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HomeMy WebLinkAbout02/26/1979 City Council 000330 MINUTES OF THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS HELD ON FEBRUARY 26, 1979 A SPECIAL SESSION of the City Council was called to order with the following members present: William J. Longo Mayor Clint Davis Councilman Linda A. Adams Councilman Sandra Shearer Councilman Gary Shipman Councilman and with Councilman Pollard absent; however, a quorum was established. 1. CONSIDERATION OF MINUTES OF PREVIOUS COUNCIL MEETINGS Councilman Davis moved to approve the minutes of the Regular SesSion held on February 19, 1979. Seconded by Comncilman Adams, the motion was passed by the following roll call vote: Ayes: Councilmen Davis, Adams and Shearer No es: None Abstentions: Councilman Shipman 2. CONSIDERATION OF THE APPOINTMENT OF AN ELECTION JUDGE FOR THE MUNICIPAL ELECTION TO BE HELD ON APRIL ?, 1979 Mayor Longo read the following resolution: ORDER APPOINTING ELECTION JUDGE WHEREAS, on the 19 day of February, 1979, an Order was issued calling an election to be held on April 7, 1979, for the election of Municipal Officers. NOW, THEREFORE, IT IS HEREBY ORDERED that Rose Ashman is appointed Presiding Election Judge and Glenda Davis is appointed Alternate Presiding Election Judge to serve at said election. ORDERED this the day of , 1979. Councilman Adams resolved to appoint Rose Ashman as Election Judge and Glenda Davis as Alternate Judge as presented by Mayor Longo. Seconded by Councilman Davis, the motion was passed by the following roll call vote: Ayes: All members present voted aye Noes: None 3. REVIEW AND STUDY OF THE PROPOSED CAPITAL IMPROVEMENTS PROGRAM Tom Hart, City Manager, briefed the Council and presented to them in memo form a schedule of dates important in the preparation for a bond election. February 23 - Written status report on Capital Improvement Program sent to Council for review. February 26 - 0ral report on Capital Improvement Program is given to Council by City Manager, Staff, Architects and Financial Advisor, Council accepts, rejects, postpones or modified program. February 27 - Financial Advisor takes project amounts and election information to bond attorney for preparation of ordinances. March 5 - Ordinance calling election has first reading. 000331 March 19 - Ordinance calling electicn has second reading March 22 - Notice of election has first publication in newspaper March 29 - Notice of election has second publication in newspaper April 7 - Election __ In addition to the above dates, the Council would also be interested in the following dates: February 26 - Architect presents building size and programming for Police/Municipal Building and Fire Station along with projected costs. March 5 - Staff will review plans and update Council on Architect's work to date. In addition, voter education of citizens should begin. March 12 - Architect has bond promotional material ready for use. This will include street plans, schematic design, floor plans and brochures for voter education. March 12-April 17 Address all groups in town with presentation of Capital Improvement Program. A presentation was then made by Mr; Parkey, of Thompson/Parkey, Associates, Inc. ko the Council regarding building square footage and costs on the following buildings: MUNICIPAL BUILDING A. Building Cost $ 420,946. B. Fixed Equipment 33,676. C. Site Development 50,513 D. Total Construction Cost 505,135. E. Land Acquisition 152,000. F. Moveable Equipment 62,865. G. Professional Fees 25,000. H. Contingencies 50,000. I. Administrative Costs 5,00~. GRAND TOTAL 800,000. FIRE STATION A. Building Cost 170,769. B. Fixed Equipment 5,123. C. Site Development 17,077. D. Total Construction Cost 192,969. E. Land Acquisition 13,000. F. Moveable Equipment 8,121. G. Professional Fees 15,000. H. Contingencies 19,000. I. Administrative Costs 1~900. GRAND TOTAL 250,000. Councilman Davis asked what the cost would run per square foot. Mr. Parkey stated that the cost on the Municipal/Police building will run approximately $45.00 per square foot on total cost; the fire station will run approximately $38.00 per square foot on total cost. There followed a lengthy discussion regarding the type of structure, land costs, and how the cost of this land 000332 is to be allocated in the propositions of this bond program.. At this time, Mr. Dan Almon of Rauscher, Pierce Securities Corporation made a financial impact presentation to the Council. Mr. Almon presented to the Council timetables as to payoffs, for various amo~mts. Mr. Hart recommended that the Council go with the whole program which is 1.9 million with the first year being interest only payments. Ail timetables were based on 7~ for forty-five years explained Mr. Almpn. This will cost the homeowner an additional $4.68 per month in taxes. Mr. Almom stated that the woz~ting on the ballot allows the bonds to be sold. at a 10% interest rate which is the limit set by state statutes. After a lengthy discussion, Council- man Shipman stated that he would like the Council to prioritize the propositinns and present it to the people at 7~% interest. Regarding the propositions, Mr. Almon advised the Council that the bond attorneys will have to redefine the propositions in accordance with state law. After lengthy discussion, the Council directed Mr. Almon to have the attorneys redefine and prioritize the propositions and check the legality of presenting the bond program to the people at 7~ with a ~% escalation if approved by a four to one majority vote of the Council. Mr. Almon agreed to check on this, but he did advise the Council to go with the 10% from a financial standpoint. The Council did express a willingness to go to 8% on the ballot, but no higher. The Council felt a moral obligation to the citizens not to obligate the City. Councilman Davis stated that he preferred that the bonds be bought by Farmers Ho~e Administration for 5%, but would agree to selling them on the open market for up to 7~%. Mr. Almon did reassure the Council that 7~ was a high estimation and that he did expect the bonds to be sold at approx- imately 6 3/4%. There being no further agenda items, Mayor Longo read Rodney Winder's letter announcing his withdrawal from the April 7 Municipal Election. Mayor Longo read Councilman Pollard's letter of resignation. Mayor Longo stated that Councihan Pollard has contributed a great deal to this City and that this letter is read regetfully. There being no further action to be taken by the City Council, Councilman Shipman moved to adjourn. Seconded by Council Shearer, the motion was passed by the following roll call vote: Ayes: Ail members present voted aye Noes .' None The meeting was adjourned at 10:00 P.M. Mayor J~mCe C~ll City S ecre~ry /