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MINUTES OF THE SPECIAL SESSION OF THE CITY COMMISSION HELD ON
NOVEMBER 10. 1987
Mayor Ison called the meeting to order at 7:34 p.m.
PRESENT: Mayor Ison; Commissioners Johnson, Dabbs, Bateman, and
Hager; and City Manager Ryan.
ABSENT: City Clerk Catron (away on business) and City Attorney
Kruppenbacher.
DISCUSSION ON THE ACQUISITION OF PRIMA VISTA UTILITIES
City Manager Ryan said that the Commission had directed the City
Staff back to renegotiate the contract. Because the updated
Developer's Agreement was given to the Mayor and Commissioners
tonight, the Staff respectfully asked to continue the Public
Hearing to Monday, November 16, at 7:30 p.m. This would give the
Commission adequate time to review the latest copy of the
contract as well as the appraisal done by the City Engineer on
the Prima Vista property.
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City Manager Ryan said the document reflected significant
modifications from the last contract, and that it directly
addressed the main concerns the Commission had asked to have
resolved. The document given to the Commission was one approved
by Prima Vista Utilities and the City Staff; only part J was
still to be formally approved by the City since Stanley Cohen had
yet to review it. City Manager Ryan said Mr. Cohen would be at
the meeting on Monday.
City Manager Ryan said a significant change was the reduction in
the purchase price of $4.5 million to $4 million which Mr. Ryan
said was a direct result of Mayor Ison's negotiations. Mayor
Ison added that City Manager Ryan and Stanley Cohen also
contributed to the price reduction negotiations. City Manager
Ryan said Tom Lang would act from the standpoint of City Attorney
rather than Special Legal Counsel to review the document and make
recommendations to the Commission. By representing the City in
that capacity, the City would conserve funds. Commissioner Dabbs
moved to continue the Public Hearing to November 16 at 7:30 p.m.
in the Community Center with Tom Lang representing the City as
City Attorney, Commissioner Johnson seconded, and approval was
unanimous.
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City Manager Ryan asked the Commissioners to review the document
and to get with Staff on any concerns before the meeting on
Monday night. City Manager Ryan said that would make it possible
to get the Commissioners comments to Attorney Lang as well as
Prima Vista representatives. City Manager Ryan reminded the
Commission that the Staff's approval of the contract was subject
to approval or modification by Stanley Cohen.
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Page 2
Special Session City Commission Meeting
November 10. 1987
DISCUSSION ON INVESTMENT OF REVENUE BOND MONEY
City Manager Ryan said Finance Director Poston had obtained
information concerning the investment of $2 million received from
the sale of the City's Public Improvement revenue bond issue.
The Staff recommended to the Commission that $2 million be
invested in a 90 day certificate of deposit (CD) with either
Barnett Bank or Orange Bank. both of which offered a 7 % interest
rate. Commissioner Bateman asked if the Staff had contacted
Tucker Bank since he heard the bank was offering 7 1/4 or 7 1/2
%. City Manager Ryan said Mr. Poston had contacted them. but
that the bank withdrew its offer of 7 1/4 % because it could not
fully collateralize the amount. Commissioner Bateman moved to
put the $2 million in a 90 day CD with Orange Bank at 7% interest
rate. Commissioner Hager seconded. and approval was unanimous.
The Commission recommended that Staff look into alternatives for
the money when renewal of the CD approaches.
ADJOURNMENT: 7:56 P.M.
:;LeL
MAYOR
ATTEST:
CITY CLERK