11-14-01 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL NOVEMBER 14, 2001 AGREEMENT The Administrator reported that all key points have been agreed to with the exception of the issue of the continued operation of the business and the costs association with that. Joe Vitale reported that as owners of The Venetian Inn they have announced that the restaurant is closing on December 3151. Vitale reported that given the difficulties in holding onto employees due to the closing of the business, and their need to prepare for the auction of equipment and furnishings, they would like to close on the sale of The Venetian Inn by December 315' and close the restaurant. Vitale felt that the sale of The Venetian Inn should proceed on that basis. If, however, there are some other options that can be worked out for keeping the restaurant open beyond December 315`, that can be considered, but should not be a condition of the sale. Vitale also pointed out that January and February are typically not profitable months in the restaurant business, and it may not be economically feasible to keep the restaurant open after December 315`. Jim Vitale reported that since they announced the December 315` closing, they have lost a lot of pasties that they typically host in the early part of the year. Fahey asked if the Vitale's had anticipated a December 3'15` closing with the other buyer interested in the property. Jim Vitale replied that they had. Fahey agreed that the City should proceed with the purchase without the stipulation that the restaurant stay open during January and February. He agreed that the Vitale's should have two months to prepare for auction of equipment and furnishings. However, if possible, Fahey stated that he would like to see the business stay open for a couple of months for the benefit of the public and to keep the building occupied for a few more months. The City Administrator indicated that other key points have been agreed to and indicated that he will draft the City's standard purchase agreement. Mr. LaValle introduced the following resolution and moved its adoption: RESOLUTION NO. 2001-11-255 - APPROVING A PURCHASE AGREEMENT FOR THE VENETIAN INN PROPERTY UNDER T73E TERMS AND CONDITIONS PREVIOUSLY DISCUSSED 73Y TFIE COUNCIL AND AS MODIFIED THIS EVENING AND AUTHORIZING THE MAYOR AND CITYADMINISTRATOR TO EXECUTE THE PURCHASE AGREEMENT ON BEHALF OF TIIE CITY The foregoing resolution was duly seconded by Scalze. Ayes (5) LaValle, Scalze, Anderson, Montour, Fahey. Nays (0). Resolution declared adopted.