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Minutes from the Finance Committee meeting on February 16, 2006.
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Finance & Administration Committee Minutes
Thursday, February 16, 2006
4:00 p.m.
Members Present were: Alec Farmer, Darrel Dover, John Street, Jim Hargis, Harold Perrin, and Ann Williams.
MINUTES
Councilwoman Williams moved, seconded by Councilman Dover for the approval of the minutes for the January 19, 2006, regular meeting and the January 23, 2006, special meeting. All voted aye. Copies were provided to all those in attendance.
ORDINANCES AND RESOLUTIONS
PENDING Electronic Plat Submission: Mr. Alan Young stated he has not talked with the City Planner yet.
Banc of America Master Lease and Option Agreement, Appropriate funds for a tax-exempt lease finance proposal: Discussion was held regarding what the money would be used to purchase and what the total cost would be. A Bank of America representative stated the total cost is approximately $4.2 million over 5 years. It was questioned whether the items being purchased had a useful life of longer than five years. Mr. Brian Wadley noted the 3.49% rate is locked in through February 22, 2006. Councilman Farmer motioned, seconded by Councilman Street, to recommend the ordinances to place the items on the agenda for the February 21st Council meeting. All voted aye.
Appropriate funds for Industrial Development through the NEAIDC: Mr. Wadley explained the NEAIDC needs additional funds to help attract a new prospect. He further stated the amount is $150,000. Councilman Dover motioned, seconded by Councilman Street, to release the funds for the NEAIDC. All voted aye. It was added that an ordinance is not needed since the money is already in the budget.
Parcel development ordinance: Mr. Young stated an additional $51,675 is needed for the contract with Fisher and Arnold for the parcel development. The original contract started in November, 2005. Mr. Young further explained they were expecting City Water and Light to pay for part of the...
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