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I207 ~~ ~t W~ . ~~, ~ata 55304 <br /> <br />Dear City of Ramsey Elected Officials, <br /> <br />A new 501 (c3) foundation has been formed called The City of Ramsey Foundation to <br />support the Sister City Partnership and possibly other City of Ramsey events-or interests <br />as determined by the Foundation Board of Directors. This foundation will handle the <br />financial aspects such as the Sister City, from hosting the China Officials in Minnesota, <br />sending Ramsey Delegates to China, the day-to-day negotiation expenses for beginning <br />economic development and trade negotiations with China, and other financial aspects that <br />will benefit the City of Ramsey. <br /> <br />The foundation is currently working on welcoming the China O~cials in JanuarY 2006, <br />when they are here for the Sister-City Exchange Program: <br /> <br />The foundation has currently submitted official registration papers to become a public <br />foundation with the State of Minnesota and is in the process of submitting form 1023 for <br />recognition of exemption status. The foundation has also setup a checking account with <br />Village Bank, the newest bank in Ramsey. <br /> <br />The City of Ramsey Foundation has adopted a start up budget for the foundation and is. <br />seeking a one-time contribution from the City of Ramsey. This one-time contribution <br />will be used to help the foundation pay for the initial start up fees. These fees are <br />outlined in the attached start up budget. <br /> <br />This is the beginning of a remarkable foundation_that wilI lead to the success of building <br />a better tomorrow for the City of Ramsey. <br /> <br />S~y, , .4' <br />President <br /> <br />-504- <br /> <br /> <br />