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will come in, in small increments. Mr. Fredericks stated that in his opinion, it would be in the best interest of the City to continue the negotiations with the Trolley Group and come up with a solution that is amenable to all parties. Mr. Crow stated he had expressed the same concerns. So now you have two, if not more Council members who have expressly said that they would have concerns about a letter of credit, and yet, this agreement comes back proposing to utilize that exact method. Mr. Crow stated that he is trying to figure out where the confusion occurred that now brings this agreement back to Council with something that they have already stated that they were not interested in. Ms. Forster stated that she was not made aware of the fact that Council would not be agreeable to a letter of credit. She stated that her understanding was that Council’s main concern was to obtain funds to return the street to its original condition. Mr. Crow stated that his thinking is that Council did have this conversation and that she was in attendance at the time of that conversation. Dr. Carr stated that she also agreed with her colleagues on this issue. She then asked Mr. Walker if this item could be rescheduled in order to continue the negations as suggested by Mr. Fredericks. Mr. Walker stated that a discussion of the agreement could be continued, dependent upon the action taken on the third extension request for the Conditional Use Permit which is a more pressing concern for the City. Dr. Carr made a motion to amend the original motion by granting an extension of time for the attorneys to further explore the issues associated with the letter of credit, seconded by Mr. Glickert. CITIZEN COMMENTS Joe Edwards, 6504 Delmar, University City, MO Mr. Edwards stated that when they first formed the Loop Trolley TDD the projections were that the revenues would be approximately $450,000 per year. He stated that through the years that projection has grown and today it is approaching $800,000 per year and with the new projects that are being attracted to the area as a result of the trolley, which projection would continue to increase. Mr. Edwards stated that he feels very comfortable, and so does the City of St. Louis and the Federal Transit Administration, that they will have the funds needed to operate the trolley forever. He stated that even if the fare box recovery was zero there would be enough money to still operate a certain number of trips per day or week. There will be fare box recovery, advertising, sponsorships and private fund raising to supplement the funds, and so his hope is that Council would keep moving this project forward. Mayor Welsch asked Mr. Edwards if he would provide Council with an explanation of fare box recovery, how much he anticipates receiving from this source and what the Federal Government has approved. Mr. Edwards explained that the fare box recovery represents the ticket price that people will pay to ride the trolley. The estimates, which have been made by several different consultants, were for roughly $350,000 per year; which is a very, very conservative projection. So the 1.1 million dollars that it would take to operate the trolley is covered. Mr. Jennings asked Mr. Edwards if there was anything else that the TDD would be willing to offer in lieu of the letter of credit. Mr. Edwards stated that his thought would be the reassurance of knowing that this money will be coming in would be sufficient, because the funds cannot be diverted to any other entity or project. He stated that while he was certainly aware of Council’s request to have the street restored, he does not remember Council discussing concerns about a letter of credit at the previous meetings. Mr. Edwards stated that he, along with the City of St. Louis, believes that the biggest security is the guaranteed income year after year that will continue to increase. Mr. Jennings questioned whether there was any way to place a provision in the agreement which states that a portion of the sales tax receipts would be used for the restoration of Delmar? Mr. Edwards stated that he would have to defer that question to the lawyers, but whatever the parties can put in writing to make this work would be agreeable to him. Mr. Jennings asked Mr. Edwards if there would be any repercussions if an acceptable agreement was not reached. Mr. Edwards stated that the sooner the parties get over this hurdle, the better, because the trolley really needs to go out into the contracting