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<br />FINANCE COMMITTEE <br />CITY OF RAMSEY <br />ANOKA COUNTY <br />STATE OF MINNESOTA <br /> <br />The Finance Committee conducted a regular meeting on Tuesday, May 9, 2006, at the Ramsey <br />Fire Station Number 1, 15050 Armstrong Boulevard, NW, Ramsey, Minnesota. <br /> <br />Members Present: <br /> <br />Chairperson Sarah Strommen <br />Councilmember David Elvig <br />Councilmember David Jeffrey <br /> <br />Also Present: <br /> <br />City Administrator James E. Norman <br />Finance Officer Diana Lund <br /> <br />CALL TO ORDER <br /> <br />Chairperson Strommen called the regular meeting of the Finance Committee to order at 5:35 <br />p.m. <br /> <br />CITIZEN INPUT <br /> <br />There was none. <br /> <br />APPROVE AGENDA <br /> <br />Motion by Councilmember Jeffrey, seconded by Councilmember Elvig, to approve the agenda as <br />submitted. <br /> <br />Motion carried. Voting Yes: Chairperson Strommen, Councilmembers Jeffrey and Elvig. <br />Voting No: None. <br /> <br />COMMITTEE BUSINESS <br /> <br />Case #1: <br /> <br />Interfund Loan for Ramsey Crossings Project <br /> <br />City Administrator Norman indicated the City has received RFP's for the development of <br />Ramsey Crossings. Included in the language of the RFP, it states that the chosen developer will <br />be responsible for all costs associated with the project. The soft costs have been estimated at <br />$2.25 million. This figure represents an estimated 15% of the total appraised acquisition costs. <br />As the City needs to front these soft costs until a developer is chosen, a funding source needs to <br />be determined. It is being recommended that the interim funding source be an internal loan from <br />the Equipment Revolving Fund. The developer would need to reimburse this fund for all costs <br />incurred plus an additional rate of 4.5% for interest. It is stated in the RFP that all costs incurred <br />by the City will be reimbursed by the developer by December 31, 2006. <br /> <br />Finance Committee / May 9, 2006 <br />Page 1 of5 <br />