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or under that figure, the City is not obligated to <br />proceed. The upset figure on the revenue bonds' <br />interest rate is 1.0.25. If we can't get them at <br />that rate over an average 20 year period, we are not <br />obligated to proceed." "The final design of the <br />golf course is subject to Council approval at a <br />later date. A lot. of things will come back to <br />Council down the road, but we have specific <br />benchmark figures in the Annexation Agreement at <br />this time which secure the City." <br />Mohr stated that he is most proud of the joint <br />effort among property owners to develop a golf <br />course in a win-win context on this site. "That <br />took a lot of giving from each of those respective <br />parties." Mohr thanked the efforts of Dick Biella, <br />George Menkick, Dave Stahl of Homart, John Sackett <br />for helping to bring this group together, and Chuck <br />Bellock and his associates for working very <br />diligently to bring this project to Louisville. <br />Mohr thanked Hundl~ey for his administrative <br />capabilities and Williamson for his negotiation <br />abilities to bring this project to this point. <br />Mohr further stated that this project is an <br />enhancement of this Council's economic development <br />goals for the entire area. This is the first major <br />residential annexattion of this Council which also <br />comes in the Conte;~t of economic development. The <br />quality of life is:~ue is also being addressed in <br />this project by providing and ensuring wildlife <br />areas in the open area of the golf course. Mohr <br />stated that the scYiool bond election was supported <br />by this community and that this City as well as <br />Homart has contributed free land to the District to <br />build their school:>. Although schools is not the <br />jurisdiction of municipal government, this City will <br />continue to be sen:>itive to the needs of the <br />District. Mohr favors this annexation without <br />reservation assumir.~g that all of the requirements <br />are met and will px•efer to make that decision when <br />all of the papers acre in order. <br />Szymanski stated that although it has taken some <br />time to get this project to this point and that <br />Council is requiring all documents to be in order <br />prior to final decision, the City of Louisville can <br />be assured that Council is doing it properly. "You <br />don't undertake a multi-million dollar project <br />without knowing all the facts and having everything <br />before you." "I am totally in favor of the project <br />and am totally in favor of the procedure we have <br />followed. I believe we have done our job <br />thoroughly. We have investigated all possibly <br />contingencies that could arise. We have put <br />8 <br />