HomeMy WebLinkAbout1990.01.23_OPGA MinutesOWASSO PUBLIC GOLF AUTHORITY
MINUTES OF REGULAR MEETING
Tuesday, January 23, 1990, 7:00 p.m
Owasso City Hall, 207 S Cedar
HEMPERS PRESENT MEM13ERS ABSENT STAFF PRESENT
Bob Oldefest Sherry Lambert
Tom Rikkola Marcia Bout well
Glenna Anderson Ted McCord
Brian Skelton Rodney Ray
Ed Sokolosky Ron Cates
The Owasso Public Golf Authority met in a regularly scheduled
session on Tuesday, January 23, 1.990 at; 7:00 Inmv in the Owasso
City Hall Conference Room per the Notice of Public Meeting posted,
on the City Hall bulletin board at 4:00 p.m- on Friday, January 19,
199V
11`17"M -1- ORDER
Chairperson. Bob Oldefest called the meeting to order at 7:15
BVKM__2_;_. RFAWTIST-M,21 L __DF -THE -AT-RUTEEL-WE-101—C, I-110HEMZ
Glenna Anderson moved to approve the minutes of December 13, 1989,
seconded by Brian Skelton; motion carried.
REVIEW 1ROM N T I A L LTL�LAAQ � A I, A D V I Std R
--E _RQTE -1
City Manager Rodney Ray reviewed the proposals received from The
Universal Group and from The Woolsey Company, including the points
the staff considered in evaluating the proposals- Based on the
evaluation points, staff recommended that the AuthOT,ity vote to
authorize negotiations with The Universal Group contingent upon the
elimination of a retainer in the ev(,)nt, a bon(l issu.e does not
materialize. Staff further recommended that the Trustees consider
the available options in the following order:
OPTION ONE - Negotiate contract with Universal without
retainer cla"se.
OPTION TWO - Negotiate contract with Universal w'tth :rte t',ainer
only in the event of a bond issue-
OPTION THREE - Negotiate con'tract, with Woolsey at a lower
advisor fee, not to exceed .75% of first one
million and -50% of all above first million
(only after considerable discussion relating
to Company stability and continued operation
in Oklahoma).
The Chair invited Ms Lynn Wheatley (Woolsey Company) to respond to
questions from the Trustees, specifically questions concerning the
stability of the Company and the Financial Advisor Fee- There was
no one present from The Universal Group-
Owasso Public Golf Authority
Minutes of January 23, 1990
Page 2
I TT?M .4 RBQMtL FQR F1'11;j1PqMEV`T 01� A FIRNRCIAL AINJE&V
QPGA
Ms Sherry Lambert spoke to the issue of Financial Advisor Fees on
previous bond issues and compared those fees to those proposed by
The Woolsey Company and The Universal Group. Following discussion
on the stability of The Woolsey Company, availability of staff from
both groups, and financial advisor fees, Ed Sokolosky moved to
defer action carp Item 4 until 'both groups (can present formal
proposals to the Trustees specifically addressing the questions of
staffing (credentials and location of primary staff persons),
stability of the companies, and financial advisor fees. Motion,
seconded by Brian Skelton and carried-
The Chair set a Special Meeting at 5:00 p.m- on Thursday, February
8, 1990 for the purpose of hearing formal proposals from potential
Financial Advisors, The Woolsey Company and The Universal Group;
review of those proposals; and making a decision on the employment
of a Financial Advisor for the OPGA-
ITEM 12 RECEIVE &DISCUSS REPO RT_FROM THE STAFF RELATING TO TQ,'
Mr Ray updated the Trustees on the status of preliminary proposals
which have been presented to them on the construction of a
Municipally owned public golf course. Club Corporation of America
is ready to proceed and will deed 180-200 acres of land to the
City� The Burris proposal continues to be on "hold" pe-nding
financin,
The Chair directed staff to get in touch with these two groups and
invite them to make a presentation at the next regularly scheduled
meeting (February 27, 1990 at the Community Center). They are to
be instructed to be able to show the Trustees a clear title to the
land they will deed to the City. Following the presentations the
Authority will select one company to negotiate with on the
construction of a golf facility,,
More
I'D, ]INIK-11-11S
ADJOURNMEN7
Ed Sokolosky moved, seconded by Tom Rikkola to adjourn the meeting,.
Meeting adjourned at 9:25 pr spa ,
R E, Oldefest, 'hair person
Mar ia Boutwell], Secretary