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1 <br />1 <br />1 <br />COUNCIL MEETING MAY 26, 1992 <br />He noted that when most of the Marvy Street residents purchased <br />their property they were told that at some time in the future <br />when utilities were available, a street would be constructed and <br />they would be able to subdivide their lots. Most lot buyers felt <br />this was a good investment. Now we find this was not a good <br />investment. Mayor Reinert noted that in developing areas, most <br />landowners face changes and told Mr. Phillips that when he <br />purchased his home he was told a golf course would be constructed <br />behind his home. Now there are many residences there and no golf <br />course is in sight. Mr. Suggs felt this situation was different <br />and the Marvy Street residents have a lot to loose. <br />A lady in the audience asked what the speed limit would be. Mr. <br />Schneider explained that the speed limit would be set by the <br />Commissioner of Highways. <br />Tim Peters, 550 Lilac Street noted that the location of Apollo <br />Drive would take almost one (1) entire industrial lot from him. <br />He asked if he would be compensated. Mr. Schneider said yes, the <br />City does purchase the right -of -way and the price is based on the <br />zoning as well as other factors. <br />Council Member Neal moved to close the public hearing at 8:48 <br />P.M. Council Member Bergeson seconded the motion. Motion <br />carried unanimously. <br />Mayor Reinert noted that the Council will take no action on this <br />matter unless all of the landowners who will be assessed, <br />petition to waive 50 of the 60 day waiting period. He also noted <br />that not every landowner will get what they want. There is no <br />way to please everyone. <br />1991 AUDIT REVIEW, TAUTGES, REDPATH & COMPANY, LTD. <br />Mr. Fred Espe, Tautges, Redpath & Company, Ltd. presented the <br />1991 annual financial report. Mr. Espe had spend approximately <br />1/2 hour prior to the regular Council meeting reviewing the <br />report with the City Council. He presented a brief overview of <br />the financial report as follows: <br />1. State funding will continue to affect financing municipal <br />government. The levy limits were lifted for 1992. <br />2. Beginning June 1, 1992, all municipalities will pay sales <br />tax on purchases by local governments. A $5.21 water <br />connection fee will be collected from all residents <br />connected to the municipal water system. This fee will be <br />remitted to the Department of Revenue and will be used for <br />testing water supplies. <br />PAGE 10 <br />39 <br />