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<br />To: <br /> <br />From: <br /> <br />Date: <br />Re: <br /> <br />Memorandum <br /> <br />Mayor and Council <br />Michael G. Dolby CPA, Interim Director of Finance !J <br />November 6,2006 0- <br />4B Notice of Public Hearing <br /> <br />In accordance with the Economic Development Handbook, a Section 4B corporation must hold at <br />least one public hearing on a proposed project. This meeting must be held prior to 4B expenditure of <br />funds, and the 4B corporation must allow for a sixty day waiting period to insure that the public has <br />ample time to file a petition against the proposed project and request an election on the issue.. <br /> <br />We have begun to move forward with our study of Sylvan Beach and we anticipate a tight turn <br />around by the consultants. Consequently, we are requesting council to move forward with the <br />expenditure for this project and await reimbursement from the 4B board. The only draw back would <br />be if a petition by the voters did not approve this project, then the city would have to absorb the cost <br />without reimbursement. I have attached excerpts from the Economic Development Handbook. <br /> <br />Attachements: <br /> <br />(1) page 39 of Handbook <br />