04/21/2008 Meeting Minutes - Laserfiche WebLink

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Regular Council Meeting 4-21-08 Page 13 don't draw every hangar, they just do the specs. Dr. Parker said it is going to need to be done. Mr. Marrelli stated that there are going to be some minor things done. Mr. Dinardo stated that these.items can all be drawn as alternates on the spec sheet so Council can see it. That is where you guys are going. You want to see the difference between copper, steel and plastic. We can do that with specs on the drawings. He just has to get with the Chief and malce sure the architect puts it on the drawings when they go out. Council President Buckholtz asked if there were any other comments. Mr. Marquardt stated that at Caucus we discussed the wisdom of doing this now or waiting until next year given the general financial conditions and the financial conditions of Progressive and its impact on our revenues this year. In the April l Oth article in the Plain Dealer, it reiterated that Progressive's first quarter profits were down 34% and about 2/3 of the value of their stock portfolio is in investments which dropped. They say it is not a short-term issue. Mr. Marquardt still believes that it is better that we hold off and see what the economic conditions are until next year and see if this is still viable. Mr. Marquardt knows that is contrary to most here on Council, but he thinks that is the route we should go. The financial conditions in his estimation with Progressive are shaky. Council President Buckholtz stated that he and Mr. Marquardt talked about this and it was discussed at Caucus. This is a valid point, certainly about the economic factors and the economy in general and how it impacts Mayfield Village through Progressive's business. Council President Buckholtz refened to Phil as stating at that time that we don't need a specific detail of how the entire thing is being financed, although Phil has done that. Phil was asked, in his estimation, "Can we build a police station? Can we build this police station?" Mr. Brett indicated that the last time we spoke on this matter, he stated that he put into the budget a$2,000,000.00 what-if type of arrangement with debt discussion. That pretty much showed what we would have to do over the near term to pay for that additional debt service. At that time, we were estimating probably 4%. In checking with the financial advisor with the Village, the short-term money would probably go 2'/z %. That is only for a year, so there is not a real significant savings. It is essentially the same scenario laid out before. You will be transferring some funds from the General Fund to bond retirement to cover that. That should diminish in a few years. Council President Buckholtz asked if a budget was created that was fairly flat for 2007 and 2008 in terms of revenue. That the numbers were conservative and still you were planning that we would be going ahead with the police station. Mr. Brett stated that he was only demonstrating to Council what impact that would have on the budget as far as the need to transfer monies over from the General Fund. There is a four or five year period where things are tight and then things start to relax a little bit. Council President Buckholtz stated it was also discussed at Caucus and then followed up by discussions with several Council members that we all know the state of the Village, but we