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597 <br /> <br />would circumvent what you are trying to achieve. So I am just simply saying <br />somehow and manner that it would legal that they have got to begin construction <br />as opposed to focusing on when they finish. <br /> <br />LENTZ: Well of course, I like the actual thought of that. There are all kinds <br />of barriers, of course we have crossed a number of them, in fact, and I am sure <br />that there will be barriers that will control the start up time of the process <br />and I would be satisfied as long as we make some kind of provisions for <br />something beyond their control. <br /> <br />MELVIN: Mr. Chairman, could we hear from the city on their concerns and then <br />their reaction to a suggestion on the changes that this board would like to <br />have. May I suggest that. <br /> <br />LENTZ: Of course, we have Leonard and Gordon. Would you have a comment? <br />Gordon, would you come up here please. <br /> <br />BELO: Our concern is that we cannot predict what is going to <br />happen...litigation wise, or other wise, and we would not want to be put into <br />...contained into a time span that we can't live up to. Of course, we don't <br />want to build 90% of the airport and then it come back to the County. I'm not <br />certain exactly how to control this contingency but that is our concern. <br /> <br />LENTZ: Of course, I am too, and I would certainly want the wording to be of <br />such that you would not be held hostage in it at all and we do have a concern <br />for that. <br /> <br />SIMMONS: I was going to ask Fletcher. I thought this repurchase option, not <br />that I really think that will happen, come back to the County. I'm not sure I <br />would even want it back. But don't we have to pay the City any money they invest <br />in this project if it weren't completed for some reason and this repurchase <br />option were exercised. <br /> <br />HARTSELL: Yes, it is structured the same way the initial ..... <br /> <br />SIMMONS: The City would not lose any money. <br /> <br />BELO: That is correct. But is certainly not what we want. We want to complete <br />this project.. <br /> <br />HARTSELL: In that regards, and I have spoken briefly with Mr. Belo about that. <br />Originally I will concede I thought that was a relatively simple thing because <br />the concerns are unquestionably legitimate, but your concerns are too because <br />one of the reasons you are wanting to proceed with this is that you want the <br />airport project to proceed. One way you might do that is possibly to strike the <br />date in its entirety from Paragraph 3 and simply on the repurchase option <br />portion put ..you can leave it that way.. you can change the date that is in or <br />whatever, but put a provision in there to the effect that the option is <br />extinguished once the payments are made. They may choose to for whatever reasons <br />.... and there are reasons there may be... <br /> <br />BELO: After they are paid out you would have no more claim. <br /> <br />HARTSELL: Just put a provision in there that once it is paid, if it is paid, <br />they may pay on the schedule you've got, they may pay in advance of that. <br />But...and just put a language in there that the repurchase option is <br />extinguished and that's it. <br /> <br />LENTZ: I like that <br /> <br />MELVIN: I would to. <br /> <br />HARTSELL: That is a possibility but I'm not. There are any number of ways to <br />skin the cat ...... <br /> <br />BELO: Any problem with that Leonard? <br /> <br />SOSSAMON: Are you stating that once the City makes a payment or makes all <br />payments? <br /> <br /> <br />