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<br />County taking a different risk profile Adrian Group would be willing to make those concessions in order <br />to move this forward. <br /> <br />(Clerk’s Note: Commissioner Wheeler rejoined the meeting at 3:30 p.m.) <br /> <br />Discussion ensued and Administrator Baird did not see the same “’upside” that the County <br />Attorney sees and upheld staff’s recommendation on the matter, saying that he did not think they should <br />weaken the County’s position with the public’s money for a 5% interest as they could lose a million <br />dollars. They also discussed and presented scenarios of what could happen if this falls apart completely. <br /> <br />Mr. May <br /> clarified comments and defended the Group’s proposals. <br /> <br />Assistant County Administrator Mike Zito in support of staff’s recommendation asked why <br />would the bank not be attracted to additional collateral that was now being offered to the County over the <br />“spreader agreement”, noting that the bank should be just as attracted to it as the County and if it is right <br />for the County it is right for the bank. <br /> <br />Chairman Neuberger suggested they could postpone this until everyone had gotten together to <br />discuss it. <br /> <br />Administrator Baird responded that they have had discussions and Adrian Group did not like our <br />answer. He again wanted the record to reflect “… that if anything goes wrong on this one, staff did not <br />recommend this.” <br /> <br />Mr. May <br />understood the fundamental principle of not wanting to move from a stronger position <br />to a slightly less position. <br /> <br />Commissioner Davis understood Mr. May’s arguments, but thought they should look at whether <br />they were making the loan to Adrian Development to get a higher interest rate, to get the money back <br />October 3, 2006 <br />67 <br /> <br />