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i <br /> Gii <br /> approved as resolution 5295, although we wanted to bring this to the Council's attention. The <br /> base rate of$30,000 will now be paid in quarter installments in their first year and also that <br /> Children's Home Society would be liable for the 1999 tuition in any year that they default the <br /> contract. <br /> Mr. Marty had a question about Children's Home Society will provide accounting information <br /> that demonstrates the fiscal problems they are currently experiencing. Mr. Marty believes Mr. <br /> Stigney brought this up in the past that they have had a fund raiser and they recorded record fund <br /> raising. <br /> Mr. Stigney referred to something on TV, they did record fund raising and the money was <br /> apportioned to the districts. <br /> Mr. Whiting stated they did have a good effort at raising additional funds. However, prior to <br /> raising those funds they have been talking about this kind of commitment. Every time I talk to <br /> them I ask them how are you doing? They feel they are doing much better but they are not where <br /> they want to be just yet. I know from the number of kids they have in the facility they are at that <br /> "break even"point where it is still worth staying in business. In direct response to the question <br /> in figuring out their budget they were figuring on this figure while that fund raising is going on. <br /> Mr. Marty indicated the rent was forgiven in 1999, what was worked out here was in exchange <br /> for the playground equipment. <br /> Mr. Whiting stated we can purchase the equipment from them at a discount, or we can find <br /> another tenant. <br /> Mr. Stigney asks why are we not charging interest on the delayed payments. <br /> Mr. Whiting stated it was his understanding he created with them. They were having a difficult <br /> time with coming up with$30,000 up front. The question of whether or not interest should be <br /> charged on what is supposed to be interpreted as late payment. The original agreement is they , <br /> are paying one month ahead. <br /> Mr. Stigney stated he would like a stipulation as long as they are not paying it up front they are <br /> going to be paying it monthly thereafter. <br /> Mr. Whiting stated the monthly payment is like paying the rent on the monthly basis. Mr. <br /> Whiting never contemplated making them pay a year ahead at a time. Mr. Whiting stated we <br /> don't do that with the community education building. Mr. Whiting understands the concern <br /> about not having the interest, but that was not an issue in the first agreement and was not an issue <br /> contemplated in this agreement. Mr. Whiting is not familiar with requiring paying an entire year <br /> up front. <br /> 19 U:\CARIS\COUNCIL\MINUTES\MVCC22.MAR <br /> Ii <br />