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Councilman Neuberger wanted to let the public know the City's contribution of <br />$1,400,000 would come from cash accumulated from selling properties in the amount of <br />$1,200,000 with the balance from cash reserves in the general fund. These are all <br />unencumbered funds. <br />Vice Mayor White questioned what would happen should the Dodgers leave, and <br />Administrator Chandler responded that they would be responsible for paying off any balance <br />on the bonds at that time. <br />Mr. White then questioned some penalty to protect the County and the City, and <br />Administrator Chandler responded that title to the properties would then be held free and <br />clear. <br />Councilman Fletcher stated that this is an information gathering meeting for him and <br />he has quite a few problems with the MOU. He questioned who would draw up the <br />additional required contracts, and Administrator Chandler stated that Bond Counsel Reid <br />would work with staff and the City and County attorneys. Attorney Reid has a lot of <br />experience in drawing these types of agreements and would be the primary drafter. <br />Commissioner Ginn stated that she loves the Dodgers and wants them to stay. They <br />have been extremely generous to this community. However, this is a difficult time and there <br />are many vacant commercial buildings. She felt that the concept is a worthwhile one but <br />believed that the Dodgers could stay in Vero Beach without taxpayer assistance. She <br />continued that the MOU grants the Dodgers $7,000,000 for capital improvements with a <br />capital reserve of $2,000,000 which they could use at any time for any purpose. There are <br />no prohibitions at all on the use of the capital reserve funds. She would like stronger <br />language regarding the use of the capital reserve funds and the responsibilities of the Dodgers <br />JULY 249 2000 -5- <br />& Ii4PG3ii <br />