HomeMy WebLinkAboutMinutes-01/11/2016COUNCIL WORK SESSION
January 11, 2016
4:30 p.m.
Harold E. Getty Council Chambers
Members present: Lind, Morrissey, 'Schmitt Welper, and Amos. Absent: Jacobs, Jones.
Moved by Welper, seconded by Schmitt that the Agenda, as proposed, be approved.
TechWorks Discussion
Rodney Blackwell, FDP, explained that the litigation he was involved in has been dismissed and
the partnering bank has become the main bank.
Mr. Lind questioned if the loss of partners will affect the loan.
Michelle Weidner, Chief Financial Officer, explained that it is back to the way it was originally
approved.
Mr. Schmitt questioned what liability the citizens will have if this doesn't go as planned.
Mr. Blackwell explained that FDP is taking the risk. A national restaurant chain has committed
and so has an hotelier.
Michelle Weidner, CFO, explained that the attorneys have reviewed the developers financial
situation and are comfortable with the changes.
Mr. Lind questioned who has given the legal review and opinion.
Michelle Weidner, CFO, explained that the City has used Ahlers Law Firm and the attorneys
there with expertise in development agreements with government entities within the state of
Iowa.
Mr. Lind questioned the projected start date for this development and the price being paid for the
building.
Mr. Blackwell stated that FDP is buying the building for $650,000.00 on Thursday or Friday of
this week and have quite a bit of abatement going on already.
Mr. Lind questioned if that purchase price included the building and the two adjacent lots.
Mr. Blackwell clarified that this price did not include the two lots. He then went on to say that
this is part of their reinvestment plan and commitment to the community. With the purchase and
development of the building, they believe the two lots will become more desirable property for
potential development.
FYE2017 Budget Process
Mayor Hart reviewed the proposed timeline for the FY2017 budget process.
Michelle Weidner, Chief Financial Officer, reviewed the current financial status of the City.
Mr. Schmitt questioned if copies of the presentation will be available for review.
Michelle Weidner, Chief Financial Officer, indicated that copies would be made available.
Mr. Lind questioned the effect of increased valuations on revenue and taxes.
Michelle Weidner, Chief Financial Officer, stated that the effects would be dependent on what
council decides to do with the budget. If levy rates remain the same, taxes would`go up slightly.
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Mr. Lind questioned if there would be reserve amounts available if needed like there was for use
in FYE2016.
Michelle Weidner, Chief Financial Officer, explained that there was currently 10.2 Million in
unassigned fund balance for use if needed. She also stated that her goal is to increase that
amount by another 1.6 Million.
Mayor Hart stated that they have made concerted efforts to make the public, aware of what they
are trying to do with the budget and city revenues. He went on to say that they have a very
aggressive schedule and will be looking for great ideas for generating revenue and incorporating
those ideas into this budget process...
With no further business before the Council, it was moved by Schmitt, seconded by Welper that
the meeting be adjourned at 5:05 p.m. Ayes: Five. Motion carried.
Suzy Sc ares, CMC
City Cler uman Resource Director