12/15/1982 - Laserfiche WebLink

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DEC 15 1982 BASK 2 pi%f � 447 Mrs. Ingram stated that it is their goal to establish a community resource center, to provide social services for the community, and to improve community involvement. In regard to methods of financing, they are hoping to sublease portions of the property and to obtain bank loans on the basis of projected income. They will also have community projects to raise funds and their estimated budget is $20-23,000. Mrs. Ingram stated that Attorney [Wayne McDonough will help them with legal matters. Discussion followed, and it was noted that the Commission had indicated that the West Wabasso Civic League was the entity the Board was going to deal through, and it was further felt that we had authorized them to proceed to work out a package in -regard to financing, sub -leasing, etc., so that we could turn the property over to the League at the same time we accepted it from the School Board. Mrs. Ingram stated that they do not know if the property is going to be leased or deeded to them, and until they have something concrete to work with, they can't do anything. Commissioner Bird asked if a Motion was passed today= agreeing to lease this property to the League for $1.00 a year for 20 years, would the League want that lease to commence immediately. He emphasized that the day that lease starts, the League's expenses start, and he believed that insurance requirements must be made a part of the lease because once we accept that property, we have a responsibility to protect it. Chairman Scurlock stated that he would prefer deeding the property with a reverter clause as he felt this would provide the League more flexibility in their finances. Attorney Brandenburg noted if the property were used as collateral, it is possible that we could end up getting it back mortgaged. 119