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5. Haven Field OffersAgenda -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 from 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.