Laserfiche WebLink
FEB 2 7 1995 BooK 60 F,mLF 1 <br />Ed Schlitt, 4747 Pebble Bay Circle, representing <br />investors who have 50% ownership interest in this property, <br />did not feel there would be a problem with the timetable. He <br />believed that the negotiator on this contract was trying <br />primarily to keep that time limited in hopes of being able <br />to get by without any interest payments on the period <br />between the closing date and the date the additional funds <br />• are to be received; the problem came up because the <br />investors feel that some interest is due. Mr. Schlitt felt <br />this could be resolved within the next 10 days, and exactly <br />what interest would be agreeable would depend upon whether <br />or not it is tax free. <br />OMB Director Jeff Barton advised that it could be <br />structured to be tax free. <br />Commissioner Wodtke suggested that 5% tax free interest <br />be paid for 60 days. <br />A Motion was made by Commissioner Scurlock to authorize <br />the Chairman to execute the contract with the acceptance of <br />the contract within 30 days. <br />Second. <br />The Motion died for lack of a <br />Commissioner Scurlock felt that the question of <br />interest was going to have to be negotiated as he understood <br />that Mr. Schlitt would have to take a proposal back to the <br />investors, but Chairman Lyons felt we should make the <br />proposal now. <br />Commissioner Bird suggested extending the timeframe for <br />paying the balance of the purchase price to 150 days, with <br />the first 60 days being interest free and the remaining 90 <br />days at 5h% tax free interest. <br />Attorney Brandenburg felt that a 30 -day period is too <br />long for the County to have an open contract; he proposed <br />that they require acceptance of the contract within 10 days. <br />If the investors cannot decide to accept the contract during <br />that time, they can always come back and ask the County for <br />14 <br />