07/12/1982 Council Minutes - Laserfiche WebLink

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212 Council Meeting July 12, 1982 the area developers, 1) Nelson Properties, 2) Marpon Hones, 3) Shilling, 4) El Rehbein, 5) Glenn Rehbein and 6) Ulmer Construction have gotten together and they are requesting the City to investigate this for them and to consider applying for $5 Million Dollars of these funds which would then be made available to people at a 12/13% interest rate, depending on the market at the time of the bond sales. The developers are also proposing that this money be used on existing platted lots. Mr. Karth listed the various requirements that are attached to the use of these funds, noting that approximately 70 to 90 new homes could be constructed with this money. Mr. Karth suggested the Fiscal Agent be contacted to do a feasibility study on this proposal. Mr. Marier asked if the developers would pay for the feasibility study and Mr. Karth said there should be no cost involved in this study and if the City's Fiscal Agent wanted a fee, they could find several that would do the study at no cost. Mr. Marier asked about the City's liability for the repayment of the $5 Million Dollars and Mr. Karth said his understanding of the law was that the city does not incur any liability - the mortgages on the homes is the backing for the repayment of the bonds. He suggested that Mr. Hawkins check this. Mayor Benson felt this is something that the Council had requested the Task Force to look into. Mr. Karth felt that this is strictly a financial situation and he did not feel that financial considerations are within the realm of a task force. This is prepared by the Fiscal Agent for a Bond sale, the money is deposited with a Bank who then dispenses it to the qualifying home buyers. Mr. Marier noted that Mr. Karth had made a good presentation but he felt that this matter should be forwarded to the Planning and Zoning Board and the Task Force. He felt that an answer should be available in about six weeks. Mr. Marier moved to authorize the feasibility study providing there is no cost. Seconded by Mrs. Elsenpeter. Motion carried unanimously. RESOLUTION - ASSESSED COST AND ASSESSMENTS - 49 CLUB RESOLUTION - SETTING ASSESSMENTS HEARINGS - 49 CLUB Mr. Schumacher requested that these two items be tabled until the July 26, 1982 Council meeting. Mr. Schumacher explained that due to the lack of staff it had been impossible to get all the total figures together. He did not want to hold a hearing without being sure of the figures. Mr. Marier moved to table Items #7 and #8. Seconded by Mrs. Elsenpeter. Motion carried unanimously. TREE REMOVAL - EL REHBEIN & SON Mr. Blackbird explained the trees along Lake Drive were removed by the County in the process of upgrading that Street and they do not replace or move such trees. The Special Use Permit had only stipulated screening on the North side, which is still intact. Mayor Benson noted that the Special Use Permit also stipulated that the front of the building was to be landscaped. Mr. Blackbird said they plan to put in some grass and some shrubbery.