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04-29-1986 Minutes Minutes of Business Improvement District No.1 Adivisory Board Meeting, April 29, 1986 The Business Improvement District No.1 Advisory Board met on Tuesday, April 29, at 4:30 p.m. Members present were Paul Warden, Patrik Neustrom, Carrol Beggs, Gary Rumsey, Coleta Johnson, Andy AndE!rson, Llohn Heline and Jim Graves. City Commissioners present were John Burgess, Steve Ryan, Sydney Soderberg and Joe Ri tter. Also present wey'e Ann Knowles, Rufus Nye, John Shaver, Laurin Schutter and Bruce Boettcher from Grand American Hotel Corporation in Overland Park. About 20 citizens attended. The Salina Motel Partnership proposed that the BID make approximately $78,000 in SMP approved external repairs to the buildings and grounds of the SMP project. Salina Motel Partnership also proposed that the BID create a line of credit for SMP in the amount of $150,000. This is to cover unexpected construction costs and/or a working capital loan to carry SMP through the fi rst three years of operati ons. The gE!nera 1 ter~s of the line of credit are as follows: 1) Drawable upon request of SMP, 2) Principal repayable at 20% per year during each year' in which average annual room occupancy reaches 55% and average room rates reach $35/night, 3) 4) No personal guarantees or other collateralization, Interest rates: first 2 years - no interest 3rd and 4th years - 5% thereafter - 7 1/2%, 5) Interest payable annually by SMP. The BID Advisory Board recommended that the City adopt a policy of spending $3.00 per square foot or the cost of cleaning, sealing and tuck-pointing the exposed walls, whichever is less, in the downtown project facing arcades and parking lots and that the City, prior to committing funds to a project, enter into a binding agreement to require that the walls be properly maintained in the future. The motion was passed unanimously. The BID Advisory Board appointed a subcommittee made up of Jim Graves, Gerald Shadwick, Andy Anderson and Gary Rumsey to work out recommendations regarding Grand American Hotel's request for assistance in purchasing the Hilton property. Those recommendations, upon completion, will be forwarded to the City Commission.