10/15/2012 Meeting Minutes - Laserfiche WebLink

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Minutes of the Regular Meeting of Council Monday, October 15, 2012 Page 11 Council President Buckholtz asked if there was any discussion. Mr. Esborn reported, we applied for this grant and loan funding last year. We did not get funded. I have worked with the Cuyahoga County Planning Commission over the last year to make the application stronger. I have made the revisions that they think will a11ow us to significantly improve our score this year. This was not on the Caucus agenda. I hadn't considered authorizing legislation for this year because last year Council authorized seeking assistance from this program for this proj ect. It wasn't until the last couple weeks that I thought to ask, do we need new legislation saying the same thing for this year and they said yes. That's why this is on the agenda again. I want to turn it over to Ron for some information about the financial side of the application. Mr. Wyiuie asked for clarification, the project is just going to involve the streets, Eastgate and Meadowood, correct? Mr. Esbom replied, right. It is in the legislation that Phase I is Eastgate and Meadowood and the second phase is the other streets. Mr. Wynne stated, when we applied for this in 2011, looking at some of the results, one of the reasons we were turned down from a financial standpoint was because we requested so much in the way of financing with very little participation from our standpoint. We were looking at a$2.4 million project. We requested funding of $1.8 million. We were contributing $600,000. Of the $1.8 million, $1.1 million we, requested in the form of a grant so there would be no reimbursement required from us to DOPWIC and the other $700,000 was in the form of a loan which is paid off by assessments to the homeowners who get the benefit of the sewer project. In this application, it is going to cost roughly about the same, about $2.5 million. $1.4 million is going to be the Village's contribution towazds the project and $1.1 is our financing request. The $1.1 million financing request is $350,000 worth of grant money and $750,000 in the form of a loan paid off again by assessments to the homeowners who benefit from the project. Where the $1.4 million is coming from is, we have $460,000 right now in the Sanitary Sewer Relief Fund. We have budgeted to put in $200,000 at the end of this year and $200,000 next year. Next month, we will be receiving an estate tax distribution of about $525,000. That was not in our budget for this year. The intention would be to request Council to approve that those proceeds when we receive it be deposited into the Sanitary Relief Fund to be put towards this project. Council President Buckholtz asked, that is all Phase I? Or the numbers you are describing right now are Phase I and Phase II? Mr. Wynne replied, just Phase I. Council President Buckholtz stated, okay, so not quite done with the task of converting all to septic.