BY COUNCILOR STOVER:
BE IT RESOLVED, that the proper city officials are authorized to execute and implement a contract (titled letter of intent) with Allco Finance Corporation, in substantially the form and containing substantially the terms of that contract on file with the city clerk as Public Document No. _____.
STATEMENT OF PURPOSE: This contract grants to Allco Finance Corporation the exclusive right, for 24 months, to prepare documents and finalize a transaction with the city. The city agrees that it intends to finalize the transaction. The transaction consists of the city leasing water and/or sewer property and infrastructure to a private business for a term of several decades and that business leasing the same property back to the city. The business will then get tax deductions from depreciating the property and will pay the city enough that the city will gain money.