08-19-1997 Regular MeetingMINUTES
Downtown Development Authority (DDA)
August 19, 1997
Present: Hubert Black A. Max Bacon C. J. Fouts
Willouise Spivey Jim Wilson Gordon Mortin
Chuck Camp Howard Smith Jim Pitts
Max Bacon called the meeting to order. The following items were discussed:
Max brought up the issue of refinancing jail bonds and turned the presentation over to
Gordon Mortin. Gordon explained that DDA had to authorize refinancing. He
presented an option of taking proceeds up front of $350,000. At the moment, interest
rates have gone up, but we are preparing for issuance. Jim Pitts made a motion to
authorize Mayor Bacon to direct financial advisors to go forward with refinancing
when appropriate, and use savings to repay City for property. The motion was
seconded by Jim Wilson. By unanimous vote, motion was accepted.
2. A motion was made by Jim Pitts and seconded by Hubert Black to change the bond
administrator for DDA bond since 1994 per recommendation from Finance Director.
3. Members discussed downtown architectural guidelines, goals, and role of DDA.