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THE CHAIRMAN CALLED THE QUESTION and the motion failed 1-4, with Commissioners Adams, Eggert, Macht and Tippin against. Gene Winne, 2096 Windward Way, Vice President/Board of Directors of the Civic Association, advised his background was in the chemical and plastics industry and investment banking. He wished to make it clear that he was a recycling advocate. While he commended Mr. Knigin for the innovative project, he was concerned about the project's feasibility because of the present soft market in the recycling industry. Mr. Winne asked Mr. Knigin to answer numerous questions as follows: Which entities will be actually owned by INRIVCO vs those to be operated by customers for various recycle streams? What is INRIVCO's estimated total investment and capital structure, particularly debt vs equity requirements? Who are the actual partners with legal and financial responsibility to the County, apart from the various obviously high-grade contractor/ associates? Aside from spoken assurances, what guarantees does the County have that the project will be successful? What are the total revenues anticipated from product sales and leasing vs County tipping fees of $4-5 million per year? Is it really practical to contract out to 40 years with a fixed pricing formula, knowing that many underlying factors can change radically with passage of time? Mr. Winne realized that the answers to some of the questions got into confidential data, but stressed that the Board carries a heavy responsibility in committing to the project and they need to feel confidence that it can succeed. In summary, Mr. Winne suggested three separate yet overlapping goals that need specific evaluation: 1) The political need to recycle; 2) The optimum/ economical method to recycle and extend the landfill capacity; and 3) The creation of new jobs and enhancement of our economy. He hoped it would be possible for all to work together to proceed toward an early mutually beneficial conclusion. Louis Schlitt, speaking on behalf of himself and a member of the Chamber of Commerce Industrial Committee, stressed that we should not lose sight of the objective but should focus on the uniqueness and quality of what many people want to have. From his real estate experience, he maintained that a contract is essential before you can negotiate. When people back out, it does not necessarily mean doom, but may be just an opportunity for someone else to build on. He maintained we have a good group of people and they should be given a chance to prove themselves. 31 November 26, 1996 BOOK 99 Fac, 951