12/01/1987 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 12/1/87 -4- ,,~,, 2) Committee discussed Ordinance No, 87-120 and recommended that the ordinance be amended due to the fact that the $12,500 can not be appropriated from the Capital Improvement Fund for a preliminary engineering project, Reissued Ordinance No. 87-120 reflects the committee's recommendation with respect to funding for this project and committee has no objection and will ask for suspension of rule re- quiring three readings on this ordinance. 3) Committee also discussed Ordinance No. 87-126 which reflects areas previnxsly discussed and includes some revision by Director Cunningham; will continue to look at city revenues throughout the balance of this year. 4) Director Cunningham also presented some recommendations that are reflected in Ordinance No, 87-123 and committee has no objection. 5) Committee also discussed same recommendations regarding the Recreation Fund; Ordinance No, 87-124 and 87-125 bascially reflect this discussion and committee has no objection to these ordinances. 6) Committee did not basically discuss the items outlined in Ordinance No. 87-127 and hopefully will do so at a later date, 7) Also discussed was Ordinance No. 87-123, transfers for the Bus Line and committee has no objection to this ordinance. Mr. Wilamosky gave the following Community Improvement Corporation report: Discussed with Mr. Zachary Paris, legal counsel, a proposal to issue refunding bonds for a Bryant/Stratton Proposal. Three or four years ago, Bryant and Stratton had appeared before the CIC and asked for approval for the issuance of $590,000 in bonds; there was no objection. They had entered into an agreement to sell those bonds at substantially less than what the market rate was because of conventional loan. That rate was approximately 10347. They are now asking council to consider legislation that would allow them to reissue the bonds at a rate of 6~ which would offer them a substantial savings, based on the current bond market. Mary Slama, secretary to the CIC, had conferred with McDonald and Company, who serve as repre- sentatives of the CIC, and they did not feel there was any problem with this request. In fact, it would really be a benef it to the bond issuer if they could sell the bonds at a substantially lower rate. Mr. Wilamosky, Mary Slama, and to the best of Mr. Wilamosky's knowledge, no other member of the Community Improvement Corpor- ation, has any objection to allowing this reissuance. If council has no objection, legislation covering this proposal will be introduced at the council meeting of December 15th; will be happy to answer any questions on this subject. Audience participation: Mrs. Jean Beck, 5409 Dorothy Drive, commented on Mr. Tallon's BZD Report with respect to the Dryvit material being used at Plaza South, She noted that Building Commissioner Conway questioned the material being. used and when he found out it was not "Dryvit", he made them go back through the proper channels for approval of the other material. Appreciates Mr, Conway's effort and is thankful that the city finally has someone who will tell developers "what you SAY you will do is what you WILL do". LEGISLATION: Ordinance No. 82-90 introduced by Mayor Swietyniowski was given its third reading. An ordinance authorizing and directing the Mayor of the City of North Olmsted to enter into an agreement with certain property owners for the reimbursement of preliminary engineering and other costs associated with the improvement of a public street, and declaring an emergency. Mr. Wilamosky moved to table, second by Mr. Bohlmann, unanimously approved. Ordinance No. 82-90 tabled.