In a relatively quick and uneventful city council meeting the council opened with the normal pledge of allegiance and a prayer, followed by the consent agenda. No one rose to speak in the open forum after Mayor McGrath made a statement indicating that while the council had allowed open “back and forth” discussion in the past few meetings “as a courtesy” it was in fact against the rules of order to do so and would not be regularly allowed.
From there the council made quick work of authorizing a Development Agreement with Torkelson Properties, LLC for two of the buildings in the Upper Story Housing Conversion Program, 106 N. Lucas and 204 W. Broadway. Which is expected ultimately to bring more affordable housing to downtown, and increase tax revenues while bringing regular patrons to downtown businesses within walking distance of the upper story housing.
The council discussed the ongoing projects to revitalize the city, particularly downtown, and each member expressed in the course of the discourse that they were generally pleased with the way the projects were shaping up, and that the town was starting to really look better.
Then the council took action to approve loan agreements, issue General Obligation Corporate Purpose Bonds, and levy taxes to pay for them. In the process the council received an update on the city’s finances and debt, learning that the city is currently at just 43% of its legal debt limit for the fiscal year. Which is good, the Mayor pointed out. As long as there are projects actively in the works, less than half the limit is a good place to be.
Finally, the council approved the purchase of a camera system for the city pool at a cost of 10,193.96. Which council members agreed was essential for the protection of local children.
Based on figures provided by the city, the city’s current General Obligation debt is just under $3.5 million for fiscal year 2022-23. The city’s projected amortization of the debt payoff shows the city paying its current debt off within 20 years.
