07/16/1971 Council Minutes - Laserfiche WebLink

Home Search

7/16/71 Mr. Gotwald said that the Metro Sewer Board will receive a letter from Centerville this week. In talking about the 5 year bonds -- MIr. Jandric said it is the same thing as borrowing money from a bank, and that they have never gone full term on these things. Mr. L'Allier asked Mr. Springsted if he suggested that if we are going to take six or seven years to complete the project that a six or seven year assess- ment might be acceptable. Mr. Springsted said yes, that if you borrow money on a ten year basis, you are committed to deed service on that period'; if assessments are paid in half that time your interest continues on. Mr. Bush said that they can't hit full pace the opening year. The first year will be the slowest and the last year will be the highest in selling. He stated that they would like the Council to consider a little longer peiod than five years. They ask for ten years, or eight or nine if ten is too long. He said that they were willing to meet on any common grounds. Mr. Bush also said that they hoped they would set it up on an annual guarantee of a certain number of dollard paid; rather than have one for one on assessment payoffs. Mr. Jandric asked if there was a possibility of making the bond smaller without jeapordizing anything. Mr. L'Allier called a recess at 9:51 P.M. The meeting was resumed at 10:20 P.M. Mr. Jaworski moved that the length of time that would be reasonable would be a period of seven years; regard the payment of assessments prior to issueing of building permits and or sale of any land or lot regardless of size assessment on given lot; that additionally we require $50,000 deposit in any bank of their choosing; we receive a letter of guarantee in what ever is acceptable to the Council; $50,000 be replenished bythe use of CDs. so that there would be $50,000 in, deposit by way of CDs; since it is latein the year and not received official ok from the Metro Council, to postpone certification till 72 -73; sett-the date, barring any unfor seen circumstances on August 10, 8 :30 P.M. for the improvement hearing. Mr. Springsted mentioned that we couldn't give the contract until we have had the hearing. Mr. Jandric asked if they have to be at the meeting. W. Locher said there may be someone there who wants to object. Mr. L'Allier said they were not required to be here. Mr. Gotwald said there was one other problem. They are talking about front foot basis and so much per apartment or unit. Motion seconded by Mr. Rosengren. Motion carried unanimously. Mr. L'Allier said the question had been raised as to whether the drilling of the well can proceed prior to the hearing date or assessments. Mr. Locher said that they can proceed prior to beginning the project. Require a letter from Mr. Keyes saying he understands the bonds have not been sold; that the Village can not guarantee payment. Mr. L'Allier said we have to wait to award bids till the hearing. Mr. Cardinal moved to adjourn at 10 :45 P.M. Seconded by Mr. Jaworski. Motion carried. Minutes approved at the meeting of, July 26, 1971 Shelley Brisson Deputy - Clerk 1