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potential damage to her apartment unit. She stated she was pleased when she saw <br />the developers revised site plan for the trash location. Ms. Diamond stated that she <br />hoped the City had an ordinance as to definite hours in which the trash compactor <br />could be operated and that this would be enforced. She asked that an updated <br />traffic study be commissioned, as she is still concerned about getting in and out <br />onto Delcrest and Delmar. <br /> <br />Mr. Kraft said he was the Council liaison at the Plan Commission and noted that the <br />trash compactor had been moved to the center of the project and asked if the <br />developer could explain it further. <br /> <br />The Developer David Braswell, 17632 Orville Rd., Chesterfield <br />Mr. Braswell agreed that the trash compactor was relocated to the center of the <br />project. He noted that they recently submitted a subsequent traffic study to Public <br />Works. Mayor Welsch asked the City Manager if he could see that the Council <br />receives a copy of this study. <br /> <br />The approval of the C.U.P carried unanimously. <br /> <br />2. <br />The refunding of outstanding Certificates of Participation <br /> <br />Joy Howard from WM Financial Strategies, 11710 Administration Dr., Maryland <br />Heights spoke on the 2003-2004 Certificates of Participation. She said she was <br />presenting another alternative from her previous discussion with Council which <br />provided savings every year in approximately equal amounts, which would be from <br />$53,000 - $58,000 a year. She said there would be more savings if they were <br />deferred but this option would provide a savings every year. <br /> <br />Mr. Price asked the City Manager if the staff was recommending the second <br />alternative. Mr. Walker said that was correct. The staff could not predict when the <br />economy would turn around and recommended capturing the savings immediately <br />instead of relying on something that could happen years from now. <br /> <br />Mr. Kraft asked if the savings given in both options were net present values. Ms. <br />Howard said they were actual dollars. <br /> <br />Ms. Ricci stated that if the City waited until 2020 they could get another $60,000 and <br />asked if it could be more or less than this. Ms. Howard said it was based on her <br />best guess of interest rates and said once rates are set during this process the <br />savings are definitive. She reiterated that saving t can deviate based on what the <br />final interest rates are and those will be determined when this process is finalized. <br /> <br />Mr. Crow said he was comfortable with getting the savings sooner rather than later. <br /> <br />Mr. Price moved to approve the refunding of outstanding certificates of participation <br />with staff’s recommendation of the second alternative, in order to benefit from the <br />savings sooner. Mr. Sharpe seconded the motion and the motion carried <br />unanimously. <br /> <br />3. <br />Liquor License for Sir B Que Restaurant & Bar, 6714 Olive for all kinds of liquor by <br /> 3 <br /> <br /> <br />