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Home My WebLink About04/13/92CITY COUNCIL WORK SESSION April 13, 1992 5:30 p.m. Large Conference Room Roll Call: Mayor Manning, Brown, Buck, Budak, Angel, Wright, Fox and Dell. The purpose of the meeting was to discuss the future debt service project levels as it relates to the proposed Five Year Capital Improvements program. Don Temeyer, Planning and Development Director, stated that the F.Y. 1993 bond issuance has been set for April 29th in an amount of $5,950,000. Based on previous discussions with the council, staff has prepared a projected bond schedule with a declining debt service rate. He also noted that a five year program is required for rating on the City's upcoming issuance. A projected levy rate with an eleven year pay back versus a fifteen year pay back on new and existing debt service was reviewed with a decline noted in the levy rate. The projections were based upon a 3% growth in taxable valuations. Councilperson Dell questioned whether any future increase in value could be dedicated to the debt service levy. Larry P. Burger, Clerk/Auditor, stated that increased value will lower the levy rate but that city staff will at the time of contract letting advise the council that bonds may be required over multiple years of the contract to pay for said project. City Planner Bob Stevenson presented a revised F.Y. 1994 general obligation bond list in a total amount of $6 million noting several project cuts. Reductions in various program areas were previously discussed with department heads. Councilperson Fox stated that the council should re-evaluate its priorities and determine whether parks and recreation should be emphasized in future bond issuances. Rick Tagtow, Director of Parks and Forestry, presented a lengthy discussion concerning the future of baseball in Waterloo. Based upon recent conversation with the Waterloo Diamonds, Mr. Tagtow stated that additional repairs at the stadium will not necessarily guarantee Waterloo a team. The new player development contract requires considerable improvements with the city's previous commitment of $235,000 being very minimal. He noted that even with spending large sums of money, the city still has an old stadium in comparison to new facilities through the league. Discussion was heard on a possible bond referendum for a new stadium facility. Mr. Tagtow noted that if professional baseball leaves Waterloo, amateur baseball would be a possibility with the current facility adequately serving this type of ball. Mayor Manning noted that passage of a referendum would still need to be paid for and that it is not free money. Mr. Tagtow noted that in 1994, all improvements must be in place as per the current agreement or a waiver must be obtained from the league. Mr. Tagtow noted that the Board of Directors of the Waterloo Diamonds are not in favor of a referendum issue for the stadium. It was suggested that a stadium referendum be packaged with other recreational activities. Mr. Tagtow also noted that Cedar Valley. Corporation will be approached to determine whether the facility can be deemed as an economic development tool. Councilperson Fox emphasized the need to make Waterloo a great place to live and noted that the possible loss of hockey or baseball could lead to our detriment. Councilperson Dell stated that the city must make a commitment either to keep baseball in Waterloo and make the necessary improvements or opt for an amateur baseball. Again Mr. Fox noted the need to look at a list of park improvement projects to determine priority. Mr. Tagtow stated that the Park Commission has over the years done a very good job of evaluating the need for each of the city parks noting that many .1o4Tpny/x.xaT3 A4T3 iabing • d Allen •w•d 96:9 4E pauanocpE spm buT4aaw aq4 'aa44Tu1wo3 alp aio;aq ssautsnq impart; ou 114TM •TTounoo aq4 AC( ua7E4 SEM uoT4OE TETOTIJO ON •Aaessapau st se 4uaw4snCpp .IOI DIES 04 lOTzd ItounoD g4TM paMaTAa.z aq IITM aouPnssT gOEg •TOED uoTIITw c,$ buTTe4o4 sipaA anol butpaaoons aq4 1.14TM uoTIITw 9$ 4E 666T •A•3 butuuTbaq avaA at Jog wr.zboad s4uawano1dwt TE4Tdpa avaA ant; aq4 aan4on.x s o4 pa4oaitp aiaM ;;E4s A4TD •Aao4s aag4ouE sT wnpuaaa;aa p jo 4nq gDEoaddp aTge4daooE UE St SIEOb go uoT4EZT4TaoTid-a1 4E144 pa4ou buTuupw aoJw •ool.za4EM uT TTpgaspq daax o4 aprw sT uotstoap aq. IT sueld AIEssaoau aq4 g4TM paaooid pup 4ou 10 TTpgaseq SUM 4T auTwaa4ap 1ag4Ta pinogs A1TD aqf 4Eg4 pa4E4s 'Tea uosladTTOuno3 •dTgsiauto A4TD uT 4dax aq 4snw pup suEaw of;toads gbnoig4 paiTnbop uaaq anpq Z abed Z66T '£T TTIdV uotssag xaoM TTounop ' T3