Minutes 03/10/1998 - Laserfiche WebLink

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TUESDAY, MARCH 10, 1998 final phase of the work. Mr. Harned noted the work on the project was well ahead of schedule, and that further cost savings might be achieved if the authorization to finish the project were given at this time. He noted that salvage of the materials on site by the demolition contractor had been very successful, and had kept the ?-,Contract price low. He also noted that work would be finishing on Phase I as the Phase II work began. Ms. Haskell asked when sites in the Park might be available for marketing, and was told that this might be in sixty to ninety days. Mr. Hamed noted that there were already prospects for the sites, and Mr. Teague observed that they were premium locations. Vice-Mayor Crabtree asked for the cost figures on the demolition work and was told that Phase I had cost $496,650, and that Phase II would cost $345,580. Dr. Crabtree then asked of Mr. Hamed and City Attorney whether there were any legal concems or problems in moving ahead on the project in this manner, and none were expressed. Mr. Teague asked where the funds for the work would come from, and Mr. Reynolds stated that the City would borrow the money at rates lower than those that the City's invested ~mds were earning, through a local line of credit at 4% to 5%, thus paying for the project at the lowest possible cost. He noted that the firms doing the work for the City would also be willing to carry the charges for their work as long as possible. Mr. Reynolds stated that the City would borrow $1 to $1.5 million. Mrs. Haskell asked what the City's rate of interest earnings was on investments, and Mr. Wade Bartlett, Director of Finance, responded that it was 6% or better. Upon motion duly seconded, and by unanimous vote, Council authorized Mr. Harned to proceed with Phase II of the demolition work at Rives Road Industrial Park. Ms. Haskell then asked ifD. W. Griffin was the general contractor on the work, and was told no, that they were a sub-contractor. Mr. Dallas asked if the flooring of the building would be salvaged, and was told that it would be. ?",Under items not on the Agenda, Mr. Reynolds announced that there would be a Council/Staff Work Session held on March 12, 1998, at 9:00 A.M., at the Gallery I on Memorial Boulevard. Mr. Reynolds stated that the purpose of the meeting was to be a Pre-Budget Work Session, that the public was invited, and that lunch would be served.