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Minutes of the Council Meeting <br />October 22, 2007 <br />Page 13 <br />this anchor agreement signed off as soon as possible. That's the reason for the short notice. <br />Again, it's not paramount that it get passed tonight, but the school district and Business Alliance <br />would like to get it done as soon as possible. We just received these on Tuesday. This is ironing <br />out some things that the school district wanted with the Village and Beta Strategy Group. <br />Council President Buckholtz asked if there were any questions. <br />M'r. Marquardt stated that he sees several references to obligations, but he does not see any <br />definition of the obligations anywhere in the agreement. Council President Buckholtz asked if this <br />is the structure that we went over before where the $20,000 is seed money to get going and then it <br />would be yearly. Mr. Brett added that by passing over the lead applicant position to the Business <br />Alliance, their big concern was that we were not walking away from any of our obligations under <br />the innovation zone. The innovation zone requires us to come up with deliverable products and to <br />provide matching funds. The ratio is over the life of the period. They wanted to make sure that <br />they were not on the hook for all those. We just assumed all of the obligations that we would have <br />assumed had we been the lead anchor applicant in the project itsel£ They want to be just a conduit <br />and they wa.nt to make sure that they cover their entire anatomy from a liability standpoint. That <br />was what most of the negotiation was about. <br />Mayor Rinker asked Mr. Brett to recap the overall program. Council President Buckholtz asked if <br />we have exact dollar amounts. Mr. Brett stated that we give $10,000, the Courity gives us $20,000 <br />in the first yeax with a deliverable of a business plan by February 29th. The second two years tlie <br />County gives us $75,000. We match that dollar for dollar, so $150,000 from the Village, $150,000 <br />from the County if we make it through Phase 1 and then if we make it through Phase 1, Phase 2 <br />becomes a one for two, so every two dollars the Village puts in, the County will put in one dollar <br />up to $350,000.00. <br />Mr. Marquardt stated that it seems to him that we are signing up for something that puts us down <br />for obligations. That should be in the agreement. He has read this a couple of tunes and is looking <br />for obligations. He does not see the definition of it anywhere. It says it will survive until the <br />obligations are met. <br />Mr. Brett stated that the obligations would be in the Grant Agreemerit itself. Mr. Diemert stated <br />that the Grant Agreement will be attached to it and we will approve that to make sure all that is <br />clarified in there. <br />Council President Buckholtz asked if this document is just to confirm that we are standing by the <br />Grant Agreement and then we are approving the Grant Agreement or have we already approved <br />that? Mr. Brett advised that we were not able to approve the Grant Agreement because we were no <br />longer the lead applicant. Council President Buckholtz asked if we are transferring the applicant <br />status to the Business Alliance. Mr. Brett replied that was correct. We are letting the Business <br />Alliance know that we are standing by any obligations. Mr. Marquardt said that we do not have <br />the obligations. Council President Buckholtz asked if we have the right each year to approve or <br />not approve whether we go forward. We are not going to spend $75,000 in the second year unless <br />this body approves it, correct? Mr. Brett said that it is not correct, the Village is not receiving