Laserfiche WebLink
DOUGHERTY, DAWKINS, STRAND & EKSTROM <br /> INCORPORATED <br /> <br />January 30, 1979 <br /> <br />Honorable Mayor and City Council of Ramsey <br />Ramsey City Hall <br />Ramsey, Minnesota <br /> <br />Re' <br /> <br />Proposed $600,000 Tax-Exempt Mortgage Financing <br />August and LaVerne Grosslein <br />(Grosslein Beverages, Inc. Project) <br />Ramsey, Minnesota <br /> <br />Gentlemen: <br /> <br />This letter is to request approval of a Preliminary Resolution for Tax-Exempt <br />Mortgage Financing of the above-referenced project by the Ramsey City <br />Council at its February 12, 1979 meeting. <br /> <br />The proposed project is to be 35,500 sq. ft., office-warehouse building, to <br />be constructed upon 1.5 acres of land in Ramsey. <br /> <br />This project is to be owned individually by August and LaVerne Grosstein. <br />The building will be leased by the owners to Grosslein Beverages, Inc., <br />which will use the building in its beverage distribution business. August <br />Grosslein is also the owner of Grosslein Beverages, Inc. <br /> <br />August and LaVerne Grosslein indicate that., as a result of construction of <br />this project, Grosslein Beverages, Inc. will probably provide new jobs over <br />3 years, at an estimated annual payroll of $175,000. In addition, the pro- <br />ject will provide additional tax base for the City of Ramsey. <br /> <br />Our firm has reviewed the proposed project and feel that it is feasible. <br />It is intended that the financing be structured as a tax-exempt mortgage <br />loan which will be made by First National Bank in Anoka and other institu- <br />tional lenders. <br /> <br />Enclosed for your review are eight copies of'the following: <br /> <br />1. Proposed Preliminary Approval Resolution. <br />2. Proposed State of Minnesota Application Form. <br />3. Proposed Statement concerning the Project by Mayor of Ramsey. <br />4. Proposed Memorandum of Agreement between August and LaVerne <br /> Grosslein, and City of Ramsey. (Executed copies to come.) <br />5. Feasibility Letter from our firm. <br /> <br />Document No. 1-4 were prepared by David McCuskey of the Dorsey Law Firm of <br />Minneapolis, proposed Bond Counsel. <br /> <br />Ramsey City costs for this transaction will be paid by the Grossleins, as is <br />stated in the Memorandum of Agreement. <br /> <br /> INVESTMENT BANKERS <br />414 IDS CENTER [] MINNEAPOLIS, MINNESOTA 55402 [] 612/341-6000 <br /> <br /> <br />