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City of Centerville <br />Council Meeting Minutes <br />April 13, 2016 <br />against the letter of credit there was plenty to ensure the City’s safety. Engineer Statz stated that <br />he was comfortable in the reduction if Council determined it to be appropriate. <br /> <br />Motion by Council Member Fehrenbacher, seconded by Council Member Love to approve <br />the request to reduce the existing letter of credit for the Pheasant Marsh III Development <br />by $14,000 as presented. Mayor Wilharber Nayed. (4/1) Motion carried. <br /> <br /> <br />2.Discussion & Approval of 2016 City Council Focus Goals <br /> <br />Consensus of Council was to move this item to Item #6 to accommodate the public that was <br />present for two items that were on the agenda. <br /> <br /> <br />3.Negotiated Purchase Agreement for 7261 Main Street, Home Detail, Inc. <br /> <br />City Attorney Glaser stated that upon Council’s direction, he and Mr. Magdik agreed to proposed <br />revisions to his purchase agreement with the City. <br /> <br />Discussion ensued regarding the need for a variance to building on the existing lot, timeframe for <br />construction of the home, lack of appropriate plans for construction and valuation of home to be <br />constructed. <br /> <br />Attorney Glaser stated that the City will be compensated $2,500 for staff costs due to Mr. <br />Magdik’s breach of contract, and permits and licensing fees will be paid at time of closing. If he <br />defaults again, the City still retains the right to cancel the agreement. He also stated that his <br />mortgage company is motivating the construction of a home on the property and had financial <br />ramifications if deadlines are not met. <br /> <br />Mayor Wilharber gave the audience and Council a brief synopsis of how the City acquired the <br />property; through an agreement with the County for the City to have first option to purchase <br />remnant parcels following the widening of CSAH14. The City determined that the parcel could <br />generate property taxes if a home was constructed on the parcel, purchased it, provided for a <br />variance regarding setback requirements and placed on the market. Mr. Magdik entered into an <br />agreement with the City in 2013 to purchase and construct a home by 2015. <br /> <br />Motion by Council Member Fehrenbacher, seconded by King to approve the renegotiated <br />purchase agreement as presented. All in favor. Motion carried. <br /> <br />IX. NEW BUSINESS <br /> <br /> <br />1.Finance Plan Summary - $2,185,000 G.O. Improvement Crossover Refunding <br />Bonds, Series 2016A <br /> <br />a.Northland Securities, Inc. – Municipal Advisory Service Agreement <br /> <br />Mr. George Eilertson, Northland Securities, introduced himself to Council and stated that due to <br />the market and interest rates being low now may be the time to consider refinancing the 2009 <br />Street Improvement Project Bond. Mr. Eilertson stated that if Council chose to complete this <br />Page 4 of 11 <br /> <br /> <br />