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~ . - Minutes of the Regular Council Meeting, October 27, 1986 Page 4 Finance Committee Report Councilman Peck referred to survey of Building Inspectors wages in neighboring communities. He advised the Finance Committee recommended a 3% wage increase, retroactive to January 1, 1986. for the Building Inspector Larry Squires. Sather asked if Squires had requested a larger increase in a memo he submitted to tbe Council earlier this year. . Mayor read from Squire's letter of August 8th, comparing his salary with wages of the building trades people. . Hicks moved, seconded by Peck, that Council approve a salary increase to $19.00 per hour, retroactive to January 1, 1986. for Building Inspector Lawrence Squires. Motion carried unanimously. (5-0) REPORT OF VILLAGE TREASURER DONALD LAMB Clerk Administrator HcNiesh gave treasurer's report in Lamb's absence. Investments $500,000.00 at S.65% to mature February 1, 1987 $542,000.00 at 5.70% to mature April 15. 1987 Invested at: FIRST MINNESOTA McNiesh explained maturity dates were to coincide with anticipated major expenses in 1987. Hansen moved, seconded by Peck, that Council ratify Treasurer's report as submitted. Motion carried unanimously. (5-0) Park Dedication Proposal - Opus Corporation Sather reported on letter of 10-20-86, from Opus outlining their offer of 7% land value for park dedication for Phase I. payable over a period of 10 years. commencing at the date of issuance of an occupancy permit for Phase I construction. He explained Opus only has an option on the balance of the property and may decide not to develop that portion. Therefore, land value based on purchase price is $744.876.00 at 7% would equate to $52.141.00. . Sather advised Council Opus said they had never paid a park dedication fee greater than S% but felt because this percentage was consistent with the agreement entered into with Woodbridge Properties Northpark Business Center and the City, they would be willing to pay a higher dedication fee. He explained' they wished 'to made payment in installmants over ten years. ' There was discussion regarding comparison between the Woodbridge park dedication and this proposal. Sather recommended asking Opus for a one time payment, rather than increments over a ten year span. He felt it was fair to ask Opus for 6-1/2% Park Dedication payable in two even installments; one on the first day of occupancy and the second on the last calendar day of the 4th year. each payment to be apprOXimately $22,300.00. . The general consensus of Council was to request Opus Corporation to pay a 7% Park Dedication fee up fro.nt. Minnesota Baptist Conference Donation Clerk Administrator advised Minnesota Baptist Conference has made its annual donation to the City. Mayor thanked them on behalf of the entire Council and the City for their donations over the years. Council recessed for 10 minutes.