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J <br />General questions and discussion; In order to be a COP it has to be a lease purchase and it has to pay <br />~ off the entire purchase. The state structures it that they won the title and walk away with ownership. <br />If the public does not own it then you do not have a COP. You can arrange the COP to be t~able <br />and non- t~able. What you are laying on the table is the cost of t~able and non t~able. <br />Bob asked if we wanted a discussion or do we want to make the selection or do we want to address <br />the issue of this is do-able? He asked how important it is to the County that we come out with <br />ownership of the building. <br />Randy and Gary responded that it is important. And it is still of interest. RG stated that he <br />understood of Randy to have said that we would consider using the Franklin bldg. <br />Randy agreed an until Dan mentioned it, Ra.ndy finds it truly to the county's benefit to have <br />ownership and these assets. This raises new questions that have to be addressed. The value of the <br />building for law firms with on site parking <br />David responded that he doesn't see either of these proposals meeting the needs of County and <br />Transit. Neither of the proposals present ownership or invested interest. David suggested that we <br />list what the relative assets of all the parties are and see what we have. If we can bring that to the <br />party, there is no reason to ask others to take the risk. We could join up with someone who is <br />willing to take the risk in managing the retail space. For the public this is a much better use of <br />money. <br />Richard added that it became very evident to him that this is a real advantage to look at the assets <br />and see how we can manage them. We do not need a private partner, especially one who is not <br />willing to make a commitment. What would benefit this project is bond counsel. and he suggest we <br />are premature in making a selection. <br />Gary asked Randy to explain the time sensitive issues of the transit district. <br />RG explained that they must have a plan submitted by Sept. or they lose the lst million. RG agrees <br />we can still follow these suggestions and still have time to make an informed decision. <br />Gary questioned/suggested that SABA is basically a turnkey operation. The second presentation <br />shows that they haven't got the package ready. His question is still how can we go with either and <br />have a plan in place by the deadline. <br />Ed Martin asked if the transit district and the county were to build it themselves who would pay the <br />construction costs. <br />Randy responded that you would need to hire a construction management firm. The county has <br />equity in the project but he doesn't know what transit would put up to help with these upfront costs. <br />Maynard stated that you can capture the expenses and costs and pay it to yourself out front. <br />~ <br />