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Mayor Pea~so~ agr~eed with Mr~ Reid's comments but indicated his position in opposition to proceeding at this time° It was moved by Councilman Reid, and seconded by Councilman Mori, that a non-profit corporation be formed for the purpose of financing the first phase development of the Civic Center. The roll call vote was as follows: AYES: Councilmen Herlihy, Kinney, Mori, Reid, and Mayor Pearson NOES: None ABSENT: None Mayor Pearson then recessed the meeting to an Executive Session to con- sider the members of the Board of Directors for the Corporation. Mayor Pearson reconvened the meeting. It was moved by Councilman Reid, and seconded by Councilman Kinney, that William Gale, John Edmands, and John Stanley be authorized to file the neces- sary incorporation papers to form the non-profit corporation and, subsequent to its formation, ace as the Board of Directors° The roll call. vote was as follows: AYES: Councilmen Herlihy, Kinney, Mori, Reid, and Mayor Pearson NOES: None ABSEFT: Nol.e c. Date for Preparation of Bid Package Mr. Scheidig advised the Council that the Corporation could be formed by the week of 4th of June, and that it was anticipated that the project could be sent to bid by June 15, 1973. d. Estimated Annual Cost Mr. Edgar advised the Council that the City has received information from one bank that the interest rate for a loan on the project would be 5~% upon receipt of an IRS ruling. He distributed to Council a sheet setting forth the annual, total and interest costs on a loan of $230,000.00~for the periods of 5, 10, and 15 years. Mr. Scheidig advised Council that the 5 year figure could not be used since the City must pay a rental for the building that is a fair rental com- parable to what the City would pay for leasing a similar building. The Council agreed that the shortest possible pay off period should be used, It was moved by Councilman Reid, and seconded by Councilman Kinney, that the amortization period for both the loan and the City's lease be limited to 10 years. The roll call vote was as follows: AYES: Councilmen Herlihy, Kinney, Mori, Reid, and Mayor Pearson NOES: None ABSENT: None PROPOSED 1973-74 BUDGET a. Review of Material Prepa~e.d b~ Staff Mr. Edgar distributed to Council information requested by members of the Council at their last budget review relating to the Capital Improvement Pro- gram, Park Dedication Fund, and Park acquisition and status. Questions from various Councilmen related to the information distributed were then answered. Mr. Scheidig distributed a memorandum indicating the provisions of a tentative agreement between the City and residents adjacent to Woodthrush Park regarding maintenance. 2. 5/30/73