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<br /> 'tlf I <br /> .- <br /> '" <br /> Richard H. Zehring, Welsh Development Company LLC I <br /> Page Two -. <br /> November 20, 1997 <br /> Prior to the November 12. 1997 issues disCllssion meeting. the City's expectation of funds I <br /> to be remitted by Welsh to the City at the time of closing by cash or certitled check was as <br /> follows: <br /> Description Total City Welsh I <br /> t. Total Purchase Price $408,640 I <br /> 2. Less "Remaining Portion" <br /> (per bLlild out schedLlle) ( 8"?--) 5 85,255 585,255 I <br /> ),-)) <br /> forgi vable contingent <br /> recei vable liability <br /> I <br /> 0 Less Gas Piping Removal ( 4,060) <br /> ~- <br /> 4. Less Water Piping Removal ( 8270) I <br /> 5. Net Payable at Closing 5311,115 ~ <br /> 6. Subject to further reductions for: <br /> a. Kern Milling Foundation Possible Documented I <br /> Removal ( 61,405) City Actual Costs <br /> Reimbursement I <br /> b. Exterior Brick Updates Possible Documented <br /> Phase II, III & IV (200.000) City Actual Costs I <br /> Reimbursement <br /> 7. Lowest Possible Sales Price 5 49.710 I <br /> At the November 12, 1997 meeting, \Velsh representatives raised the issue of not having I <br /> sufficient financing to deliver $311,115 in cash or certified check at closing. They <br /> proposed having an immediate write down to $49,710 at the time of closing. City <br /> representatives objected to this proposal as the leverage of having Welsh perform on a I <br /> not-to-exceed basis with respect to both the foundation removal (561,405) and the brick <br /> upgrade 5200,000) would be gone. <br /> I <br /> .. <br /> I <br /> ------------ <br />