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