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• 'JP'1. - a.'..: y'V;'r' i .1 ! +T•j t74ii 'Y: ,••i*-)` 1r,• • _ a:pxi. T2vr ^•` f ��: xilfrgr :J, <br /> .,r <br /> •'.7 Iiy,�►• . <br /> ..:...$!: k <br /> • , i ` e ' <br /> ' s fO! iOM <br /> - - ^s rasa •pt. .O .. ! * • <br /> y <br /> . • • . ' . _ • y . ,∎-• - <br /> 7. Llama . <br /> 00 � �.., atualliri Fi headt C 1 b , fit+ k <br /> • - ** • , ist wig, t • cities AWL. •;• . <br /> , <br /> Lai tat�ioauset Monty f l . <br /> sa al the mateke uSaraeyt pr assumed p izohaoe price for this prop.r�t La.Zr:4- <br /> sallies. The agrrsysat spells oat tie post •. <br /> obligations, ownership rights, naintessage <br /> responsibilities, etc. of all three parties. it <br /> Council eboos•s to accept this agreement, there <br /> aro two alternatives for payments 1) Louisville <br /> pays until 1901 wherein it begins par <br /> its $250,00S plus a it premium for the deferred <br /> past, 2) Louisville assumes an initial paymeet <br /> of $10,000 is ,order to have •ownership interest* <br /> immediately with the balance of $240,000 plus a St <br /> premium paid worming in 1!i!. <br /> aautsostrays explaiasd to Couaoil that paying the <br /> 210,000 initially would give the City . of <br /> Louisville a stronger status with respect to <br /> management and ieaediat�lyves a higher level of ownership <br /> rights <br /> The rnsrws soyroe for this property would be the <br /> State Lottery funds, however, at the current <br /> level, these funds will not be sufficient to make <br /> full pert, madly stated. There will have to <br /> be additional rove ue sources to make full payaaat <br /> of this and the City's current payment obligations <br /> for the Aquarius property. <br /> The agree eat is a lease option for subsequent <br /> parse abases. Legally City residents can not <br /> be bo or anything beyond a year. The lease <br /> option expresses a coaaitaent but is subject to <br /> appropriation of funds in any given year, <br /> aoos: ng to Inadley. At budget time, when the <br /> City's legal obligations for this purchase is <br /> 1901991 tome due, Council will have to decide <br /> what rwvasss &mom should be used to finance the <br /> pelmets* <br /> Mayor Jieieq• stated that he would not be able to <br /> support this agrenaaat as he feels it .is <br /> inaggeopmiato to,.use the Lottery mossy to Vied <br /> . this pscahiss. • <br /> Leary stated that this is a fair agreement is <br /> atrootsziell the City of Louisville's psymests 'at <br /> , <br /> 7 $ 'r <br />