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Session 1675, Minutes August 19, 1996 Page 4 required use of 25% post-consumer recycled plastic. Acceptance of the low bid of $8.38 per container fi'om IPL Products, Ltd. was recommended. This Canadian company is considering marketing the con- tainers fi-om the mold created at a cost of $70,400. The total cost for 13,000 containers at $8.38 each is $108,940, $75,000 of which will come from a Missouri Department of Natural Resources grant. Delivery is expected in January, 1997. Mr. Schoomer moved approval of the Consent Calendar. Mr. Munkel seconded the motion, which carded unanimously. PUBLIC HEARING - 1996-97 TAX RATES The City Manager said a public hearing was set for 7:30 p.m. this date and place to hear comments on the City's property tax rates for fiscal 1996-97. The rates were set in accordance with the City Charter in June, but state law requires final action in August based on final assessed values established by the County Assessor. Mayor Adams opened the public hearing at 7:36 p.m. There were no requests to speak, and the public hearing was closed at 7:36 p.m. Mr. Lieberman noted that prior to last April's election, Council pledged to reduce the property tax rate if the half-cent sales tax was approved. The tax was approved and the property tax was reduced from $1.30 to $1.00, as promised. PUBLIC HEARING - TRANSFER CABLE ORDINANCE AND FRANCHISE TERM EXTENSION The City Manager said a public hearing was set for 7:30 p.m. this place and date to hear comments on the transfer of the cable television franchise from Continental Cablevision to TCI Cable Partners, and extension of the current franchise to June 23, 1997. Following the public hearing, Council may act on the transfer ordinance on the City Clerk's docket. Mayor Adams opened the public hearing at 7:38 p.m. There were no requests to speak, and no representative of either company was present. Mr. Leland Curtis, attorney representing University City in this matter, said his firm specializes in cable television franchise renewals, and University City is one of five cities in a consortium represented by his finn in the franchise transfer from Continental to TCI. He said he thoroughly reviewed the transfer doc- uments, made some amendments and revisions to strengthen the agreement to better protect subscribers and the City, and he recommends that Council pass the ordinance on the City Clerk's docket. He ex- plained how his finn did the review, and said that TCI has agreed to honor any commitments Continental made to its subscribers.