03/14/1977 Meeting - Laserfiche WebLink

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e percent of the Data Processing Department through unacceptable working conditions. In response, Mr. Obie said that it is diffi- cult to define morale and actually determine what causes employee turnover. Assistant Manager clarified that it is not possible to have 4,000 square feet of office space next to a firing range and there is not 4,000 square feet of space on the main floor of City Hall. He suggested that. if Council approves the use of countercyclical funds for this space problem, staff could come back with alternatives in solving it. Mr. Haws moved, seconded by Mr. Hamel, to reserve $160,000 as recommended in item 3 and ask staff to come back with options, emphasizing use of city facilities, if possible, and intragovernmental ventures. Motion carried unanimously. On item 6, Urban Renewal Project Staffing, $141,200 is recommended to be used to continue providing staff to work on downtown redevel- opment after the renewal project closeout. This would preserve the funds derived from early closeout ($800,000) for improvements attendant with bringing major retailers and hotel/convention facili- ties into downtown. e Charles Kupper, Renewal Agency Director, felt the money would be leveraging money to get some development that staff is working on for downtown. He said that, of the land available in the Renewal Agency inventory. approximately $10 million of development could be realized if used the way Staff is looking at using it. Every dollar taken away to use for administrative expenses lessens that figure. He said the Renewal Agency is probably looking at a minimum of three years to get the kind of development it wishes. Mr. Delay moved. seconded by Mr. Hamel, to approve item 6. Motion carried unanimously. On item 7, Parcade Interest Payment, $50,000, Mr. Kupper said that the interest payment will be made on a loan to finish the retail space on the first floor of the Parcade. The revenues from the rental of that space would go into the Downtown Develop- ment District fund and it is from revenues that maintenance for the entire garage structure will be paid. If revenues are not sufficent to carry the maintenance, then it might be necessary for the Downtown Development Board to raise its taxes. e Mr. Flogstad, Finance Director, explained that the bond monies to construct the building did not cover development of retail space. since the estimate was too low on the construction costs. The interest schedule calls for 12 semi-annual payments. The six-year loan for $250,000 will generate approximately a $51,000 interest debt, depending on the bank rate. It would include $50,000 of principal payment from the Downtown Development District. The SSO.OOO-plus money needed for taxes, insurance, and upkeep still comes from revenue derived from that building. To generate revenues, the bottom portion of the building needs to be completed. :UI 3/14/77 - 25