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82. Regular Meeting July 26, 2004 Page 6 regarding her property behind the Outlet Malls. She stated the Convention Centers in both Austin and San Antonio have problems. She is opposed to the City spending $24 million for a Convention Center. Mr. O'Leary stated the City of New Braunfels had a meeting regarding a feasibility study regarding a Convention Center. He stated the City of New Braunfels is paying $60,000.00 for the study, which their City Manager will provide San Marcos with a copy. Mr. Mihalkanin stated he is concerned with the misinformation being provided to citizens. He stated the City is not giving Mr. Hammons any property and there has been no discussion of a tax abatement. He also stated Mr. Hammons is going to pay 30 percent of the City's debt and is open to dropping the reuse waterline from the project if it is not environmentally sound. He also stated the Council will do whatever it takes to protect the river. Mr. Taylor stated the City will see $185,000.00 in ad valorem tax revenue from this project, as well as electricity, water and wastewater revenues. He also stated if the project was moved to the Outlet Mall, Bluebonnet Electric would be the service provider. Mr. Diaz stated he supports this project and will vote for the adoption of the Resolution. He stated he feels the City needs to take a chance with this project. Mr. Guerrero stated he feels the Hotel/Convention Center is a step forward. Mr. Bose stated he supports this project. He also stated he understands the traffic concerns regarding Lime Kilm Road. Mr. Thomaides inquired whether the City is negotiating with Mr. Hammons or Hammons, Inc. Mr. O'Leary stated Hammons, Inc. is the legal structure of the corporation, and the City has been negotiating with Mr. Hammons. Mr. Thomaides stated he feels it is not his job to spend millions of taxpayers dollars and not be fiscally responsible to have a firm plan for the paYment of the debt and deficit over the first ten years. He stated the Resolution does good things and allows us to continue negotiating. Key points need to be worked out. He stated he stands firm on letting the citizens of San Marcos vote on this project. Mayor Narvaiz stated Council has listened to comments from citizens since June 10, 2004. She stated the Council initially thought the reuse of water would be beneficial, and now are being told it may not be the right thing to do, and the Council is willing to take that out of the plan. The Council has agreed to hire an environmental firm to look at the environmental issues of this project. She stated she feels everyone will work together to minimize the deficit. She stated Mr. Hammons will pay for anything that exceeds $l5 million, and he will also pay 30 percent of the debt. Mr. O'Leary stated the Resolution calls for Staff to create a Memorandum of Understanding for Council to review. The Council will discuss whether or not to place this matter on a ballot to be vote on by the citizens and how to fund the shortfall, gap on the August 9 agenda. The Council then voted unanimously for the adoption of the Resolution. Mayor Narvaiz introduced a public hearing on the proposed FY2004-2005 Budget. Mayor Narvaiz opened the public hearing and asked if anyone wished to speak. Mr. O'Leary provided the Council with an updated Revenue Summary. He stated the City received the official Property Tax Values