Minutes 08/12/1980 - Laserfiche WebLink

Home Browse Search

On November 15, 1979, the Phase II-A Report was delivered to the City. It claimed that the Ridgeway Site was favorable, from a geotechnical point of view, and maintained that the project was still feasible economically, with good cost-benefit ratios. The report went ahead to recommend proceeding with Phase II-B work, flnecessary to provide a proper evaluation and justification of the Project's technical and economic feasibility to be used as a basis during preparation and ~rocessing of the FERC License Application with Federal, State and local agencies, and to support Project financingfl. Re-Enter Select Committee Beck's Phase II-A Report was given to the Select Committee for evaluation. The Committee reported to the Council on December 18, 1979, agreeing with the Phase II-A Report recommendation to proceed with Phase II-B; suggesting that bond counsel be retained; and calling attention to the need for proper timing for obtaining citizen support for the project. Re-Enter Beck A work order agreement in the amount of $200,000 was entered into with Beck October 9, 1979, to proceed with the Phase II-B Evaluation Report. Work on this report commenced in January, 1980, and is still underway at this time. Delivery of the report is expected in November, 1980. It will basically complete the studies and elements begun in Phase II-A "to provide proper evaluation and justification of the Project's technical and economic feasibility to be used as a basis during preparation and processing of the FERC License Application.'! Selection of Bond Counsel As the project was developing and as discussion of a possible bond referen- dum became more frequent, it was decided by City Council to retain a law firm specializing in such matters. With the assistance of City Attorney Dave Worthy, an agreement for these services was entered into with the Richmond firm of McGuire, Woods & Battle. By resolution on May 13, 1980, Council engaged this firm to review the City Charter and applicable federal and state laws, and to advise the City on all legal procedures and matters relating to the Ridgeway Project. Selection of Financial Advisory Group In April, 1980, the City circulated an RFP to the investment banking world, announcing its intention to select a firm(s) to render financial advisory services to the Ridgeway Project. The RFP described certain services that would be required before and including a bond referendum, as well as certain services necessary after the referendum. A number of firms submitted proposals, which were, at Council's request, reviewed by the Select Committee. The result was the selection of a three- firm group, including Wheat, First Securities, Inc.; Blyth Eastman Paine Webber, Inc.; and Salamon Brothers. The role of coordinator for this combine was to be played by Wheat, First Securities. -5-