10-07-85 Development Comm MinutesOCTOBER 7, 1985 CITY DEVELOPMENT 5:08 PM
Chairman Saverud, Members Schindler and Manning, Councilman Grainger, Mayor
McDowell, Clerk Halver, Ross Plambeck, Ed Kennedy, Roger Hopkins.
Chairman Saverud reported he and the City Attorney had met with
representatives of the Second Avenue West Professional Building and, as a
result of that meeting, recommends changing the proposed terms of the loan
agreements.
The recommendation now is that the loan rate for the first five years be a
flat rate of 5% interest and for years 6-15 it be based upon the annual
Treasury Bill yield.
The committee agreed to recommend the above rates; the rate should be
reviewed every year with the first review to be January 1987. The rate for
existing loans would not be changed by the review.
Adjourned 5:24 pm.
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