BC 1990 11 30 - Laserfiche WebLink

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598 HARTSELL, LENTZ: All payments LENTZ: Just like a lien...I guess you would say HARTSELL: There are circumstances that I can foresee and I have already communicated to Mr. Belo because I don't know that much about ...I will talk about those to counsel because they are legitimately ...matters. I would prefer to communicate in that fashion. But, I can...I can foresee a circumstance where it might very well be to the City's advantage, and it is clearly to the County's advantage this payment obligation to be advanced ... less than 10 years. SOSSAMON: So you are saying that as long as we don't put ourselves into a default situation which would mean we could make payments... HARTSELL: No, No SOSSAMON: Let me finish. Make payments on time or ahead of time because I think it has been stated that you would like to have money faster anyway. As long as we do that, we are meeting the obligations. Once the last payment is made, whether it is made on time or ahead of time, then the repurchase option evaporates. HARTSELL: What I'm saying is... Let me give you a for instance. January 1, 1996, you leave this just the way it is. You're 90% complete, that's what Gordon and I spoke about, you want to hang on to it. This repurchase option is still there and might trigger a transfer or something that you wouldn't want. The way you extinguish that and protect whatever you want to do out there is simply pay whatever the balance of the purchase price is at that point in time. By that time you may very well have received grant funds from the feds and state sufficient to take care of that anyway. I don't know. That's ... SOSSAMON: In fact, what we are doing is accelerating the payment schedule. HARTSELL: It is simply an acceleration of the payment schedules that would in and of itself once paid. Once the purchase price is paid, then the repurchase option that is in the agreement is extinguished. BELO: No matter what happens. LENTZ: I think that would free up the, make it .... binding to an extent, but free it up considerably. BELO: I don't have a problem with that. HARTSELL: You may have a mechanical problem with it, I'm just... SOSSAMON: No, it sounds ok. I guess we have a question., it would tie back into #3 and the completion date of January 1, 1996. HARTSELL: What I'm saying is ...strike the language from beginning at "By" just strike "by" and plans and documents upon and just not put a date in there. Because that date is contained otherwise in 6 anyway and so, you've got. Mr. Chairman, the reason for the period and that is something I would readily concede that I had to come up with something but the schedule that was prepared and available would project completion as of the end of June, 1985, 1995 and I Just added 6 months because it was Just a nice even period of time. That is pure... LENTZ: If the new wording under Item #3 project development is acceptable by all board members, I would say that we would change that to the recommendation of counsel. HARTSELL: They may want to caucus and talk about this. I can understand that. Mr. Chairman, I really, this hits everyone a little cold and I understand their concerns, but I just... MELVIN: Right, I can to. BELO: We will just step out here.