After a motion by Council member Frankie Phillips and a second by Council member Todd King, the board voted 6 – 0 to rewrite Transcraft’s most recent proposal to guarantee that the City will ultimately get $660,000 out of it. The rewritten proposal was sent back to Transcraft the next day.
“All we want to do with it is just get our money back and keep them here … and provide more jobs,” said Council member Manuel Brown.
Cadiz City Attorney Allen Wilson went over the 10-page proposal sent by Transcraft – which contained Wilson’s comments or recommendations in various brackets throughout the document – but told Council members that the proposal as written could result in a lease-to-own purchase price of less than the $660,000 that they wanted.
Wilson said the language in section 3.05 of the document means they can buy the building at any point in the lease by paying the City whatever the City owes the bank.
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