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taxpayer that supported the TIF bond was I/N TEK I/N KOTE. Really and truly I/N TEK I/N <br /> KOTE paid/for those lines through tax dollars as a result of their development. Over fifty(50) <br /> years,there is an annual savings to the City of$320,000. During the course of this agreement, <br /> there will be far more savings to the City with this the special rate. We think this is a win-win for <br /> everybody. We are not related to nor are we advocating for the other special agreement. <br /> Jitin Kain stated, Again,the City has worked closely with Mr.Nussbaum and I/N TEK I/N <br /> KOTE. One of the results of this conversation is the sizing of the line to serve more customers. <br /> We express our support in reaching this agreement and I would be happy to answer any <br /> questions. <br /> Committee Chair Dr. Varner opened the floor to questions or comments from the Committee or <br /> Council. <br /> Committee Chair Dr. Varner asked, How long is the agreement for? <br /> Mr.Nussbaum replied, The agreement is for ten(10) years and we have to come back before <br /> August 30t`every year to reaffirm our reasons for the discount. <br /> Committee Chair Dr. Varner asked, The agreement recognizes a proposed and valid surcharge. <br /> How is that handled? <br /> Mr.Nussbaum answered, We have a petition right now and are objecting to that. In order for us <br /> to continue these discussions without going to court,the City and the Clerk's Office agreed to <br /> hold that. We are going to withdraw the petition. If the surcharge is found invalid, the deal is off. <br /> We will not be double credited. <br /> Committee Chair Dr. Varner opened the floor to the public for those wishing to speak in favor of <br /> or in opposition to the legislation. There were no members to speak for or against the legislation. <br /> Committeemember Davis moved to send Bill No. 17-07 to the full Council with a favorable <br /> recommendation. This motion was seconded by Committeemember Regina Williams-Preston <br /> and carried unanimously by a voice vote of four(4) ayes. <br /> With no other business on the agenda Committee Chair Dr. Varner adjourned the Utilities <br /> Committee meeting at 4:22 p.m. <br /> Respectfully Submitted, <br /> - <br /> avid Varner, Committee Chair <br /> 2 <br />