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CASSELBERRY CITY COMMISSION <br />Minutes of February 23, 2004 - Regular Meeting <br />Page 7 of 12 <br /> <br />AGENT AND BOND REGISTRAR FOR SAID SERIES 2004 NOTE; AND PROVIDING <br />AN EFFECTIVE DATE." <br /> <br />Staff Presentation: Mr. Clifton stated Resolution 04-1477 provides for a loan in the amount of $3,250,000 <br />from SunTrust Bank to finance the purchase of the CIP property located at Triplet Lake Drive and U.S. <br />Highway 17-92. The loan will be for two (2) years for interest only at 1.85%. The interest will be $55,500 <br />annually. At the end of the two (2) year period, the loan will be refinanced to include the purchase of a <br />community center. Staff recommended approval of Resolution 04-1477. <br /> <br />Audience Participation: <br /> <br />1) John Casselberry, 700 South Lost Lake Lane, spoke in opposition to Resolution 04-1477. <br /> <br />MOTION: <br /> <br />Vice Mayor Clark moved to approve Resolution 04- <br />1477 as presented. Motion was seconded by <br />Commissioner Doerner. Motion carried 4 - 1 <br />(Commissioner Cook dissenting) by roll call vote. <br /> <br />Roll Call Vote of the City Commission: <br /> <br />Commissioner Doerner - Yes; Commissioner Cook - No; Commissioner Hart - Yes; Vice Mayor <br />Clark - Yes; Mayor Pronovost - Yes. Motion passed 4 - 1. <br /> <br />Mr. Clifton distributed the First Addendum to Sale and Pumhase Agreement for Commercial Land to the City <br />Commission, relating to the purchase of the CIP property referenced in Resolution 04-1477. The addendum <br />extends the due diligence period until April 15, 2004. Staff recommended approval of the addendum. <br /> <br />Commission Discussion: Vice Mayor Clark noted there was scrivener's error regarding thc dates of the <br />agreement. Mrs. Reischmann stated the addendum would be corrected upon approval and presented to the <br />Mayor for signature. <br /> <br />MOTION: <br /> <br />Vice Mayor Clark moved to approve the First <br />Addendum to Sale and Purchase Agreement for <br />Commercial Land between Casselberry Investment <br />Properties, LTD., and the City of Casselberry, as <br />presented. Motion was seconded by Commissioner <br />Doerner. Motion carried 4 - 1 (Commissioner Cook <br />dissenting) by roll call vote. <br /> <br />Roll Call Vote of the City Commission: <br /> <br /> Commissioner Doerner - Yes; Commissioner Cook - No; Conmaissioner Hart - Yes; Vice Mayor <br /> Clark - Yes; Mayor Pronovost - Yes. Motion passed 4 - 1. <br /> <br /> <br />