05-23-90 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL May 23, 1990 proposed on Country Drive. Pelstring reported that LEB is proposing to begin development of its second building mid to late summer. Fahey asked if the City would incur more bond fees under this proposal. The City Administrator thought the City would be looking at negotiated sales. The Administrator pointed out that this bond issue is taxable while the others presently being considered would be tax-exempt. The only additional fees that might be incurred by doing separate bond issues are the bond rating and legal fees. The Administrator indicated that the developer may pick up the additional costs, and the City has made him awa~e of these concerns. Scalze asked if the issue of the park charge has been addressed and suggested that if it is not covered in the Development Agreement, it should be addressed in the PUD Agreement. Scalze pointed out that the Council's decision was to require a cash park charge in the amount of 50 of the full purchase price of the property. The City Planner agreed that this issue should be covered in the PUD Agreement. BOND SALE The City Administrator reported that the call for bond LEB sale for the LEB development proposal will be made DEVELOPMENT later in the summer. It may be possible to include both the first and second phases in the sale at that time. The delay in issuance is to ensure that more security will be in place regarding developer financing commitments. COPY MACHINE Council reviewed the City Administrator's LEASE BUY-OUT recommendation to buy out the lease on the office copy machine as outlined in his memo dated May i8th. Mr. Blesener introduced the following resolution and moved its adoption: RESOLUTION NO. 90-5-258 - AUTHORIZING THE LEASE BUY-OUT OF THE OFFICE COPY MACHINE FROM D. C. HEY COMPANY IN THE AMOUNT OF $1,098.77 The foregoing resolution was duly seconded by Scalze. Ayes (5) Blesener, Scalze, Collova, LaValle, Fahey. Nays (O). Resolution declared adopted. Paqe 15