1993-06-23 CC Special
.
CITY OF ALBERTVILLE
SPECIAL MEETING
June 23, 1993
Albertville City Hall
7:00 PM
PRESENT: Mayor Mike Pot ter, Counci lmembers Duane Berning,
Albert Barthel, John Vetsch and Sharon Anderson, City Clerk Linda
Houghton, City Attorney Mike Couri, Auditor Mark Babcock
Mayor Potter called the special meeting to order for the
purpose of reviewing the Developer's Agreements for Hardwood Ponds
Second Addi tion and Parkside Addi tion and to review the Audi t
Report for the year ended December 31, 1992.
Attorney Couri reviewed the important points of the
Developer's Agreement drafted for the Parkside Addi tion. He
advised the Council to establish the surety amounts required and
the terms of the assessment. Bonding will be arranged so that the
first installment of the special assessment will be payable in
1994. Bonding as soon as possible and assessing the project for
the 1994 tax rolls will eliminate capitalized interest costs.
Attorney Couri left the meeting at 7:33 PM.
.
Barthel made a motion to approve the Developer's Agreement for
Parkside wi th the following stipul ations: If the project is
assessed over a five year period, a Letter of Credit in the amount
of 100% of the estimated costs will be required. If the project
is assessed over a three year period, a Letter of Credit in the
amount of 75% of the estimated costs will be required. In addition
a Letter of Credit in the amount of 50% of the estimated $49,200
cost of on-site improvements will be required. Anderson seconded
the motion. All voted aye.
At torney Couri reviewed the proposed Developer's Agreement for
the Hardwood Ponds Second Addition. He reported that the planner
has indicated that a tree inventory is necessary.
Vetsch made a motion to approve the Developer's Agreement for
Hardwood Ponds Second Addition with the following stipulations:
If the project is assessed over a five year period, a Letter of
Credi t in the amount of 100% of the estimated costs wi II be
required. If the project is assessed over a three year period, a
Letter of Credit in the amount of 75% of the estimated costs will
be required. In addi tion a Let ter of Credi t in the amount of 50%
of the estimated $14,960 cost of on-si te improvements wi II be
required. Barthel seconded the motion. All voted aye.
.
The Council reviewed the revised 1992 Audit Report with Mark
Babcock. Babcock told the Council a management letter with his
recommendations will be sent out at a later date. Babcock pointed
. out that the major area of concern is the General Fund balance.
Berning made a motion to accept the 1992 Audit Report prepared
by Babcock, Langbein & Company. Vetsch seconded the motion. All
voted aye.
Barthel made a motion to adjourn at 8:05 PM.
seconded the motion. All voted aye.
Anderson
Michael Potter, Mayor
Linda Houghton, Clerk
.
.