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Item 3A: Approval of City Council Minutes
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Item 3A: Approval of City Council Minutes
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Agenda Item Summary
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3/13/2006
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<br />Mr. Papé offered a friendly amendment to direct staff to bring the development <br />agreement back within 60 days. Ms. Bettman and Mr. Kelly accepted the friendly <br />amendment. <br /> <br />Ms. Bettman clarified that the motion provided the opportunity to select from a combination of short- and <br />long-term financing and provided staff flexibility in filling the financing gap. She asked if the motion needed <br />to specify financing up to $5.7 million. City Manager Taylor said that identifying the additional $3.2 <br />million from funds that would basically be an unsecured loan would be the greatest challenge. <br /> <br />Mr. Papé said the council should be frank that the City would be providing the equity funding for the ORI <br />project and taking a risk. He said that buildings typically had between 20 and 40 percent equity, with the <br />rest being borrowed funds and there would be no security for the funds ORI was borrowing from the City. <br />He would not support any proposal that did not have some sort of security and the council would be poor <br />stewards of public resources without assurance of security for the loan, which it was building equity or <br />personal guarantees from the principals of ORI. <br /> <br />Mr. Kelly asked if the 60-day timeline was for the terms and conditions of the City’s participation or terms <br />and conditions of all financing sources. Mr. Papé replied it was only for the City’s participation. <br /> <br />Mayor Piercy said she approached the matter with support for ORI and the success of the project and <br />skepticism about the ability to fill the funding gap and the City’s risk. <br /> <br />The vote on the motion to amend was a 4:4 tie, with Mr. Poling, Mr. Pryor, Ms. <br />Solomon, and Mr. Papé voting in opposition and Mr. Kelly, Ms. Bettman, Ms. <br />Taylor, and Ms. Ortiz voting in favor. Mayor Piercy cast a vote in favor and the <br />motion passed on a final vote of 5:4. <br /> <br />The vote on the main motion was a 4:4 tie, with Ms. Solomon, Mr. Poling, Mr. <br />Papé and Mr. Pryor voting in opposition and Mr. Kelly, Ms. Bettman, Ms. Taylor, <br />and Ms. Ortiz voting in favor. Mayor Piercy cast a vote in favor and the motion <br />passed on a final vote of 5:4. <br /> <br />The meeting adjourned at 7:30 p.m. <br /> <br />Respectfully submitted, <br /> <br /> <br /> <br />Dennis M. Taylor <br />City Manager <br /> <br />(Recorded by Lynn Taylor) <br /> <br /> <br />
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