1992 Rec./Disb./Res. & Minutes - Laserfiche WebLink

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Pursuant to due call and notice thereof the City Council of the City of Centerville held a special meeting on Wednesday, July 15, 1992 at the City Hall. The purpose of the special meeting was to discuss financing alternatives of the municipal building. Mayor Buckbee called the meeting to order at 7:17 p.m. Present: Burgstahler, Dario, Pelton, Wilharber. It was discussed that the land on which the municipal building will sit does have multi purposes. The improvements to the land and property need to be reviewed and properly allocated to appropriate funds and/or accounts. Additional improvements planned for the site would be water improvements such as a municipal well and/or a possible future tower. Other possible improvements for the site include future park amenities. It is estimated that the items to be financed would include the land acquisition, land improvement, sewer and water, paving, site improvement, other utility improvements and a contingency fund. It is estimated that the total cost for these items could be $635,000.00. It is estimated that depending on the appropriate allocation of the multi use of the land it is estimated that a minimum of $140,000.00 would be funded through Tax Increment Financing and the water and sewer funds. The $108,000.00 in the fire fund would be allocated toward the up front costs of the building project. It is understood that the numbers used at this meeting are for purposes of discussion only, as the true guaranteed maximum price of the project and appropriate allocations to variou. funds hav~ not yet been evaluated. Definitive numbers shall be discussed as soon as they are available. Utilizing the estimated numbers at this meeting it appears that approximately $387,000.00 would remain to be funded. If the City were to borrow $387,000.00 under a lease purchase program for a ten year program at 6.5% this would result in an approximate payment of $54,000.00 per year. It was noted that as of December 31, 1991 there is approximately $424,000.00 in the general fund, approximately $100,000.00 is from 1976 Sewer Bond defeased in 1988. $200,000.00 of the total is a result of a transfer of excess funds from the sewer fund previously ear marked for the 1987 Street Reconstruction Bond (due to the refund to petitioners in said litigation). If the $250,000.00 amount were to be directly transferred into the 1987 Street Project and the $100,000.00 defeased bond monies were to be transferred into the building fund this would leave approximately $74,000.00 in the general fund. It is the recommendation of the City Auditor that approximately $200,000.00 to $250,000.00 would be an appropriate within the general fund to cover cash flow from December to July of each year. If those monies were to remain in the general fund and the City were to utilitize future income of the defease sewer bond and the future fire fund monies this would leave the City with $300,000.00 remaining to be financed.