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2005 I'05PM No,4629 P, 2/5 <br /> <br />A'ITOKNE¥S & COUNSELORS <br /> KF LAW <br /> <br />June 10, 2005 <br /> <br />CITY OF RAMSEY <br />Ramsey Municipal Center <br />15153 Northern Blvd. N.W, <br />Ramscy, Mimlesota 55303 <br /> <br />Roy d. <br />Mat4z ,4. <br /> <br />Scott W. ,%,anson* <br />David K. M~ier <br />~tt~hen ~ ~milh <br /> <br />Katie ~ Kruiz~ga <br /> <br />Re: <br /> <br />City of Ramsey - Oakwood Land Development, Inc. <br />Cost Sharing Agreement <br /> <br />The following sets forth the understanding of Oakwood Land Development, Inc. COakwood"). <br />with regards to the "cost sharing" arrangement with the City of Ramsey ("City") for the <br />construction of (i) the municipal watermain extension for the Northwest and Northeast Service <br />Areas, and (ii) the municipal sanitary sewer extension for the Northwest Service Area as set tbrth <br />in the Feasibility Studies for the Northwest and Northeast Sanitary Sewer a~.d Watermain <br />ExtensJ. on dated March, 2004. <br /> <br />Contribution. Oakwood will contribute the sum of $6,000,000.00 towards the total project <br />costs of (i) the municipal watermain extension for the Northwest and Northeast Service <br />Areas and (ii) the sanitary sewer extension for the Northwest Service Area COakwood <br />Contribution"). <br /> <br />Thc Oakwood Contribution will be made pursuam to a Letter of Credit issued by a lending <br />institution withh~ ten (10) days of Preliminary Plat approval for the Brookfield and St. <br />Anthony Gun Club Properties. Thc Letter of Credit will be drawn upon to pay such <br />mnount of each draw by the Contractor in proportion to the Oakwood Contribution a~d the <br />total cost of the (i) the municipal watermain extension/or the Northwest and Northeast <br />Service Areas and (ii) the sanitary sewer extension for the Northwest Service Area. <br /> <br />Reimbursement. The City shall reimburse Oakwood, or its successors or assigns, for the <br />Oakwood Contribution, as follows: <br /> <br /> SJOBEKG & TEBELIU$, P-A- <br />Waodbto~E. Minne.eota .5.$125 ~' Phone: 65t.758.3435 <br /> <br />leA(21ietit~x3401\0506 - LT City <br /> <br />2245 ;t%,dl. nv Drive: Suite I01 · Toll Free' 888 221 3433 ~ Fax: 651 738 0020 <br /> <br /> <br />