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utilization of the proposed telephone service <br />within Boulder County and the City of Louisville. <br />Mayor Fauson moved that Ordinance #922 be <br />published and a public hearing be set for December <br />16, 1986. Anderson seconded. Unanimous. <br />APPROVAL OF STC CREDIT <br />PROPOSAL Hundley explained that the City of Louisville <br />recently received Storage Technology <br />Corporation's Reorganization Plan. Inasmuch as <br />STC owes the City $56,487.61 for water services <br />received in 1984 but unpaid, the City of <br />Louisville is entitled to vote whether or not to <br />accept or reject the reorganization plan. City <br />Attorney Curt Rautenstraus detailed in a memo to <br />Council how the reorganization plan affects the <br />City wherein he describes the proposed payment <br />would include approximately $7,000 in cash, <br />provide debentures in the amount of approximately <br />$22,800 and give the City approximately 14,000 <br />share of common stock in the corporation. <br />Hundley stated that it is clear from the staff's <br />perspective that STC is making a good faith effort <br />to honor its debt obligation to the City. <br />Additionally, STC went above and beyond what they <br />were required to do in 1985 when they advanced the <br />City approximately $60,000 as partial payment for <br />its unpaid property taxes. Lastly, STC has a <br />major impact on the Louisville economy and <br />acceptance of this plan by STC's creditors will <br />provide a big boost to STC and its long term <br />future in the City. <br />Council agreed with staff's recommendation. <br />Szymanski stated that he would like to see the <br />stock sold as quickly as reasonably possible should <br />the reorganization plan be accepted by the courts <br />as the City should not "be playing stock broker <br />with City funds." <br />Fauson moved that Council approve STC's Credit <br />Proposal. Szymanski seconded. Unanimous. <br />DISCUSSION - PROPOSED LAND TRADE AGREEMENT FOR <br />NEW SCHOOL SITE Hundley explained that over the past six months <br />the City of Louisville as been negotiating with <br />the Boulder Valley School District to ensure the <br />construction of a third elementary in Louisville. <br />The site tentatively selected is within Centennial <br />Valley currently owned by Homart. The School <br />District, Homart and. the City have been discussing <br />a proposal whereby the City would return <br />approximately 7 acres of open space along the <br />6 <br />