MINUTES OF THE SPECIAL JOINT MEETING OF THE SARASOTA CITY COMMISSION AND THE SARASOTA BOARD OF COUNTY COMMISSIONERS OF MARCH 21, 2007 PRESENT: Sarasota City Commission: Mayor Fredd "Glossie" Atkins, Vice Mayor Danny Bilyeu, Commissioners Lou Ann R. Palmer, Mary Anne Servian, and Ken Shelin, City Attorney Robert M. Fournier, Deputy City Auditor and Clerk Karen D. McGowan, and Interim City Manager V. Peter Schneider Sarasota Board of County Commissioners: Chair Nora Patterson, presiding, Vice Chair Shannon Staub, Commissioners Joseph A. Barbetta, Paul H. Mercier, and Jon Thaxton, County Attorney Stephen DeMarsh, and County Administrator James Ley ABSENT: None The meeting was called to order by Chair Patterson at 12:35 p.m. Chair Patterson stated that the meeting is to discuss the potential of a sports facility; that City and County Staff, City Commissioner Palmer, and County Commissioner Staub have worked diligently to bring the possibility of a new sports complex to fruition. Mayor Atkins welcomed all City and County Commissioners in attendance. 1. APPROVAL RE: INTERLOCAL AGREEMENT BETWEEN THE CITY OF SARASOTA AND THE COUNTY OF SARASOTA FOR DISTRIBUTION OF THE HALF-CENT TOURIST DEVELOPMENT TAX COLLECTED BY THE COUNTY THAT WILL BE USED FOR THE NEW COMMUNITY SPORTS COMPLEX PROJECT (AGENDA ITEM D) County Fiscal Planning General Manager Jeffrey Seward, Deputy City Attorney Michael A. Connolly, and Deputy County Attorney Kathleen Schneider came before the Commissions. County Fiscal Planning General Manager Seward stated that the recommended motion included in the March 21, 2007, memorandum to the Sarasota Board of County Commissioners (BCC) included in the Agenda backup material has been revised to reflect the requirement to remove the language from the previously approved Agreement between the City and Cincinnati Reds (Reds) referring to the pledge of Tourist Development Tax (TDT) revenues as the City cannot pledge TDT revenues; that the Interlocal Agreement can be approved contingent upon removal of the language from the Agreement between the City and the Reds. Deputy County Attorney Schneider stated that the revised recommended motion allows the BCC to approve the content of the Interlocal Agreement and authorizes the Chair to execute the Interlocal Agreement after the execution of the amended Agreement between the City and the Reds. Fiscal Planning General Manager Seward stated that the BCC must determine the length of the levy as the dates have changed based on a discussion between the County and City Staff concerning the sustainment of the debt service payments indicated in the Interlocal Agreement; and gave a presentation concerning the following three key points of the Interlocal Agreement: County financing contribution, Proposed relocation of current park facilities, and Phase 2 of the project. In response to a question from Chair Patterson, City Finance Director Gibson Mitchell came before the Commission and stated that the reference of the City's Annual Debt Service is referring to the County's portion of the Annual Debt Service and not the total Debt Service of the bond issue. Book 59 Page 30486 03/21/07 12:30 P.M. Book 59 Page 30487 03/21/07 12:30 P.M. Fiscal Planning General Manager Seward gave a presentation concerning the County funding period and the following three funding periods as the 20-year funding period is inadequate: 25-year funding period allows fluctuation of the TDT revenues, 27-year funding period allows reduction of the Debt Service payments and allows the revenues be further allocated to the City and the County, and 30-year funding period allows coverage of any down turn of the TDT revenues and the total bonding period. In response to a question from County Commissioner Thaxton concerning the value of the County assets before and after completion of the new community sports complex project, County Parks and Recreation General Manager John McCarthy came before the Commission and stated that existing Ringling Redskins football facility has depreciated to having very little value; that a new football facility will be operated at the same or lower cost. Chair Patterson stated that the fourth Whereas clause of the proposed Interlocal Agreement is a concern as the reference should be to the County's portion of the Annual Debt Service; that the BCC must decide the number of years the County is willing to obligate to the funding of the bond; that she recommends a 30-year funding period. A motion was made by County Commissioner Mercier, seconded by Vice Chair Staub, and carried by a 5- 0 vote to extend the funding period to 30 years. Chair Patterson passed the gavel to Mayor Atkins. A motion was made by City Commissioner Palmer, seconded by City Commissioner Servian, and carried by a 5-0 vote to extend the funding period to 30 years. Chair Patterson passed the gavel to Chair Patterson. in response to a concern expressed by Chair Patterson regarding clarification of the language of the fourth Whereas clause of the proposed Interlocal Agreement, Deputy City Attorney Connolly stated that the language could read: An amount equal to the County's $21.598 million net present value portion of the annual debt service. County Attorney DeMarsh stated that the language is acceptable. A motion was made by Vice Chair Staub, seconded by County Commissioner Thaxton, and carried by a 5-0 vote to amend the fourth Whereas clause of the proposed Interlocal Agreement with the language proposed by the Deputy City Attorney. Deputy County Attorney Schneider stated that the language appears elsewhere in the Interlocal Agreement. Chair Patterson passed the gavel to Mayor Atkins. A motion was made by Commissioner Shelin, seconded by Commissioner Palmer, and carried by a 5-0 vote to amend the fourth Whereas clause of the proposed Interlocal Agreement with the language proposed by the Deputy City Attorney. Mayor Atkins passed the gavel to Chair Patterson. A motion was made by Vice Chair Staub, seconded by County Commissioner Barbetta, and carried by a 5-0 vote to approve the Interlocal Agreement including the amended language of the fourth Whereas clause and elsewhere in the Interlocal Agreement as required with the contingency of modifying the Agreement between the Cincinnati Reds and the City of Sarasota to remove any reference to a pledge of Tourist Development Tax revenue. Chair Patterson passed the gavel to Mayor Atkins. A motion was made by City Commissioner Shelin, seconded by City Commissioner Servian, and carried by a 5-0 vote to approve the Interlocal Agreement including the amended language of the fourth Whereas clause and elsewhere in the Interlocal Agreement as required with the contingency of modifying the Agreement between the Cincinnati Reds and the City of Sarasota to remove any reference to a pledge of Tourist Development Tax revenue. Mayor Atkins passed the gavel to Chair Patterson. 2. ADJOURN (AGENDA ITEM III) Chair Patterson adjourned the Special meeting of March 21, 2007, at 1:35 p.m. oI FREDD'GLOSSIE ATKINS, MAYOR KAREN P. JEGOWAN, DEPUTY CITY AUDITOR. AND CLERK Book 59 Page 30488 03/21/07 12:30 P.M.