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I <br />AUG 22 1999 <br />HOK 71 Fa,) 695 <br />Purchase price for the approximately 99 acres is $2.5 million. Total estimated <br />acquisition expense is $2.9 million, including interest and issuance cost, <br />depending on the method of financing the short term note. As proposed, a <br />one year millage levy would be applied. <br />The ordinance with the ballot wording is being prepared by the County <br />Attorney's office. <br />Administrator Chandler explained that the agreement has been <br />executed by Ron Ewing and himself and is being presented to the <br />Board today for consideration. A corollary item on today's <br />Agenda addresses the proposed wording for the ballot provided for <br />in the agreement which states that the purchase price would be <br />$2.5 million. The overall cost associated with this is <br />potentially $2.9 million, which includes the financing for that <br />$2.5 million. He emphasized that we are trying to keep all our <br />options open on the financing and that is why we are quoting a <br />cost of not to exceed $2.9 million. There are a number of <br />options we may want to exercise in the financing of the $2.5 <br />million, but those costs could be less than the $400,000 <br />estimated. In essence, that is the meat of the contract being <br />presented today. <br />Commissioner Scurlock asked if we tried to negotiate with <br />Mr. Ewing that he would carry the note for a while without any <br />interest, and Administrator Chandler explained that when the <br />negotiations first started, there was absolutely no flexibility. <br />It was to be within such and such a timeframe and within such and <br />such parameters. However, during the last few weeks, there has <br />been some indication that Mr. Ewing might be amenable to <br />considering that, but Mr. Ewing indicated that his cost for <br />carrying the note probably would be less to us than what we could <br />gain by placing it with a bank or banks. However, at this point <br />we do not know what tha,t amount would be. Mr. Ewing has left the <br />door cracked, but we are trying to maintain as much flexibility <br />as we can in terms of getting the best terms on the financing. <br />30 <br />