02/01/1994 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 2/1/94 of this property at the appraised value of $180,000. The lowest compromise amount is $210,000. The O'Grady property was purchased for $190,000, and the Catholic Diocese purchased the ~ijacent property for $189,000. Because the property in question is not worth $210,000, Council should proceed with this legislation. 3) Last week received the preliminary title work on the Springvale purchase and. will continue to work on this project to straighten out several discrepancies. Mr. Nashar questioned whether the Eliza Jennings settlement of $106,000 included interest. Mr. Gareau said that the Court of Appeals had not granted interest when the case was returned to the Court of Cameron Pleas. however, the Supreme Court detailed the method of calculating interest in their decision. Interest will accrue from the date of judgment at a rate of 10X. Finance Director Burns reported: 1) The 1993 report of the Rocky River Court is as follows: 1993 revenues were $963,543 compared to $766,247 the previous year; 1993 expenditures were $835,493 compared to $799,727 the previous year. Because revenues exceeded expenditures, North Olmsted will have no further cost for 1993. In 1993, North Olmsted had 6,642 criminal cases which represented 35.41X of the court's docket; the 1992 criminal cases totaled 6,570 which represented 34.64X of the court's docket. 2) Because of the efforts of Mr. Wilamosky in handling worker's compensation claims and because of a group rating program which has become available, our rates have been reduced from 3.063X to 2.363X. These figures are based on 1993 payrolls. 3) In a report to Congress, Federal Reserve Bank Chairman Greenspan said he is pleased with the growth rate of the economy.. He is concerned about inflation coming back into the system, aril he mentioned that short term interest rates will go up. An increase in interest rates will have an impact on the city's financing program, especially short term mote issues. Mr. McKay, Chairperson of the Long-Range Plarming and the Streets and Drainage Committees, reported: 1) With regard to long-range planning, a public hearing on Community Development Block Grants will be held at 7:30 p.m. on February 3, 1994 in the Council Chambers. 2) On Wednesday, January 26, the Streets and Drainage Committee met in joint session with the Finance Committee. The following streets will be rehabilitated in 1994: MacBeth, Esther, Coe, Oak Lane, Palm Drive, Birch Lane, Noreen Drive, Hawkins Avenue. Also, improvements to sewers acid streets will be done in the Bretton Ridge and Deerfield subdivisions. Mr. Lind, Chairperson of the Finance Committee, reported: 1) The Finance and Streets and Drainage Ca~mittee met in joint session on January 26. In attendance were all committee members, Council Members Beringer and Babas, Safety Director Gundy, Service Director Bohlmarm and Finance Director Burns. The following items were discussed: a. Ordinances 94-10 and 94-15, the appropriations and organizational chart, were put on hold until the worksheets could be obtained from the Mayor. b. Ordinance 94-14, which provides for an additional full-time building inspector for residential and commercial property. The committee recommended approval. 2