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I . ~ , ~ i f \l f ~ :'1 t;i; ~ ~ f ~ '" I "11 ~ _:'I' ! .; ~ ~ a ~ .~ I I, V ~ ::0 ~ ~ ';:,'l' '= ~ ~ ~;: ~:j ~ ~,; 1" I:" ~;i: t "'4l,'. ilII V" "l ~,jO. :'1~, i',}~::, > .f<~ % i I ,r i,,',' ~i i ... "'" .- - - - ... Council Meeting Minutes October 28, 1986 Council Business, continued Schmidt summarized that the original transfer was not approved because Mr. Hauser's limited corporation had neither enough equity nor experience. Subsequently Hauser formed North Central Cable Communications Corporation which includes the Continental Corporation {which is building the cable system in St. Paul} so there has been an infusion of about $13 million in equity in this transaction along with a $50 million line of credit. Schmidt continued that the legal premise is that the Commission could not unreasonably withhold its consent to the transfer; if the application was turned down and the Commission was sued, the Commission's attorney could not advise that the court would uphold a decision that it was unreasonable to deny the transfer. However, the Commission is recommending the transfer because of legal and technical requirements have been met and, financially, the transaction is far more sound that it was structured before. Hauser, through North Central Cable Commission Corporation, agreed there would be no change in the system, at least until June 1987; and has guaranteed that monies and grants that were a part of the original franchise will be taken as is. Motion by Schmidt, seconded by Brandt, to WAIVE THE READING AND ADOPT A RESOLUTION APPROVING THE TRANSFER OF OWNERSHIP OF GROUP W CABLE OF THE NORTH SUBURBS, INC. 'TO NORTH CENTRAL CABLE COMMU- NICATIONS CORPORATION. Gunderman comnended Schmidt for his outstanding work and dedica- tion on this transfer; Schmidt stated this will have to be the last transfer as this city's representative on the Cable Commis- sion. 5 Ayes - 0 Hayes, Motion Carried Announcements and Updates Sinda reminded councilmembers of the League of Minnesota Cities' Annual Policy Adoption Meeting on Thursday, November 20, 1986. noting that both he and the Mayor would be attending. Benke added that the night before there will be a summit conference of representatives of all the various groups that represent different groups of cities for the purpose of comparing notes and strategies and developing a common agenda for attacking the 1987 legislation; this being done to avoid different groups pursuing the same objective. Benke also reminded council of the Thursday. November 6. 1986. Policy Adoption Meeting of the Association of Metropolitan Municipalities. Page Thirteen Cable Transfer Report 86-259 Resolution 86-114 Announcements and Updates LMC Annual Policy Adoption Meeting Nav. 20. 1986