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FINANCE COMMITTEE CITY OF RAMSEY ANOKA COUNTY STATE OF MINNESOTA The Ramsey Finance Committee conducted a regular meeting on Tuesday, May 23, 1995, at the Ramsey Municipal Center, 15153 Nowthen Boulevard N.W., Ramsey, Minnesota. Members Present: Mayor Glen Hardin Councilmember Carolyn Beahen Councilmember Sheila Beyer Couneilmember Kenneth Peterson Councilmember Gerald Zimmerman Also Present: City Administrator Ryan Schroeder Finance Officer Jessie Hart City Engineer Steven Jankowski CALL TO ORDER Councilmember Peterson called the regular meeting of the Finance Committee to order at 6:10 p.m. CITIZEN INPUT None CONSENT AGENDA None 'APPROVE AGENDA Consensus was to approve the agenda as presented. COMMITTEE BUSINESS Case #1: Windemere Woods Finance Officer Hart stated that early in 1995, residents of Windemere Woods requested Council take action regarding the property at 5760 - 141st Lane N.W. She explained that the status of the issue is that the City has retained an escrow in the amount of $1,800 from A1 and Alice Koenig, the developers of Windemere Woods, to provide for the completion of driveway paving at this property, which they own, in conformance with the development agreement. Mr. Koenig has requested release of the escrow which he believes the City has retained inappropriately. He has also requested that interest be paid on the escrow retainage. Ms. Hart informed the Committee that it has been the policy of the City of Ramsey since 1984 to not pay interest nor charge an administrative fee to escrow accounts. She explained that she has surveyed several surrounding cities relating to their escrow policies. She summarized the responses; the Cities of Anoka, Coon Rapids, Eagan, Elk River, Golden Valley and Shoreview basically do not pay interest, while the Cities of Andover and Maplewood do. She suggested that the City of Ramsey's policy is consistent with other cities. Finance Committee/May 23, 1995 Page I of 6