HomeMy WebLinkAbout09.15.2003COUNCIL WORK SESSION
September 15, 2003
4:00 p.m.
Council Chambers
Members present: Mayor Rooff, Kincaid, Welper, Clark, Getty.
Members absent: Greenwood, Jordan, Hurley.
Moved by Welper, seconded by Kincaid that the Agenda, as proposed, be approved. Ayes:
Four. Absent: Greenwood, Jordan, Hurley. Motion carried.
Terry Poe-Buschkamp, Executive Director of Main Street Waterloo, discussed the sale of
property located at 518-522 Lafayette Street. James O'Regan has offered $23,764.98 to
purchase the property, which is the amount remaining on the loan Main Street has for the
properties. In addition, Mr. O'Regan will pay the cost of the sale, including abstracting, attorney
fees, revenue stamps and closing fees. Mr. O'Regan plans to begin renovation of the buildings
immediately. City ordinance requires that the sale of Main Street property be approved by the
city council. Moved by Getty, seconded by Welper that the sale of property located at 518-522
Lafayette Street to James O'Regan be forwarded to the full council and placed on the council
agenda of September 22, 2003. Ayes: Four. Absent: Greenwood, Jordan, Hurley. Motion
carried.
Terry Poe-Buschkamp, Executive Director of Main Street Waterloo, presented the Board's
request for council approval of extension of the amortization period of the loan with Community
National Bank from ten years to twenty years at 5.74 percent interest. The loan is for the 55
space Regional Business Center Parking Lot and is guaranteed by the city. The loan, at a
lengthier payback period, has been previously approved by the council for the development of
the property located in the former IBM building site. Community National Bank has agreed to
extend the amortization to twenty years from the current ten years. This will reduce the monthly
payment from $2,941.66 to an estimated $1,852.00 per month, for a savings of over $1,000.00
per month. In order for the bank to do this, the city has to approve the amortization of the loan.
The balance on the loan as of August 18, 2003 is $252,782.83. Main Street has monthly income
of $1,705.00 from the lease of the stalls.
Mayor Rooff stated that the city has been in discussions with all the banks to come up with low
loans for downtown businesses. Mayor Rooff stated the city would like to continue working
with Main Street Waterloo and downtown businesses.
Jim Walsh, City Attorney, requested that prior to council approval of extension of the loan that
Main Street give the city the option to acquire the parking lot in the future and operate it as a city
facility. Ms. Buschkamp responded that Main Street recognized the need for parking downtown
and built the parking lot and Gilmor & Doyle will continue to need the parking spaces. Ms.
Buschkamp recognized that the city could probably work a better loan, but in the short term she
asked that the council move ahead with amortizing the loan with the option to take over the
parking lot. Ms. Buschkamp stated she will go back to her board to look at the possibility of the
city taking over the parking lot.
Moved by Getty, seconded by Welper that the request of Main Street Waterloo to extend the
amortization period of the loan with Community National Bank from ten years to 20 years for
the Regional Business Center Parking Lot be forwarded to the full council and placed on the
September 22, 2003 council agenda, and Mr. Walsh and Main Street Waterloo meet to discuss
the option of the city taking over the parking lot. Ayes: Four. Absent: Greenwood, Jordan,
Hurley. Motion carried.
With no further business before the council, it was moved by Welper, seconded by Kincaid that
the meeting be adjourned at 4:16 p.m. Ayes: Four. Absent: Greenwood, Jordan, Hurley.
Motion carried.
Nancy Eckert
City Clerk