Special aldermen meeting set for Friday

Published 12:02 am Thursday, May 24, 2012

NATCHEZ — The Natchez Board of Aldermen will have a special call meeting at noon Friday to discuss a recent financial transaction and the legal fees associated with the transaction.

Mayor Jake Middleton broke a 3-3 tie on the board voting against a motion at Tuesday’s meeting confirming the city’s receipt of the $250,000 generated by a recent modification to an interest-rate swap transaction with Malachi Financial Products.

Tony Gaylor of Chambers & Gaylor requested the board pay his $15,000 in legal fees and Natchez City Attorney Everett Sanders’ $5,000 in legal fees from the $250,000. He said the transaction did not generate enough to cover the fees without the city paying its legal fees from the $250,000.

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A litigation matter regarding Worley Brown LLC is also on the agenda for the meeting.

Worley Brown purchased the land at the former Natchez Pecan Shelling Company site from the city in May 2006 for $500,000. The company filed a lawsuit against the city last year in an effort to recoup losses when the Mississippi Department of Archives and History would not allow the company to develop the bluff property for condominiums.

The meeting will be in the Natchez City Council Chambers.