Laserfiche WebLink
<br />sooner, or to force an economic development in the industrial park. Although it is for economic <br />development as a Commissioner he was more concerned about “the bird in the hand” which is taxpayers <br />millions. He felt where the backup mentions ‘recommendations’ it should read ‘options’. <br /> <br />Mr. May, <br />in his defense, informedthe Board that if they voted this down Adrian Group would <br />have to return the money, there would be no more loan, and they would still have to deal with restrictions <br />in the Park. <br /> <br />Chairman Neuberger thought a lot of this was over their heads, but would agree to go with his <br />financial advisor Administrator Baird. <br /> <br />Discussion ensued regarding chances of losing the money, debt coverage ratio, whether the <br />properties were over or under leverage and not having enough information to determine the chances of <br />losing the money. <br /> <br />Mr. May <br /> had no problem with the matter being tabled. <br /> <br />MOTION WAS MADE by Commissioner Lowther, SECONDED <br />by Commissioner Neuberger, to table this item for 45 days. <br /> <br />Commissioner Wheeler wanted to make Motion to keep existing mortgage in place and leave it <br />unchanged, as we are not in the banking business. <br /> <br />Chairman Neuberger agreed they needed to take a further look at this and have more detailed <br />information. <br /> <br />The Chairman CALLED THE QUESTION and by a 3-2 vote <br />(Commissioners Wheeler and Bowden opposed) the Motion carried <br />October 3, 2006 <br />68 <br /> <br />