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MINUTES <br />CITY COUNCIL <br />APRIL 27, 2011 <br />of Graba Properties' SAC Fee, as well as tenant build -out money. There <br />is still $100,000 in proceeds to disburse. If the Loan Agreement is not <br />modified and Neato Scan is not moved into the building, the $100,000 <br />would not be disbursed. The Administrator pointed out that the Council <br />could modify the Loan Agreement or Mr. Wagner could obtain other <br />financing and take out the City's loan. <br />McGraw asked about $100,000 in build -out costs for Neato Scan. The <br />City Administrator indicated that figure translates to $14.28 per square <br />foot, which is minimal for build -out costs. <br />The Council discussed at some length whether to hold to the terms of the <br />Loan Agreement, or make modifications to allow Wagner to bring in a <br />tenant other than Neato Scan. It was the consensus of the Council to <br />amend the Loan Agreement to require that Neato Scan move into the <br />Graba Properties building on Country Drive into the space currently <br />occupies by Mr. Wagner (2482 square feet). Mr. Wagner will have to <br />abide by the terms of the Agreement, or the $100,000 in build -out money <br />will not be disbursed. <br />ADJOURN McGraw introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2011 -4 -88 — ADJOURNING <br />The foregoing resolution was duly seconded by Montour. <br />Ayes (5). <br />Nays (0). Resolution declared adopted. <br />There being no further business, the meeting was adjourned at 10:30 p.m. <br />. Bi1"Blesdn ; Mayor <br />Jo& Manson, City Administrator <br />19 <br />