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Amr <br />MEMO RAN D�UM <br />DATIE�: August 16 F 1989 <br />TO: Steve Sarkozy', <br />FROM: Cralog, A. Waldron <br />SUBJEM:1 Modified Bradf'o�rd Pro <br />) osal <br />The City Council, at tihe J'uly meeting, directed staff to <br />41 <br />negotiate with Bradford and to bring back a modified proposal if <br />one, could indeed be, worked out.. " Based on the Council direction, <br />staff proceeded, to complete. thie following: <br />10 Bradford was told that it would have to accept a lower rate <br />of rietu,rin,,,, <br />201 Bradford was instructed to, run a modified proposal at a more <br />realist i4c 'interest rate, <br />A <br />Bira,df oird has subm itteld a modif i,e,d, proposal which does present a <br />lower, rate of' return 7a,47%, vs4i 8,,i09l%,. In addition, the financing <br />rate was, reduceld 2 percentage points from <br />in effect, modi"fiesi Bradford's rie,qu,est from �330.,000 to -$-125,000, <br />*in a pay as you go blasisl, with $,60,000 'in annual i*ncrement, the <br />City's obligations would be completed lan 3 years. <br />.0i <br />It 1Ls, the staff's opinion that, thiLs'nuodified proposal represents <br />a reasionable, worthwhile projecti and should be considered for <br />fund i ng if the Council should accept this recommendation, the <br />staff w,ould be request ing authorization to enter into a <br />.9 o a a e e <br />-,evel,pm,en,t greement t th next City Counc'l metinc <br />1 1 _j. <br />