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2005-05-11 CC Packet
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2005-05-11 CC Packet
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<br />CITY COUNCIL MEMO <br /> <br />Date: <br />To: <br />From: <br /> <br />May 5, 2005 <br />Mayor, City Council & Staff <br />John W. Meyer - Finance Director <br /> <br />Subiect: <br /> <br />InsurinQ City Duplex Structure (7071 & 7073 Centerville Road) <br /> <br />In reviewing the city's insurance renewal notice, I discovered that the city <br />is paying $3,064 per year to insure the city duplex structure. The city also <br />has liability insurance on this property. I contacted the city's insurance <br />agent (Gordy Beulke) who responded in an email that basically said that <br />the city has a choice of no coverage or full replacement coverage. <br />Because this property is a critical part of the downtown redevelopment <br />and will ultimately be demolished for that redevelopment, I would <br />recommend that the city delete this property from the city's insurance <br />policy and save the premium. In addition, the condition of the property <br />contributes to the development of a Tax Increment Financing District in <br />the downtown. Consequently, prior to demolition, the city council should <br />consider the possibility of creating a Tax Increment Financing District for <br />the downtown redevelopment. <br />
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