Agenda - Council - 06/30/1981 - Special

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DOUGHERTY, DAWKINS, STRAND & EKSTROM INCORPORATED May 28, 1981 Honorable Mayor and City Council Ramsey City Hall 15153 Nowthen Boulevard Ramsey, Minnesota 55303 $475,000 Tax-Exempt Financing Super Bowl, Inc. Addition to Bowling and Recreational Facility Ramsey, Minnesota Gentlemen: At the request of Super Bowl, Inc., we have evaluated the economic feasibility of the proposal that the City of Ramsey issue one or more of its revenue obligations under the provisions of the Minnesota Municipal Industrial Development Act to pro- vide funds to finance an addition to an existing Bowling and Recreational facility located in Ramsey to be occupied by Super Bowl, Inc. Based on the representations of and the financial statements and projections of Super Bowl, Inc., and based upon the expressed interest of First National Bank in Anoka for purchasing the tax-exempt loan, we conclude, based on current financial conditions, that the project can be economically feasible and that the revenue ob- ligations of the City can be successfully issued and sold in an amount not to ex- ceed the amount of the application. We are acting as agent for Super Bowl, Inc. in arranging for the private placement of the obligations with First National Bank in Anoka, subject to approval of the project by the City of Ramsey and the Minnesota Department of Commerce, Securities Division and subject to final agreement by and among the City, Super Bowl, Inc. and First National Bank in Anoka as to the terms and conditions of the issuance and sale. We understand a copy of this letter will be forwarded bY the City to the Commis- sionor of Securities of the State of Minnesota to serve as the letter of intent required by the Commissionor. Very truly yours, DOUGHERTY, DAWKINS, STRAND & EKSTROM,. Incorporated By Richard B. Riley Vice President INVESTMENT BANKERS 414 lOS CENTER [3 MINNEAPOLIS, MINNESOTA 55402 [3 612/341-6000