CITY OF REPUBLIC JUNE 19, 2008 SPECIAL MEETING

Those present: Mayor Shirley A. Couse. Council Members: Linda Hall, DiAnne Hewitt and Alex Wirt.

Guests Present were: Cliff Couse, James Hall, Kate Meginley and Deana Zakar.

Mayor Couse called the meeting to order at 6:00 p.m.

Cliff Couse discussed with Council about the loan from CERB to finish the second (2nd) phase of the PDA project at Torboy. The PDA will not receive the funds necessary unless CERB has a guarantee from the City of Republic that the loan will be paid.

The Council asked about the risks of the project falling apart and the likelihood of the City of Republic having to perform as the guarantor. The value of the City’s security and the benefits to the Community were discussed. It was stated that a potential tenant is waiting which makes default very unlikely.

Deana Zakar spoke for the PDA group stating that there would be no problem for the PDA to pay the loan and if by remote chance the project went defunked the improved property and buildings, which have a value more than the loan, would become city property. The City would be able to re-coop any funds spent and more. Ms. Zakar stated that this would be a major benefit for the City of Republic.

Alex Wirt moved to enact a resolution to indicate that the City of Republic will guarantee the above stated loan needed for the PDA project. DiAnne Hewitt seconded; motion carried.

Linda Hall moved to adjourn the meeting. Alex Wirt seconded; motion carried.

Meeting adjourned at 6:45 p.m.

ATTEST: _________________________

Shirley A. Couse, Mayor

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C.J. STEVENS, Clerk-Treasurer