Exhibit R - Agenda Item DescriptionAgenda -February 18, 1997
AGENDA ITEM 5 - HAVEN FIELD OFFERS (PLEASE NOTE CORRECTED COPY OF
BOND ANALYSIS)
BACKGROUND/CONSIDERATION: Upon review and analysis of the two bids
received frov the Regency Inn and Outlaw Inn, it seems to be clear,
for the City's current goals, the Outlaw Inn has the best offer.
RECOMMENDATION: Based upon our immediate goals to provide funding
for the youth complex, I recommend approval of the Outlaw Inn
proposal. The total proceeds differential ranges from $281,000 to
$390,000 between the two offers (depends upon the length of bond -
10 to 20 years).
ACTION REQUIRED: A MOTION to direct the City Manager/Staff to
proceed with compiling a development agreement that will "lock -
down" construction schedules and a "legal" minimum tax payment that
will insure us of a revenue stream that can support bond payments.
based upon the projections submitted in their offering documents.
I would suggest a 30 day maximum time frame for reaching such an
agreement. This should assist us in getting "serious" discussion
under way. Of course, the final approval will be completed by a
Council resolution.