12-21-1995 CC MIN - SPECIAL - Laserfiche WebLink

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Special City Council Meeting December 21, 1995 Page 3 ---........- --.......... --.---......... -- -..... e 4.8. A Resolution Aooroving Extension Aoreement for Industrial Revenue Develooment Bond (Morrell/Plaisted Partnershio) Assistant City Administrator. Lori Johnson, indicated that the city has received a request to extend the term of an Industrial Revenue Development Bond for the Jay Morrell and John Plaisted Partnership Project. She indicated that the project consisted of the Coast to Coast building located near the Elk River Shopping Center. She explained that the original issue is in the amount of $400,000 with a 20 year amortization schedule paid over a ten year term with a balloon due on January 1. The request is for a ten year extension based on a 20 year amortization schedule. MA YOR DUITSMAN MOVED TO ADOPT RESOLUTION 95-92, A RESOLUTION APPROVING EXTENSION AGREEMENT FOR INDUSTRIAL REVENUE DEVELOPMENT BOND (JAY MORRELL AND JOHN PLAISTED PARTNERSHIP). COUNCILMEMBER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 2-1. COUNCILMEMBER DIETZ OPPOSED. 4.11. Consider 1995 Budaet Amendm~nts Assistant City Administrator Lori Johnson reviewed with the Council the encumbrances that will be made in 1995 as outlined in her 12/21/95 memo. The recommended budget amendments summary for 1995 was distributed and reviewed. e COUNCILMEMBER HOLMGREN MOVED TO AUTHORIZE THE ENCUMBRANCES AS DETAILED IN THE MEMO TO THE MAYOR AND CITY COUNCIL DATE DECEMBER 21, 1995. COUNCILMEMBERDIETl SECONDED THE MOTION. THE MOTION CARRIED 3-0. The City Administrator reviewed some additional proposed budget amendments. COUNCILMEMBER DIETZ MOVED TO AUTHORIZE A DONATION OF $932 TO THE ARTS COUNCIL TO HELP FINANCE THE YOUTH CHAMBER ORCHESTRA PROGRAM. COUNCILMEMBER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 3-0. COUNCILMEMBER HOLMGREN MOVED TO APPROVE THE EXPENDITURE OF .$12,500 FOR STAFF TRAINING BY TRAINING NETWORKS. MAYOR DUITSMAN SECONDED THE MOTION. THE MOTION CARRIED 2-1. COUNCILMEMBER DIETZ OPPOSED. COUNCILMEMBER HOLMGREN MOVED TO APPROVE THE 1995 BUDGET AMENDMENTS AS OUTLINED IN THE SUMMARY. COUNCILMEMBER DIETZ SECONDED THE MOTION. THE MOTION CARRIED 3-0. 5. Other Business Assistant City Administrator, Lori Johnson, requested the Council to consider a special assessment reapportionment for Elk Park Center, 4th addition. e COUNCILMEMBER HOLMGREN MOVED TO REAPPORTION LOTS 1 AND 4, BLOCK 2, OF ELK PARK CENTER INTO LOTS 1,2 AND 3 OF ELK PARK CENTER, 4TH ADDITION. COUNCILMEMBER DIETZ SECONDED THE MOTION. THE MOTION CARRIED 3-0.