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MINU'I'ES <br />CITY COUNCIL <br />JANUARY 11, 1995 <br />negotiating with the investors. Fahey stated that it <br />was his understanding that once the formal development <br />agreement is finalized, the proprietary information <br />would become public. Collyard is sayinq that the <br />information remain proprietary at this point to protect <br />his ability to negotiate. Fahey suggested that if an <br />agreement is not entered into within the next 30 days, <br />he would be in agreement with those on the Council who <br />feel the City should look elsewhere. Fahey pointed out <br />that he has not been involved in the process for the <br />past year and one-half as has the rest of the Council, <br />therefore, requested the 30 day extension for his <br />benefit. <br />Morelan pointed out that the preliminary development <br />agreement states that the investors will be identified <br />and signed letters of intent submitted by April 25, <br />1995. Morelan asked if preliminary information was <br />submitted, and if that information was considered to be <br />confidential. <br />Fahey replied that Collyard will disclose this <br />information by April 25th. Fahey stated that the <br />motion passed at the last Council meeting seems more <br />limited in scope than the letter sent by the City <br />Administrator asking for more of the proprietary <br />information which would be required as the City gets <br />further into the process. Fahey suggested that the <br />proprietary information was asked for because everyone <br />was getting tired of waiting since so far the'City has <br />received nothing. Fahey again asked that Collyard be <br />given an additional month to produce the required <br />information. <br />Morelan suggested that he would not be in favor of <br />extending the deadline until the preliminary <br />development agreement is executed. <br />LaValle asked Mr. Joe Vitale if he had a signed <br />purchase agreement on his property. <br />Vitale replied that he only had a verbal agreement. <br />LaValle asked Vitale's part in the Venetian Development <br />Corporation. <br />Collyard replied that the Venetian Development <br />Corporation was just a promotional group for the <br />17 <br />