05/15/2001 Meeting Minutes - Laserfiche WebLink

Home Browse Search

Council Minutes of 5/15/2001 ,.,~ Law Director Gareau: 1) We have acquired the Pine Tree Beverage property, and the ~.~.~ seller was to have vacated by May 14. However, he has asked for atwo-week extension. Once he has moved, the city will level the property and re-grade it. 2) With respect to the acquisition of the property for the library, he was informed this afternoon that owners of Z Properties and the tenant (James Lumber) reached an agreement this afternoon. The agreement should be confirmed tomorrow and close a week from this Friday. The other parcel that must be acquired is owned by C & C partnership, which is the Halleen brothers. That property was purchased. by C & C partnership shortly before it was officially announced the library project was going on the ballot. They paid $385,000 for the property, and it has been appraised by our appraiser for $400,000. They are asking $1,200,000 for the property. This afternoon, he and Assistant Law Director Dubelko researched and prepared a complaint for commencing eminent domain proceedings that will be filed later this week. Finance Director Copfer: 1) Showed Council the official Certificate of Achievement for Excellence in Financial Reporting from GFOA. Everyone can be proud and share in this big accomplishment on financial accountability. Thank you to the Auditor of State's office for recognizing excellence in financial reporting. This is a major accomplishment when considering the number of governmental units that exist in Ohio versus the few that actually do the financial reporting. Thanks to the Mayor for supporting through his leadership the effort to improve the financial accountability of this city. Thank you to the Finance Department staff e~ecially Michelle Bowens and Donna Murphy, who were integral in the timely creation of this annual report. Thanks to Council for providing the financial wherewithal to produce this report. Thanks and gratitude to her family, who accepted the sacrifice of nights and weekends that it took to make this report a reality. 3) The bonds were sold last Tuesday and will close this coming Thursday. We were fortunate that we made it within a five day favorable window and got a really good rate. Because today, with the interest rate cut, the municipal market went up about 25 basis points. The net interest cost of the total deal was 4.9% with the annual coupons ranging in 3.15% to 5.125%. The refunding estimated savings were estimated at that point compared to the market. The actual dollar savings through interest savings over the 1992 bonds was $486,758, which is a substantial savings to the residents of this community in interest. 4) The March reports were in Council's mailboxes this evening and comparative reports to prior year of the several revenue sources that were requested were handed out tonight in caucus. Councilman Miller, chairperson of the Recreation Committee: 1) The Finance, Recreation, Streets & Drainage and Environmental Control Committees met in join session on May 7. In attendance were all Council Members, including President Saringer; Mayor Musial; Directors Bohlmann, Copfer and Jenkins. The committee discussed the following: • Ordinance 2001-63, an ordinance authorizing the Mayor of the City of North Olmsted to enter into an agreement with JAT Associates to provide design services for ADA ~" improvements at the North Olmsted Recreation Center and declaring an emergency. 2