Agenda - Council - 02/12/1979 - Laserfiche WebLink

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DOUGHERTY, DAWK]NS, STRAND & EKSTROM INCORPORATED January 30, 1979 Honorable Mayor and City Council of Ramsey Ramsey City Hall Ramsey, Minnesota Re: Proposed $450,000 Tax-Exempt Mortgage Financing Greenberg's, Inc. Project Ramsey, Minnesota Gentlemen: This letter is to request approval of a Preliminary Resolution for Tax-Exempt Mortgage Financing of the above-referenced project by the Ramsey City Council at its February 12, 1979 meeting. The proposed project is a building addition, remodeling of the existing building and new equipment for Greenberg's, Inc. in Ramsey. Don Greenberg of Greenberg's, Inc. estimat'es that the project will provide 10 new jobs at an estimated annual payroll of $150,000. In addition, the project will provide additional tax base for the City of Ramsey. Our firm has reviewed the proposed project and feel that it is feasible, It is intended that the financing be structured as a tax-exempt mortgage loan which will be made by First National Bank in Anoka and other institu- tional lenders. Enclosed for your review are eight copies of the following: l. Proposed Preliminary Approval Resolution. 2. Proposed State of Minnesota Application Form. 3. Proposed Statement concerning the Project by Mayor of Ramsey. 4. Proposed Memorandum of Agreement between Greenberg's, Inc., and City of Ramsey. (Executed copies to come.) 5. Feasibility Letter from our firm. Documents No. 1-4 were prepared by David McCuskey of the Dorsey Law Firm of Minneapolis, proposed Bond Counsel. Ramsey City costs for this transaction will be paid by Greenberg's, Inc. as is stated in 'the Memorandum of Agreement. INVESTMENT BANKERS 414 IDS CENTER E3 MINNEAPOLIS, MINNESOTA 55402 [] 612//341-6000