08/15/1995 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 8/15/95 Finance Director Burns: 1) Recently the city made application for Issue 2 money under the loan assistance program Awards have been made to all applicants at 62.4% of the amount requested. This program pays interest costs for current and previous year projects. For the 1994 projects, we reque~ed $346,000 and will receive $216,000. For 1993 projects, we requested $168,000 and will receive $105,000. 2) Last week a payment of $175,000 was made to the EPA in settlem~t of the fine that had been assessed. The payment was made from the sewer revenue fiord and the city will have to borrow to replace the fonds by year's .end. We have three options: One, go out to the general public and sell notes. This would involve the preparation of another official statement and all the related costs. Second, the city's underwriter can make a private placement, which would not have the cost of the official statement but the underwriter would charge a fee. The underwriter has indicated that a private placement is pole. Third, the city could buy the notes as an investment. This would require earmarking $175,000 that could be locked away for an extended period of time because refinancing would not be poss~'ble until we go to bond next year, probably in June. Money from street and sewer projects m~ht be available for this option. Since a decision must be made shortly, he will ask bond counsel to prepare an authorization, using the second and third options, for the Finance Committee's consideration. 3) Ordinance 95-110, the 1996 budget, must be passed by September 15 and delivered to the County Auditor by Septe~er 20. The budget shows general fund revenues of $14,594,000, which is approximately a 3% increase over 1995's projected revenue for that fund. The millage that the city is al~wed to assess for debt service on the sewer debt incurred prior to 1987 will increase by approximately two tenths of a mill. Mrs. Saringer, Chairperson of the Building, Zoning and Development Committee: 1) The committee met on August 9 will all members present and Council M+an~ers Mr71er and Musial, Building Commissioner Conway and City Engineer Deichmann. Agenda items were as follows: a. Proposal to construct McCormick Place Shopping Center, 23130-23150 Lorain Road. In attendance were George Papandreas, Sheldon Gross an architect with Applebrook Design and Bob Brehmer from Levin Furniture. The proposal was approved by ARB on July 19 and the Planning Commission on July 25. There will be three units on this property: Morris Graphics, Levin Furniture, Sears Hardware and Garden Center. All suggestions made to the BZD Committee were addressed and agreed upon. The manager of Clague Towers is agreeable on extending the board on board stockade fence. The drainage and retention on the property will meet or exceed the city's requirements. However, drawings are needed which reflect the changes in this area with regard to retention, sewers and drainage. Mrs. Saringer moved to approve with all the recommendations of the ARB and Planning Commission and contingent upon the approved engineering plans, making sure that the Engineering Department carefully reviews the plans because of the flooding problems in the area; second by Mr. Nas~har. Mr. Musial commented that there had been extensive discussions with regard to the worm water retention and, as he understands it, the peak rates of runoff after development should be no greater than 90% of the peak rates occurring before any development. 4