The regularly scheduled meeting will be held as planned in the first floor conference room of city hall on Roanoke Avenue.

Cancellation of the public hearing comes as banks the city is negotiating with are not prepared to make a proposal at this time, Finance Director MeLinda Hite said in email correspondence with rrspin.com.

Discussions with the two financial institutions are continuing at this time so the city can address the questions they have. “This is a complex transaction, one that needs to be carefully reviewed by all parties,” she said in the correspondence. “A process was put together was put together which identified the timeline and scope of refinancing this debt. The process is evolving. Once this information is available the city will reschedule the public hearing and will provide detailed information on the refinancing.”

Hite said canceling the hearing is not a sign the city's optimism in brokering a new deal is waning. “Our intent is to bring a viable option to council in the near future. Positive discussions are continuing at this time with two banks.”