03/06/2001 Meeting Minutes - Laserfiche WebLink

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Council Minutes 3/6/2001 ~,,,, 4) The Finance Committee met to discuss Ordinance 2001-21. This is a bond issue for $35,000 to install a new water line between Porter and Decker roads. The committee recommended approval. Councilman Miller said that he would like to add to Mr. McKay's report with regard to Ordinance 2001-17, which is the Springvale project. Although he is confident that Springvale can support the loan, he noted that the loan amount is anticipated to exceed the entire value of the property, and the city would become more or less the co-signer or backup security for the loan. This is contrary to the original intention that at no time would the city be accessed for funds to support Springvale. It would be a stand-alone project. Finance Director Copfer said it was true that the city would backup the loan, but that was true of the original $4.2 million. That is why it is a general obligation-it is the full faith and credit of the city backing up the loan. The revenue stream is intended to be self-supporting; and, based on the assumptions, it very clearly shows that it can do so. Her concern is that, if the city does nothing to upgrade the facility, it will deteriorate and that might mean that Springvale could not sustain the debt service on the existing debt over time. Mr. O'Grady said he felt what had been stated was that the original loan amount plus the $2.5 million would be close to the value of the property. Finance Director Copfer said that an appraiser would have to be hired to determine the value of the property, and there are various appraisal methods. It is a more complicated process than just looking at the number of acres times the value of each acre. Mr. Miller said there is no doubt that Springvale needs improvement. We are adding to the debt, and he wanted it on the record that the manager of the golf course clearly stated that it was his opinion that the loan amount, when combined, would exceed the value of the property. Mr. McKay said he felt it was a safe loan because the value of the property has increased from the time it was purchased. AUDIENCE PARTICIPATION 1) Doug Sebring, North Olmsted City Schools, 24100 Palm Drive, thanked the Service Department and Mr. Bohlmann for the exemplary job that they always do, but particularly what they did last night. North Olmsted was one of the few districts of the western southern half of Cuyahoga which operated today 2) Tom Hreha, 6418 Surrey Drive, agreed with Mr. Sebring and noted that his children feel Mother Nature and Jack Frost are no match for the City of North Olmsted's Service Department! Thanks to Mr. Bohhnann. 3) Bill Kelly, 4161 Canterbury Road, North Olmsted. His property is on the crossroads of Canterbury and Sweetbriar. Regarding Ordinance 2001-40, this is third time Council has addressed this issue pertaining to children leaving Pine Elementary School in the afternoon. Parents are parking on the side street blocking the residents' driveways. It is a safety concern with the school guards and kids walking in between cars. The first quick fix was, "No Parking" signs between one property and another property. The people simply moved further down the street. This ordinance is just doing the same thing. All the people will do is move a little farther down the street. Also, residents will not be able 8 ,~ M~.. ~,~--~~...... _. .. .. ,