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MINUTES OF THE COUNCIL MEETING
HELD ON OCTOBER 26, 2006
The meeting was called to order at 7:05 P.M. by Acting Mayor Dave McClelland
with all council members present at roll call except John Haney. Staff members
present were Jeff Clawson and Sue Marcum.
The special meeting was called to discuss a Tif request submitted by Mike Hanafin as a perspective buyer of the property known as the Princess Theatre, 300 E. Center Street. If the theatre remains closed, it could jeopardize their ability to arrange for first run movies. Therefore, timing is an issue with Mr. Hanafin’s request.
Based on an initial investment of at least $280,000, the developer (Mike Hanafin) will acquire the property located at 300 E. Center Street (Princess Theatre). Mr. Hanafin agrees to operate this property as a theatre including related/associated uses.
Shirley moved to allow reimbursement of $50,000 in Tax Increment Financing funds for the purpose of acquiring and renovating the property located at 300 E. Center Street. The $50,000 will be based on an initial investment in land acquisition and renovation cost of at least $280,000 by the developer.
The distribution will be considered a 0% loan forgiven if the facility remains viable for three years. For each month the building is left empty after initial distribution, the City will require reimbursement of 1/36 of the total paid to the developer. Second to the motion was made by Gary. Roll call: Gary Koerner-yes, T. A. Whitsitt-yes, Jerry Henson-yes, Butch Cook-yes, Shirley Chancellor-yes, Dawn Thompson-yes, Dave McClelland-yes. Motion carried 7 yeas, 0 nays.
Motion was made by Dawn and second was given by Shirley to adjourn the special council meeting at 8:25 P.M. Roll call: Gary Koerner-yes, T. A. Whitsitt-yes, Jerry Henson-yes, Butch Cook-yes, Shirley Chancellor-yes, Dawn Thompson-yes, Dave McClelland-yes. Motion carried 7 yeas, 0 nays.
Sue Marcum,
City Clerk