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<br /> - <br /> CITY OF l\RDEN HILLS <br /> mDllNOOM <br /> .. TO: Mayor and City COUncil <br /> .~ <br /> ' / <br /> nlCJ(: Dorothy A. Person, City J\rlm;n;,.trator <j <br /> \ <br /> Ill\TE: January 8, 1993 <br /> SOBJ'EC'l' : City ,2IiIm;n; --trator' s ,InfQClliltion <br /> For COUncil Meet.inq of 1/11/93 <br /> I. ACrION NEEDED BY CITY OOUNCIL: <br /> A. UNFINISHED AND NEW BUSINESS ITEMS: <br /> No. 7.C. regarding Aj;:proval of 1993 Sheriff's Contract for Patrol and <br /> Police Protection with Ramsey County. <br /> '!he Sheriff's contract continues as previously agreed upon with the <br /> additional comments enclosed. <br /> II. INFORMATIONAL ITEMS: <br /> a. McOuires Inn - It appears McGuire's Inn (Servico) had filed for Olapter 11 <br /> Bankruptcy on September 18, 1990. The City of Arden Hills suhnitted claims <br /> to Bankruptcy Court in the amount of $7,472.66 for utilities and Gateway <br /> Flowers chal:ge. On August 5, 1992, the Bankruptcy was approved. UrD.er the <br /> tenns of this plan, the city is entitled to receive shares of canunon stock <br /> in the final settlement. <br /> On December 22, 1992, we received a stock certificate representinq 9 <br /> . shares of the Common stock with a market value price of $4.00 per share. <br /> At this price, the distribJ.tion is valued at $36.00. Stock was not traded <br /> from 2/89 to 7/92 and the $4.00 per share price represents a high figure so <br /> far this year. Generally, the City has not had assets subject to market <br /> risk. <br /> '!he A=untant recammerxls that the interiln stock distri.bJ.tion and <br /> future stock distributions, if there are any, should be sold as soon as <br /> possible and proceeds converted into Money Market assets. I concur with <br /> this recammendation. If you have any concerns, please notify the <br /> Administrator as soon as possible. <br /> b. Lake Johanna Volunteer Fire Department - LJVFD is celebrating its 50th <br /> anniversary on July 24, 1993, at Island Lake Park. The Sheriff's <br /> Department and Recreation Deparbnent have been forwarded this infonnation <br /> and will be following up on this item. <br /> c. Clarification reaardina a resoonse from December 28. 1992. Council <br /> meetincr - For your infonnation, the NSP lift station electrification <br /> reimbursement was quoted last meeting at 50 percent discount. Upon further <br /> review, the co=ect amount to be refunded at the cost of serving a new <br /> customer (within 5 years of agreement which has not yet been signed) . This <br /> is not to exceed the total amount of $12,350. <br /> DAP Its <br /> . <br />