##VIDEO ID:hX5u6VdWYRU## e e for oh okay we'll call the special council meeting for Thursday September 5th uh to order the item on the agenda is property acquisition due deligence status update and consideration to authorize the bonding process Jenny thank you mayor Ry good evening members of the council um tonight uh we are here to discuss kind of the completion of and the result of our due diligence process that the work that has been done over the last several months um first I want to take a moment and thank our agents our city engineer our City attorney for all their help throughout uh the varing steps in these processes because there is quite there was quite an extensive um workload ahead of everyone uh to complete these documents as indicated by the size of the packet of information you received um so just as a very high level overview um there was a title Commitment Report completed um the Ala survey was completed a wetland delineation and notice of decision phase one environmental sight assessment and a phase one archaeological survey was completed I would say of all of those items um everything came back um clean no major concerns or issues that were raised as a result of their review uh one small archaeological site was found on the southwest corner of the the property was identified um on the survey um that for perspective the area of that site is a quarter acre so it's very small um there is a for the request of the archaeologist who did the study um she said best practice is to have a 100 foot buffer around that site so in total if we account for that space it's about 1.3 Acres um with the buffer and the site itself but otherwise no burial mounds were found um and everything else looked really good so with that I think we can open any if there were any questions from the Council on the work done otherwise the City attorney has provided some verbage for motions that we can help the walk the council through uh when you are ready but I'll pause for any questions the council might have questions mark I just well what did they find in the archaeological survey burial or hunting or no no burial um some small um Stone pieces okay very small just different types of rocks that were cross over area yes yeah uh what type of wetland was out there do you know what the class on that was um I do not off the top of my head I can look there were um two or three different ones identified and I can pull that up here one moment Wetland one is a type two sge Meadow uh Wetland 2 is also a type two and then Wetland three is a type two fresh wet Meadow maybe that means something to you more than it does to me um so and all this is described but there was one larger one that's Wetland it's not identified here but so there was the one larger one on the west side I'm sure we're all familiar with and then there were two small portions of wetland on the northwest and southwest corners as well does that help yeah okay all type two so maybe if my memory serves me correct those can be excavated and turned into you know like a a pond area more there's more allowance that you can do with a type two off just my recollection for future use and whatever with the site it won't be a halting situation so right what they're not as limiting as some other wetlands good okay um then based on if there are no other Council questions or concerns um we have two motions to present to you uh so the first one is a motion that based on satisfactory review of all due diligence information the city continued to proceed with steps in furtherance of the transaction including the removal of the due diligence contingency item in the purchase agreement and instructing the city's agents to process that and approving Mayor John Ryan to sign off on the necessary documents to remove the contingency that' be a motion requested to for that action Mr I'll make a motion to make a motion seconding as as presented by our city administrator second okay any further questions all those in favor say I I opposed carried thank you and then the second motion would be that based on the due diligence phase now being complete the city council instructs staff to begin the bond application process Mr Mayo make a motion to approve the staff to start the bonding application process okay any further questions I have one do we know what type of dollar amount that Bond will be for and you know are we doing the whole amount taking some of our reserves uh the the plan was and we can certainly Circle back on more of the details I I just had a conversation with our bond Council and financial advisor today working through some of the pieces to that because there will be two bonds one taxable and one non- taxable based on the split of the property I'm working on wood right now on a layout of the property so we know how much City needs to retain and how much we'll plan to to sell in the future so we can present that information um so we're planning on the bond issuance at this point for the full purchase amount and then the split between the two bonds um as appropriate but certainly if ccil wants to discuss using any cash reserves we we can certainly do that is the total amount not 2.1 million yes what was that you're looking at like I'm not supposed to say that I I didn't know so that's why I just didn't want to say it so well well yeah that's why I was asking $2.1 million what we're looking at for Total Bond yes at this at this time yes okay what we can still revisit if we are going to fully bond for that amount before we commit to it correct that's what I'm understanding yes I can bring something to you in September because if that is a decision the council wants to discuss we need to know that right away yes I will plan to have that on the September agenda you know um well to address that concern in regards to the rest of the agria bonding that Joe's council member Joe is referring to just from running through everything that Jenny had sent out to the rest of us for our priorities project priorities going through on a high level basis uh just with our bonding capacity based on the uh total market value of suit in this I mean we're going to be suting pretty good across the board for all the projects um Road Bond 25 Road Bond 26 above and beyond that including this property I think we should be sitting pretty good so you're thinking we should keep the cash cash is yep cash is strong especially for positioning for the bond rating that we're going to be getting from from the institutions I would say it's advisable to be able to keep the cash I think if if anyone has questions about that specifically again I would ensure I would say come in and talk to Jenny sit down oneon-one and go through it if you have questions about where you're at with that what you want to do or don't want to do you know and then we'll discuss it at the meeting is what I'm hearing yes yes and I I do recall I had a lot of emails back and forth with them today but um they will want something in front of the council anyways in September for the process so certainly a great opportunity for the council to ensure that you're setting the direction for how you would like to see that proceed okay do we have a motion and a second did you have something down after this motion and a second any further questions uh one point to bring up perhaps Jenny just discussion Point future planning we parcel a piece off two three M sell it m cash proceeds from the sale of that would it be applied to the principal amount for the bond or is it cash that would then from the proceed of a sale of of a parcel of this property well it kind of depends on when the sale happens if we're still paying off our bond we would want that let's say two three years from now sure yeah okay we would still be paying off the bond got it for that at that point okay and you also have to look at the uh you know the future cost of the infrastructure put in too by the city I think the discussion if I recall right was the idea of having enough to sell off hopefully would help pay for infrastructural things that we have to put in like in a perfect world yeah right right help pay anyway oh yes anyway okay further discussion we have Motion in a second all those in favor say I I I opposed carried okay Tom you had something mayor if I may yeah excuse me Bill and Steve um you guys followed through that whole diligence process uh the information as it was coming in including the archaeological stuff maybe we should have asked do you two have any apprehension about removing the due diligence contingency at this point and moving forward anything you saw in that that concerns you would you mind coming up thanks uh nothing that we saw really concerned us other than the archaeological find which is just a few artifacts um but no I guess kind of reading through that report nothing really stood out to us that would be a concern I I hate to put you on the spot but do you have any do you have any concern about evaluation of the whole acquisition price based on that archaeological site being segregated and then whatever Wetland stuff was discovered is it is it a a Dom Minimus kind of thing as far as values concerned should the city be concerned about going back to the seller at this point and negotiating is it is it a big enough thing to even think about that I don't believe so so I mean um just in in my experience having uh worked with sellers and buyers through a process like this I mean the price is what it is um I don't think a seller is GNA say you know they're just going to say that's that you know I'm selling the property as is and that's kind of where it lands sorry I didn't mean to put you on the spot it made me made me think because I was looking at you too that maybe we should have asked you if you saw anything but I'm guessing if you did you would have been raising your hand yeah no and and we discussed um prior and um yeah I I just it's it's such a small piece you know the arch uh my understanding as the archaeologist recommendation of 100 feet I guess I don't know what is law or right or what that setback really would be from from there that's all I had thank you is there anything else then I will entertain a motion to adjourn so moved second second all those in favor I I oppose We Stand adjourn thank you all that was nice