MINUTES OF THE MEETING OF THE
Mayor Moreno called the meeting to order and directed City Clerk Arletta D. Holmes, to call the roll. The following Aldermen were present: Helen Heiland, John Thodos, Luis Moreno, Carol Doose, Rick Meredith, Gary Kelley, and Crotis Teague. 7:20p.m.
Cross Walk March Request (Steve Verdick)
The Full Gospel Church of God is requesting permission to hold a “Cross Walk” on March 29th at 10:40a.m. The March would be on the sidewalk along 18th Avenue from 19th Street to 13th Street, and then on 15th Avenue to 6th Street. Recommendation: To approve the request.
Budget Impact: None
A motion was made by Alderman Thodos, seconded by Alderman Kelley, to approve the request as presented. Upon voice vote all in attendance voted in favor. Unanimous.
Affirmative Action Plan Update (Jude Williams)
The Affirmative Action Plan was briefly discussed at the Committee of The Whole (COW) Meeting February 19, 2002 and then tabled. It is being brought back to the COW after giving the Council time to review it. Ms. Williams answered additional questions regarding reaching our goals by the year 2006. Recommendation: Forward to Council for approval.
Budget Impact: None
A motion was made by Alderman Doose, seconded by Alderman Teague, to approve the recommendation as presented. Upon roll call the following voted in favor: Heiland, Thodos, Moreno, Doose, Meredith, Kelley, and Teague.
Information Technologist (Jim Hughes)
Finance Director Jim Hughes informed the Council that this item is pulled until the next COW meeting on March 18, 2002.
Tyson (IBP) Guarantee (Jim Hughes)
At the time of the agreement for the construction of the IBP water main, one main concession the City did receive is that IBP was required to purchase a “Bank Letter of Credit” in the amount of $3,500,000. There was a declining value provision in the agreement. Tyson Foods has now purchased IBP and they have requested that we no longer enforce the Letter of Credit provision. City Attorney Phares and Finance Director Jim Hughes felt this would not be a prudent thing to do. At this time there is still an outstanding bond balance of $2,325,000, with a cash reserve, earned directly from IBP water main, of $790,000, net owing $1,535,000. Tyson Foods has agreed to purchase a Letter of Credit for $1,7000,000. They are required to cover $2,325,000, but with our cash reserve, it was felt that this is a very fair compromise. Recommendation: Direct the City Attorney to draft a resolution amending the Development Agreement with Tyson Foods to reflect the change in the Letter of Credit requirement. Budget Impact: No cost to the City.
A motion was made by Alderman Heiland, seconded by Alderman Kelley, to direct the City Attorney to draft a resolution to amend the development agreement with Tyson Foods to reflect the changes in the letter of Credit to $1,700,000, with renewal option after two (2) years. Upon roll call the following voted in favor: Heiland, Thodos, Moreno, Doose, Meredith, Kelley, and Teague. Motion carried.
A motion was made by Alderman Kelley, seconded by Alderman Teague, to adjourn the meeting. Upon roll call the following voted in favor: Heiland, Thodos, Moreno, Doose, Meredith, Kelley and Teague. Motion carried. 7:35p.m.
Minutes taken and submitted by,
Arletta D. Holmes, City Clerk
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