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<br />City Council <br />Special Meeting Minutes <br />February 9, 2010 <br />Page 4 of 10 <br /> <br />· The overall deficit for ~~009 is currently estimated at $370,000 - staff has <br />proposed a loan from the Wastewater Utility Fund to cover this amount <br />· Staff projects between 2008 and 2015 the Golf Course Fund will require <br />$2.3 million in loans to cover expected deficits (not including a loan for <br />bond defeasance) <br /> <br />The proposal to Amend Golf Course Agreement and Bond Defeasance is as <br />follows: <br /> <br />· Wastewater Utility Fund loaned $700,000 to the Golf Course Fund in 2008 <br />to cover deficit <br />· Staff proposed the Wastewater Utility Fund loan an additional $370,000 to <br />the Golf Course Fund in 2009 to cover deficit <br />. Staff proposed the Wastewater Utility Fund loan up to $800,000 in 2010 <br />for bond defeasance <br /> <br />CML Executive Director Mamet summarized the City's financial assumptions: <br /> <br />1. The Sam's Club closure is expected to reduce revenue by $250,000 <br />2. A new tenant in the Sam's Club building will bring in 50% of the sales tax <br />3. Will the City use the ConocoPhillips analysis or go forward with their own <br />projections. <br /> <br />City Manager Fleming explained the $250,000 shortfall of revenue could be <br />spread through 2010 and 20111. Mayor Sisk felt it would be more appropriate to <br />assume a greater revenue shortfall projection. <br /> <br />CML Executive Director Mamet asked whether Council was comfortable with the <br />$250,000 in reductions and for consensus on whether the $250,000 projection is <br />too high or too low. Four Council members felt the amount was too low. <br /> <br />PUBLIC COMMENT <br /> <br />Michael Menaker, 1827 Choke Cherry Street, Louisville, CO stated he was <br />uncomfortable with the Staff's projection of a 50% revenue replacement of Sam's <br />Club site in 2011. <br /> <br />John Leary, 1116 LaFarge Avenue, Louisville, CO was concerned over the <br />projection of replacement revenue for Sam's Club in 2011 and the fiscal analysis <br />for ConocoPhillips. <br /> <br />Dan Ziemkowski, 707 Club Place, Louisville, CO explained he worked for IBM for <br />nearly 30 years and after 18 months of retirement, returned to work as a driver <br />for Special Transit. He noted one recommendation was to cut funding for Special <br />Transit. He reported the 20m} service to the City of Louisville was $118,000. <br />