. F.rthermore, the !a~t two s~ntc, nccs of <br />t'nrngrnph 5 in Section 170.039D prohibits the re,luct{on <br /> <br /> <br />