City Council Minutes 1994 10 18 - Laserfiche WebLink

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NONE Howard closed the public hearing and called for Council comments, questions, or motions. Mayer moved that Council adopt Ordinance No. 1161, Series 1994, on second and final hearing, vacation of a portion of abandoned Acme Mine Spur right-of-way. Seconded by Keany. Levihn offered a friendly amendment to make adoption of the Ordinance conditional upon signing of the agreements. Mayer and seconder Keany accepted. Roll call was taken. Motion passed by a 6 - 0 vote with Davidson being absent. ORDINANCE NO. 1163, SERIES 1994 - RELATING TO THE PAYMENT OF CITY MONEYS PURSUANT TO A PURCHASE CONTRACT TO BUY AND SELL VACANT REAL ESTATE AND CONSERVATION EASEMENT BETWEEN THE CITY OF LOUISVILLE AND KLUBERT AND HELEN WAREMBOURG - 2ND READING- PUBLIC HEARING (PUBL. LSVL. TIMES 10/03/94) Gfiffiths read by title only Ordinance No. 1163, Series 1994, "An ordinance relating to the payment of city moneys pursuant to a purchase contract to buy and sell vacant real estate and conservation easement between the City of Louisville and Klubert and Helen Rose Warembourg." Sharon Asti-Caranci, City Administrator, stated that as proposed and approved on the first reading, the purchase price is $2 million payable by the Conservation Trust Fund, General Fund, Golf Course Fund, Capital Projects Fund, and Internal Service Fund. Section two indicates how $1.6 million of the $2 million will be reimbursed to these various funds. Mayer had asked the Council to consider at second reading taking a portion of the General Fund as a one time dedication of $500,000 to the purchase of the Warembourg property. Asti-Caranci summarized the cities General Fund balance. The ending fund balance at the end of this year would be $2 million. She explained that if the city chose to purchase the Warembourg property at $500,000 from the General Fund, it would leave $1.5 million. If there was then a loan from the General Fund of $600,000, it would leave $914,000. The $600,000 would then be repaid over a three year period vs. a four year period. Howard opened the public hearing calling for anyone wishing to speak on Ordinance No. 1163. NONE Howard closed the public hearing and called for Council questions or comments. Mayer felt that part of the purchase coming from the General Fund would be appropriate. He commented that, if Council was not comfortable with this, it could be considered at a later meeting. 4