HomeMy WebLinkAbout12/08/1997 FINANCE COMMITTEE I
December 8, 1997
.5:00 p.m.
Large Conference Room
Members present: 'Chairperson Mollenhoff, Krizek, Getty.
Moved by Krizek, seconded by Getty that th* Agenda, as proposed, be
approved. Ayes : Three. Motion carried.
Moved by Krizek, seconded by Getty that the Minutes of December 1,
1997, as proposed, be approved. Ayes: Three. Motion carried.
The request of the Administrative Director for authorization to
seek bids for renovation of the former city jail was reviewed. The
estimated cost for the renovation is $15, 000 .00 . The renovation
includes: ceiling insulation, installation of suspended ceiling
and light fixtures, plumbing renovations, leveling and painting the
floor, frame, rock and paint walls. The cost for the remodeling
project will be paid from General Obligation Bonds. Moved by
Getty, seconded by Krizek that said request be approved. Ayes :
Three. Motion carried.
The request of the City Planner for authorization to proceed with
negotiations to acquire property located at 1215 East 4th Street
was reviewed. The Planning and Development staff have received the
appraisal to establish the fair market value for the acquisition of
the property. The We Care Neighborhood Association will use their
targeted neighborhood funds for the acquisition and demolition of
the property. Demolition of the property will create an open space
adjacent to Sullivan Park. Moved by Krizek, seconded by Getty that
said request be approved. Ayes: Three. Motion carried.
The following bids received for security services at city ramps
were reviewed:
Bidder Bid Amount ,
Nighthawk Security, Inc. , Cedar Rapids, IA $10 .85 per hour
Superior Security Services, Waterloo, IA $11.00 per hour
Metro Security & Investigation, Waterloo, IA $12 .00 per hour
The contract is for the hours of 8:00 p.m. to midnight, seven days
per week (1,460 estimated hours per year) . The contract provides
for security in and around the E. 5th 'Street, E. Park Avenue, west
side parking ramps and the Fourth Street bridge walkway. The
services include a person to walk the ramps and adjacent areas as
well as the traveled routes to and from said ramps, checking
suspicious persons and/or activities, checking that all storage
areas, cashier booths and offices are properly secured, and all
stairways and elevators. The contract is for the period of
December 15, 1997 through December 31, 1998, renewable for an
additional year if the parties can reach mutual agreement on the
terms. Superior Security Services currently provides security
services in our ramps. Using the estimated total yearly hours of
1,460, the difference in the bid between Nighthawk Security (the
low bidder) and Superior Securityis $219.00 . It was the t e
recommendation of the City Clerk that the bid of Superior Security
Services in the amount of $11.00 per hour be accepted. Moved by
Getty, seconded by Krizek that said recommendation be approved.
Ayes: Three. Motion carried.
The request of Joe and Ardys Squiers for a loan for acquisition and
improvement of the building located at 722 Water Street was
reviewed. The total project cost is estimated at $300, 000 .
Additional project financing consists of private financing for
$270, 000 to be reduced to $150, 000 with an SBA 504 takeout. City
loan funds will be used as part of the required equity into the
project, remodeling and working capital . The Revolving Loan
Committee approved the loan with the following terms : A $25, 000
loan with 15-year amortization, 5-year balloon and interest at 75
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