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MINUTES <br />CITY COUNCIL <br />APRIL 12, 2006 <br />RESOLUTION NO. 2006-4-90 -APPROVING THE CONTRACT <br />WITH THE CITY OF FALCON HEIGHTS FOR EXECUTIVE <br />SEARCH ASSISTANCE SUBJECT TO REVISION OF THE <br />INDEMNITY CLAUSE BY THE CITY ATTORNEY AND <br />AUTHORIZING THE MAYOR TO EXECUTE THE CONTRACT ON <br />BEHALF OF THE CITY <br />The foregoing resolution was duly seconded by Montour. <br />Ayes (5). <br />Nays (0). Resolution declared adopted. <br />PARKING The City Administrator presented a shared parking agreement between <br />AGREEMENT the City, Norm's Tires, and the Watershed. He noted that there is <br />WITH currently a shared parking agreement in place between the City and <br />WATERSHED Norm's which was entered into at the time the Historical Society <br />AND NORM'S Addition was constructed. He further noted that part of the City Center's <br /> overflow parking area had been the property on which the Watershed <br /> building is now located. The Administrator indicated that this three-way <br /> agreement will resolve periodic overflow parking needs for both the City <br /> Center and the Watershed District. <br />Mr. LaValle introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2006-4-9I -APPROVING THE SHARED <br />PARKING AGREEMENT BETWEEN THE CITY, NORM'S TIRE5, <br />AND WATERSHED DISTRICT AND AUTHORIZING THE MAYOR <br />AND CITY ADMINISTRATOR TO EXECUTE ON BEHALF OF THE <br />CITY <br />The foregoing resolution was duly seconded by Allan. <br />Ayes (5). <br />Nays (0). Resolution declared adopted. <br />RESERVE The City Administrator reviewed Che Finance Director's report dated <br />ANALYSIS April 3, 2006 relative to City reserve balances and Che need to maintain <br />these balances within the State Auditor's preferred range. Based on the <br />State Auditor's report on this issue, the Finance Director is recommending <br />an amendment to the City's Reserve Policy establishing a reserve balance <br />level at 42.5% of current expenses. The Finance Director is further <br />recommending that any monies currently over that level be Cransferred into <br />the General Capital ImprovemenC Fund. <br />Mr. Keis introduced the following resolution and moved its adoption: <br />