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Good evening, I'm Teresa Bishow with Arlie & Company. <br /> In an RG editorial last month, the council was advised to be cautious about our offer to sell land south of <br /> LCC for a park. The editorial suggests that since we filed for Chapter 11 reorganization, the city has <br /> leverage to negotiate a lower asking price. <br /> Actually, once we filed for Chapter 11, we can only sell land as authorized by a federal judge. Since time <br /> is critical, acting in good faith, City staff toured the property and prepared a Letter of Intent to purchase <br /> 315 acres. As required by federal law, the Letter of Intent was circulated to the banks, other creditors <br /> and the general public. All parties had an opportunity to tour the property and the right to file an <br /> objection. At the end of a required 30 day period there were no objections filed to the proposed sale. <br /> The price per acre for the majority of the land being sold is 50% below the appraised value. A reduction <br /> in the sale price would require a second public notice period and would likely generate an objection <br /> from our bank or another creditor. The banks want more of their money back, not less. Furthermore, <br /> the Letter of Intent includes a closing deadline of 12/31/10. There isn't enough time to go back to the <br /> federal judge with a new Letter of Intent. <br /> The editorial suggests Arlie's latest proposal gives the city the best hope of getting Arlie's $600,000 <br /> donation for park improvements. This is true. We want to honor our pledge and the federal judge has <br /> granted us the authority to do so consistent with the Letter of Intent. <br /> Lastly, the editorial admonishes the council not to shortcut the City's normal guidelines for naming <br /> parks. Actually, the guidelines clearly give the City staff the ability to refer any naming decisions to the <br /> council. This is not a shortcut. It is an available option that staff decided to take. We believe that the <br /> substantial financial donation by Arlie & Company both in land and cash meets the intent of the naming <br /> guidelines. <br /> As you consider this matter at a council meeting on November 8 I hope you act favorably to enhance <br /> the park system. <br /> Thank you. <br />