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<br />City Administrator Hagen clarified that staff was seeking Council consensus to waive the <br />remaining HRA loan balance only if the worst-case scenario occurred and the mortgage <br />assumption agreement had to be exercised. He explained that the proposed loan would provide no <br />payments during the first year, followed by payments and an anticipated balloon payment around <br />the sixth year, when ARAA would likely refinance the facility and repay the remaining City <br />obligation. <br /> <br />Acting Mayor Riley requested Council direction, and the Council reached consensus in support of <br />the proposed waiver provision. The formal loan agreement will be returned to the Council for <br />future consideration. <br /> <br />3. TOPICS FOR FUTURE DISCUSSION <br /> <br />3.01: Review Future Topics/ Calendar <br /> <br />Noted. <br /> <br />4. MAYOR / COUNCIL / STAFF INPUT <br /> <br />Councilmember Specht provided an update regarding QCTV and reported that a temporary <br />executive director had been appointed. He expressed enthusiasm about the appointment and the <br />individual's previous television experience. He noted that the organization would continue its <br />search for a permanent executive director. <br /> <br />5. ADJOURNMENT <br /> <br />The Work Session of the City Council was adjourned at 6:59 p.m. <br /> <br />Respectfully submitted, <br /> <br /> <br />_________________________________ <br />Brian S. Hagen <br />City Administrator <br /> <br /> <br />ATTEST: <br /> <br /> <br />__________________________________ <br />Katie M. Schmidt <br />City Clerk <br /> <br />Drafted by Sue Osbeck <br />TimeSaver Off Site Secretarial, Inc. <br />City Council Work Session / August 10, 2026 <br />Page 5 of 5 <br />