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7.09: Discuss Legacy Development Financial Guarantee <br />City Administrator Ulrich and City Attorney Goodrich reviewed the staff report. <br />Councilmember Wise clarified we are finding another party to guarantee the funds and the new <br />guarantor, J&B, is not connected with the development. <br />City Attorney Goodrich said staff will first ensure that J&B has sufficient assets to satisfy the <br />$100,000 guarantee and will draft a document to ensure its enforceability. <br />Mayor Ramsey expressed concern about J&B's financials which could result in no guarantee. <br />Councilmember McGlone said the corporation has a long history and is solvent but asked the <br />City Attorney to exercise his due diligence to protect the City. <br />City Administrator Ulrich said staff will verify solvency, adding No Name Steaks is a large <br />company and the risk is short term since the letter of credit is only for three months. <br />Motion by Councilmember Elvig, seconded by Councilmember Jeffrey, to accept the financial <br />guarantee by J&B for Legacy Development based on City Attorney's due diligence. <br />Further discussion: Engineer/Public Works Himmer noted concerns about this delay as we are <br />already two weeks into the contract with WSB. <br />Motion carried. Voting Yes: Mayor Ramsey, Councilmembers Backous, Elvig, Jeffrey, <br />McGlone, Tossey, and Wise. Voting No: None. <br />8. MAYOR, COUNCIL AND STAFF INPUT <br />Mayor Ramsey said the recent Mayors Trail Ride event raised $3,500 for charities, including <br />$1,750 for Youth First, adding participants increased from 101 in 2010 to 156 in 2011. <br />City Administrator Ulrich announced the upcoming Local Government Officials meeting at <br />Greenhaven Golf Course on Wednesday, January 26. <br />Mayor Ramsey said outdoor skating is available at the pond in Draw Park. <br />Mayor Ramsey said the February 8 Council meeting will include a State of the City address. <br />Councilmember Elvig said Council and staff had just completed 10 hours in strategic planning, <br />reviewing 2010 accomplishments and establishing 2011 goals. <br />9. ADJOURNMENT <br />City Council / January 25, 2011 <br />Page 9 of 10 <br />