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MINUTES <br />CITY COUNCIL, <br />JANUARY 1G, 2002 <br />LaValle main asked about the City increasing its equity position. Morton <br />suggested that if the City is willing to do that, but might make sense for the <br />City to become the lender. <br />Fahey indicated that he would like to avoid the City's increasing its equity <br />position if it is possible for R. A. Morton to obtain financing. <br />Morton again indicated that they should know by the end of January. He <br />thanked the Council for the opportunity to meeting with them this evening. <br />The Council discussed Mr. Morton's presentation, and agreed to give R. A. <br />Morton Company until the end of January to secure their financing. It was the <br />consensus of the Council to schedule discussion of the matter at its February <br />13'x' meeting. The Council noted that other options that could be considered on <br />February 13'x' would include the City's financing of the project, or putting out a <br />Request for Proposals from other developers. <br />There being no further business, the workshop meeting was adjow~ned at 5:50 <br />p. m. <br />r <br />1 \ <br />l.eL.i1-- _ ~Xy~1L-. <br />Michael 1 Fahey, Mayor <br />Attest. <br />Joel .Hanson, City Administrator <br />