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<br />Finance Officer Lund indicated the current billing from Connexus is approximately $13,000 per <br />quarter; this cost would be increased to $13,000 per month if readings were completed monthly, <br />rather than quarterly. <br /> <br />Consensus of the Committee was to direct staff to work with Mr. Jones to obtain further <br />information regarding participation from Connexus in regard to the $6,000 water bill for Ms. <br />Smith, and to provide the Committee with additional information regarding possible changes to <br />the City's contract with Connexus. <br /> <br />COMMITTEE / STAFF INPUT <br /> <br />City Administrator Norman reviewed that at the last Finance Committee and Council meeting <br />staff was directed to take such actions as necessary to insure that the Ramsey Town Center, LLC <br />$3,000,000 letter of credit is extended for an additional one year beyond its current expiration <br />date of September 17, 2006. A letter was sent to Ramsey Town Center, LLC putting them on <br />notice of the expiration date of the letter of credit. Mr. Norman requested direction on whether <br />the proposed resolution authorizing the City Administrator to exercise any or all remedies <br />described in Section 15.1 of the Master Development Agreement should be included on the <br />Consent Agenda of the City Council meeting tonight. <br /> <br />Acting Chairperson Elvig inquired about the $800,000 in additional escrow funds that were <br />discussed at the last Council meeting. <br /> <br />Public Works Director Olson replied these funds have already been released. <br /> <br />Consensus of the Committee was to direct staff to include the resolution authorizing the City <br />Administrator to exercise any or all remedies described in Section 15.1 of the Master <br />Development Agreement on the Consent Agenda. <br /> <br />Public Works Director Olson requested direction from the Committee on whether to include a <br />resolution authorizing the third partial payment to Park Construction for Improvement Project <br />#05-20 Ramsey Boulevard Improvements on the Consent Agenda of the City Council meeting <br />tonight. <br /> <br />Consensus of the Committee was to include a resolution authorizing the third partial payment to <br />Park Construction for Improvement Project #05-20 Ramsey Boulevard Improvements on the <br />Consent Agenda of the City Council meeting tonight. <br /> <br />ADJOURNMENT <br /> <br />Motion by Mayor Gamec, seconded by Acting Chairperson Elvig, to adjourn the regular meeting <br />of the Finance Committee. <br /> <br />Motion carried. <br /> <br />Finance Committee / August 22, 2006 <br />Page 4 of5 <br />