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Counci lmember Reimann introduced <br />moved for its adoption: <br /> <br />the following resolution and <br /> <br />RESOLUTION #84-146 <br /> <br />RESOLUTION ESTABLISHING PERCENTAGE OF ESCROW AMOUNT FOR LETTER OF <br />CREDIT FOR RIVER'S BEND PLAT <br /> <br /> WHEREAS, <br />Mr. Richard Foster <br />development; and <br /> <br />the General Partners <Mr. Lyle McLaughlin and <br /> are the developers of River' s Bend <br /> <br /> WHEREAS, Section 170.03~D Subparagraphs 3 and 4 require <br />that a developer meet certain requirements to comply with the <br />City Code; and <br /> <br /> WHEREAS, the accounting firm of Deloitte, Haskins and <br />Sells, in compliance with the above s~ated City Code, have <br />submitted a financial status of the River's Bend properties <br />devel opmer~t firm. Further, they have submitted their <br />recommendation in regards to the letter of credit escrow amount; <br />and <br /> <br /> WHEREAS, the Deloitte, Haskins and Sells report has <br />been submitted to the City Council in their Council agenda dated <br />August 14, 1~84; and <br /> <br /> WHEREAS, the <br />Bend pro3ect Stage <br />$1,303,303.20. <br /> <br />City Engineer has estimated the River's <br />development improvements will cost <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL, CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br /> 1) In review of the above documentation received on <br />the River's Bend plat, the escrow amount of the Letter of Credit <br />is hereby established at 20% of the City Engineer's estimated <br />cost of tine Stage I development improvements which are <br />$1,303,303.20. <br /> <br />2) It is further directed that the General Partners <br />(Mr. Lyle McLaughlin arid Mr. Richard Foster) of River's Be~d as <br />currently shown cannot change to a limited partnership or add <br />addit i or, a 1 partners without the Ramsey City Counci 1 first <br />granting apprr, val. It is therefore directed that this be placed <br />in the development contract between the City arid River's Bend <br />General Partners. <br /> <br />The motior~ for the adoption of the foregoing resolution was duly <br />seconded by Councilmember Sc, rteberg and upon vote being taken <br />thereon, the following voted in favor thereof: <br /> <br />Mayor Gamec, Councilmembers Van Wagner, Sortergerg, <br />and Reimann <br /> <br />Page 1 of 2 <br /> <br /> <br />