Admin Committee Minutes 1994 08-02-94 ADMIASTRATION MEETING
700pm 08/02/94
TONY GRAFF
JAMES NANNINGA
JIM STAFFORD
ART PROCHASKA
BILL BAIRD
BOB JOHNSON
ROBERT LOCKE PRESENTED A DEFERRED PLAN TO OUR FULL TIME
AND DART TIME EMPLOYES THIS PLAN IS TO BE USED AS A SAVINGS
PLAN AND A TAX SHELTER FOR RETIREMENT PURPOSE
THIS PLAN IS AT NO COST TO THE CITY OTHER THAN THE PAPER
WORK THAT HAS TO BE DONE AT TIME OF PAY ROLE.
THIS WILL BE DISCUSSED AT C.O.W. AND ALSO WE WILL BE
CHECKING WITH OUR LOCAL BANKS TO SEE IF THEY OFFER ANY SIMILAR
PLAN.
WE ALSO DISCUSSED A POSSIBLE PLAN TO DEBT CONSOLIDATION
OVER A TWENTY YEAR PERIOD.THREE DIFFERENT OPTIONS ARE BEING
PURSUED BY FIRST STAR.
OPTION ONE WOULD BE TO FINANCE THE NORTH TRUNK AND
SOUTH TRUNK AND THE INTERSECTION AT $1,147000.00
OPTION TWO WOULD BE TO ADD NORTH AND SOUTH AND E.D.C.
LOAN TOTALING $700,000.00 THE AMOUNT TO BE BOWERED $1,847,000.00
OPTION THREE WOULD BE TO ADD OPTION ONE AND OPTION TWO
AND $545,000.00 FOR A NEW BUILDING FOR A GRAND TOTAL OF
$2,392,000.00 TO BE FINANCED OVER-,A TWENTY YEAR PERIOD.
A FINANCE MEETING IS SET FOR AUG. 16TH TO REVIEW THE AUDIT.
ANY QUESTIONS ON AUDIT WILL BE ANSWERED AT C.O.W. ON
08/18/94.
HOPEFULLY WE CAN VOTE TO PASS AUDIT ON 08/25/94 AT CITY
COUNCIL MEETING.
TAX FREEZE.
ART GAVE US A UPDATE ON TAX FREEZE AND IS WAITING FOR THE
STATES TAX FREEZE RESULTS BEFORE WE GO ANY FURTHER
BILL IS GOING TO GIVE US A REPORT ON A THREE YEAR
PROFIT/LOSS STATEMENT FOR BEECHER BUILDING.
ART IS GOING TO MEET WITH THE PARK BOARD AND ASK IF THEY
WOULD LIKE TO RUN THE BEECHER BUILDING.
ALSO WE AGREED TO RAISE THE RATE FOR JANE FRENCH TO
RECORD THE PLANNING COMMISSION MINUTES TO $35.00 PER MEETING
AND $8.50 PER HOUR TO TYPE MINUTES.
MEETING CLOSED AT 9:45 PM