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l.' 'execute 'the Redevelopers Contract with the GaughanCompany :-subject to • <br /> 2. resolution of any issues which the City Attorney indicated remained <br /> 3 to be negotiated. <br /> 4 Motion carried unanimously. <br /> 5 Mr. Gaughan commented that since they had started to negotiate <br /> 6 financing for the project, the interest rate had gone up to. the . point <br /> 7 where it would cost them an additional $85 , 000 more a year to <br /> 8 complete the project. However, the developer said, he- still wanted <br /> 9 to do the -project and would continue to work on it. <br /> 10 Secretary/Treasurer Marks told him the Commissioners were also <br /> 11 determined to get the -project completed with his buildings replacing <br /> 12 the deteriorating buildings in the center now. - He. added that was <br /> 13 the reason he ran for the City Council 8 years ago and he was up for <br /> 14 re-election this fall just because he was determined to see that goal <br /> 15 accomplished. <br /> 16 ADJOURNMENT <br /> 17 Motion by Ranallo, seconded by Makowske to adjourn the meeting at <br /> 18 9 : 25 P.M. <br /> 19 Motion carried unanimously. <br /> • <br /> 20 Respectfully submitted: <br /> 21 Helen Crowe , Secretary <br /> 22 :cjk <br /> 23 <br /> • <br /> 4 <br />