02-26-92 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL FEBRUARY 26, 1992 of punch list items that are remaining, and he would like to see these items corrected before final payment is made. LaValle asked if the North Suburban Youth Association has been contacted for their contribution to the project. The Administrator reported that he and the Recreation Director are finalizing the numbers for the project. Once total project costs are determined, a payment request will be submitted to North Suburban Youth. LaValle pointed out that other funding received for the project includes a$15,000 donation that was made by St. Joseph's Society in 1990. Scalze questioned whether that payment had been received. LaValle replied that it was. The City Administrator indicated that he would verify whether or not the funds had been received. Council requested a report on total project costs and funding sources for the project. It was noted that the City had committed $20,000 towards the project, and it was LaValle's hope that there was adequate outside funding so that the entire $20,000 from the City would not be necessary. Mr. Blesener introduced the following resolution and moved its adoption: RESOLUTION NO. 92-2-76 - APPROVING FINAL PAYMENT TO WASHTOCK CONSTRUCTION IN THE AMOUNT OF $2,264.00 FOR WARMING HOUSE CONSTRUCTION SUBJECT TO FINAL APPROVAL OF THE CITY ADMINISTRATOR The foregoing resolution was duly seconded by LaValle. Ayes (4) Blesener, LaValle, Collova, Scalze. Nays (o). Resolution declared adopted. KANDICE The City Administrator reported that the City will be HEIGHTS II paying out $141,500 in tax increment financing assistance for the Kandice Heiqhts II project. It is the City's intention to pay out these funds using internal sources and use the pay out as an investment since the rate of return is higher than what the City could otherwise earn. However, if in the future the Page 5