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<br />CASSELBERRY CITY COMMISSION <br />Minutes of September I Z. 2005 - Regular Meeting <br />Page 8 of 17 <br /> <br />9) Richard Moretti, 2396 O/S Highway, Marathon, current owner of the Concord Center <br />property/Concord Ventures, LLC, requested the City Commission move forward to finalize <br />the purchase as presented, and stated he was available to answer any inquiries the City <br />Commission may have on the purchase. <br /> <br />Commissian Discnssian: Mayor Goff acknowledged staff's responses to the questions he previously <br />submitted in writing regarding the purchase of the subject property, and stated he could now support the <br />purchase of the property. Commissioner Cook requested a clarification regarding the planned disposition <br />ofthe property after the contract is finalized. Mr. Segreto stated the plan is to remarket through a developer <br />or someone that will buy the retail center and operate it as a retail center, but renovate it. Mr. Segreto <br />clarified that the City is not planning on keeping the property, and after the contract is fmalized will secure <br />a property manager to manage the current tenants and a real estate broker to sell the property. Mr. Segreto <br />also clarified that the City is making the property purchase but the CRA agreed at its September 9, 2005 <br />meeting to incur the expenses associated with the management of the property and the debt service on the <br />loan. Commission consensus was that the purchase was justified in that it would effectuate the elimination <br />of the non-conforming use for another adult entertainment site on the subject property. <br /> <br />MOTION: <br /> <br />Vice Mayor Hart moved to approve proceeding with <br />the purchase of the Concord Center property, closing <br />an the contract with Concard Ventures, LLC, in the <br />amaunt af $2,250,000. Mation was seconded by <br />Commissioner Daerner. Motian carried unanimausly <br />by voice vote. <br /> <br />C. RESOLUTION 05-1613 - LOAN AGREEMENT AND PROMISSORY NOTE <br />WITH BANK OF AMERICA FOR PURCHASE OF CONCORD CENTER <br />PROPERTY <br /> <br />The City Clerk read Resolution 05-1613 by title as follows: <br /> <br />"A RESOLUTION OF THE CITY OF CASSELBERRY, FLORIDA, AUTHORIZING THE <br />BORROWING OF MONEY FOR THE PURPOSE OF FINANCING THE COSTS OF <br />ACQUISITION OF CERTAIN PROPERTY WITHIN THE CITY; AUTHORIZING THE <br />EXECUTION AND DELIVERY OF A LOAN AGREEMENT; AUTHORIZING THE <br />EXECUTION AND DELIVERY OF A PROMISSORY NOTE TO EVIDENCE THE <br />CITY'S OBLIGATION UNDER THE LOAN AGREEMENT, SUCH NOTE TO BE A <br />LIMITED OBLIGATION OF THE CITY PAYABLE FROM LEGALLY AVAILABLE <br />NON-AD VALOREM REVENUES AS PLEDGED HEREIN; PROVIDING FOR THE <br />RIGHTS AND SECURITIES OF THE OWNER OF THE NOTE; MAKING CERTAIN <br />COVENANTS AND AGREEMENTS FOR THE BENEFIT OF THE OWNER OF THE <br />NOTE; AND PROVIDING FOR AN EFFECTIVE DATE." <br /> <br />Staff Presentation: Mr. Dreier stated Resolution for a provides for a loan agreement and promissory note <br />between the Bank of America and the City for the purchase of the Concord Center property. The City will <br />