07/12/1978 Meeting (2) - Laserfiche WebLink

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, . Res. No. 2955--Authorizing initiating process for street paving, -- sanitary sewer, and storm sewer construction within and adjacent to CJH Estates Subdivision and Alban-Tate Subdivision (1298 and 1493) Res. No. 2956--Authorizing initiating process for street paving, sanitary sewer, and storm sewer construction to serve 1st Addition to Sweetbriar Subdivision; and sanitary sewer construction to serve the area within 160 feet of the east boundary of 1st Addition to Sweetbriar Subdivision (1584) Mr. Hamel moved, seconded by Ms. Smith, to recommend approval by Council July 19. Motion carried unanimously. VI. Liquor License Application: New Outlet Of Grape and Grain, 160 Oakway Road (PS); applicants: Roger and Karen Rutan. Mr. Hamel moved, seconded by Ms. Smith, to recommend approval by Council at July 19 meeting. Motion carried unanimously. VI I. Approval of Minutes Mr. Hamel moved, seconded by Ms. Smith, to recommend approval by Council at July 19 meeting. Motion carried unanimously. - VIII. Acquisition of South Hills Park Land--Memo distributed Manager said on June 14, 1978, the Council adopted a resolution authoriz- ing the acquisition of South Hills park land from the receipts of the Parks Open Space Serial Levy. The terms of the purchase was payment in full, or annual payments for four years at 8 percent interest. It was determined prudent to make the payment in full and save the Park Open Space Fund aproximately $96,000 in interest costs. Therefore the balance of this year's serial levy receipts as well as additional funds in the amount of $480,000 had to be accumulated. The request is for an inter- fund loan which is authorized by Oregon State Law. Transfer would be from the Sewer Utility Fund to the Parks Open Space Acquisition Fund. In response to a question from Mr. Hamel, Manager said the City purchased the land through the combination of negotiation and condemnation proce- dures. As part of that process, the City is to pay cash, which cannot be taken out of the serial levy. If the inter-fund loan were not made, the City would have to borrow the money from the banks. Sherm Flogstad, Finance Director, said negotiations for the property pro- vided payment for either four years at eight-percent interest, or cash. To avoid paying interest, the City is electing to make the payment in full through use of an inter-fund loan. In response to a question from Mr. Lieuallen, he said if the City retains the cash itself, it probably could get seven-percent interest on the outside. However, he noted there would - still be savings to the City at the rate of one or two percent. 7/12/78--5 50' ---.--