09-24-90 Personnel & Finance - Laserfiche WebLink

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fduntmiilrr &part PERSONNEL & FINANCE COMMITTEE Ito tip Qlun nwu &until of t! (Mg of$nidI Bnnh: The September 24, 1990 meeting of the Personnel & Finance Committee was called to order by it's Chairperson, Council Member Ann Puzzello at 4:25 PM in the Council Informal Meeting Room. Persons in attendance included Council Members Soderberg, Voorde, Coleman, Niezgodski, Puzzello, Slavinskas and Luecke; James Kronk, Jenny Pitts-Manier, Katie Humphries, Don Porter and Kathleen Cekanski-Farrand. Katie Humphries, the City Controller, then reviewed Resolution No. 90-48 which would authorize the temporary transfer of funds and Resolution No. 90-49 which would approve the purchase of real property. Katie Humphries noted that Resolution 90-48 would authorize the transfer of $580, 00.00 from the Liability Insurance Premium Reserve Fund to the Cumulative Capital Improvement Fund for the purchase of approximately seven (7) acres of land. The purchase would be on a lease purchase basis with $167,00.00 being paid per year for all improvements and the purchase over a ten year period at an approximate 8% interest rate. She noted that the building would be purchased, improvements would then be made, and then it would be sold to the bank. She noted that CCIF is funded by cigarette taxes which are received by the City at the end of the year. It was also noted that from this fund, the Century Center lease payments are made which will be paid off in the year 2002. It was also noted that $102,000. 00 was paid annually from this fund for the purchase of space within the County City Building for the City. It was noted that $1.4 million dollars would be the total price, of which $557,000. 00 would be for improvements. It was further noted that this alternative was less expensive than building a new facility. She noted that Resolution No. 90-49 is a Companion Resolution required by State Law. Mr. James Kronk voiced concern over the purchase of the area. Katie Humphries noted the purchase price is $27,000.00 less than the true appraisals on the building. It was also noted that the improvements are based on estimates and that the overall cost may be less than the projected $1.4 million dollars. Council Member Luecke noted that he had been in contact with the City Engineer and was confident that this