02-24-88 Council Minutes - Laserfiche WebLink

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MINUTES City Council Feb. 24, 1988 Centerville Road Ar•ea (Cont.) The City Attor•ney noted that the ter•ms of the pur•chase would have to be for~ five year•s or• less. Fahey indicated that Mr•. Fr•attalone does not want the ter~ms included in the pur~chase agr~eement at this point as he will be consulting with tax exper~ts on thi s matter~. Fahey i ndicated that the pur•chase agr•eement could r~eflect that the ter~ms will be for~ 5 year•s or~ less. Blesener~ also noted that the City should not assume any assessments that may exist on the pr~operty. The City Cler~k noted that defer•r•ed assessments on the pr~oper~ty wer~e paid at the time Mr•. Fr•attalone sold a por•tion of his pr•oper•ty to Quality Blacktop. The Ci ty Cl er•k asked i f an i nter•est r•ate was deter•mi ned. Fahey r•eplied that it was not. The Ci ty Attor•ney poi nted out that ther•e i s a maximum i nter•est r~ate that the City is allowed to pay. The Attor~ney also pointed out that if Mr•. Fr•attalone wants to spr~ead the payment out for• tax pur•poses, the City should not have to pay an inter•est r•ate that will cause it to lose money. It was suggested that the inter~est r•ate the City pay be set at 1% below the inter~est r•ate the City is veceiving on its investments. This could be determined by the City Clerk and City Auditor. The City Attor•ney suggested that site gr~ading and demolition be done to the satisfaction of the City Engineer•. The City Clerk also suggested that the area be required to be seeded, pointing out that this is r•equir•ed in other~ instances. Fahey r~epor•ted that Mr~. Fr~attalone would like to bur~y the debr•is fr•om cement slabs fr~om the buildings on-site. The City Engineer• advised against this commenting that if the filling i s done impr~oper•1y, a voi d wi 11 appear• i n 1 ater• year•s. Fahey suggested that the pur~chase agr~eement make demolition and seeding subject to the appr•oval of the City Engineer•. Mr~s. Scalze intr~oduced the following r~esolution and moved its adoption: RESOLUTION N0. 88-2-69 - AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN OPTION AGREEMENT AS PREPARED BY THE CITY ATTORNEY FOR THE PURCHASE OF THE DAVE FRATTALONE PROPERTY ON CENTERVILLE ROAD FOR A PURCHASE PRICE OF $24,200 PER ACRE PLUS APPRAISED VALUE OF QUILDINGS IN THE AMOUNT OF $51,492 AND $10,000 FOR DEMOLITION AND GRADING EXPENSES AS WELL AS A bIAIVER OF RELOCATION Page -16-