pages: GolfCommission/2011-02-23.pdf, 8
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GolfCommission | 2011-02-23 | 8 | Bob Sullwold: "Can I ask Mr. Lillard whether he knew?" Dale Lillard: "The only discussion I had with Kemper was about who was guaranteeing the payment, not who was issuing the bond." Bob Sullwold: "And who was guaranteeing the payment?" Dale Lillard: "Kemper was guaranteeing the payment from revenue generated at the course. There wasn't any signed deal, there wasn't any offer, we didn't get that far.' Chair Sullwold: "Did you understand, Dale, that they would be guaranteeing the payments whether or not the revenue was sufficient?" Dale Lillard: "Yes, they said that in the meeting. If revenues were not enough, Kemper would have to write a check to cover the debt service. They were obligated to cover the debt service whether revenues fell or number of rounds continued to fall. He did say that at the meeting.' Chair Sullwold: "On the other hand, their projection was that the debt service could be entirely met with the revenues from the 27-hole complex that they envisioned, so that their projection was that they weren't going to have to reach into their pockets for one dime.' Bob Sullwold: "My point is this, I'm not trying to point fingers at anyone, I'm not intending to refer this to the Securities and Exchange Commission for possible violation of the Securities and Exchange Act, but to the extent that you have said you understand your direction to be to exclusively negotiate, despite the lack of an ENA, with one company, if that company's prior performance has demonstrated reason to doubt its credibility, I think that's a relevant factor to be considered.' Chair Sullwold: "I have to say I agree with that. I'm very disturbed at how Kemper handled that." Lisa Goldman: "I understand. I get it. I'm still going by the direction that I have, and if the City Council wants to take that direction, by all means. I don't have a dog in it. I'm trying to fix the golf course and save the golf course. I don't care. I'm going to do my darndest to get it done. That's all I can offer you.' Chair Sullwold: "I'm going to throw this out. I think it's fairly convenient to make Ann Marie Gallant the scapegoat for everything bad that's happened, and to say that Kemper is not equally responsible or partially responsible. I do believe that Kemper's presentation was deliberately deceptive. It's a big concern to me that a company with whom we want to do business for the next 25-30 years would say those things." Lisa Goldman: "I know you sent that off to the Council. I would just encourage you, whenever I get it back to Council, get up, which I know you will, and tell them. Let them know. That's all I can do.' Chair Sullwold: "On a positive note, I just want to say, I really appreciate that you are so responsive to our questions and getting back to us. I know some information that you weren't able to provide that we wanted, but you also got back immediately.' " 8 Golf Commission Minutes February 23, 2011 | GolfCommission/2011-02-23.pdf |