HomeMy WebLinkAboutMinutes - 08/29/1988 - City CouncilSPECIAL MEETING
MONDAY, AUGUST 29, 1988 8:00 P.M.
The Special Meeting of the McHenry City Council was called to
order by Mayor Busse on Monday, August 29, 1988 at 8 P.M. in the City
Clerk's Office at City Hall. At roll call the following Aldermen were
present: Bolger, Nolan, Lieder, Teta, Smith, Patterson, Serritella.
Absent: McClatchey. City staff in attendance were Attorney Narusis,
Clerk Gilpin, Director of Development Richard Greenwood and Finance and
Personnel Administrator Vitas.
Mayor Busse announced that the purpose of the Special Meeting
was to award the bid for the sale of $2,700,000 in revenue bonds for the
financing of the McHenry Shores Special Assessment No. 31. Financial
Advisor Harold Warren of Warren Associates advised the Council that bid
opening had been held at LaSalle National Bank in Chicago at Noon this
day August 29, 1988. Seven bids were received. He announced that all the
bids were very much below what the bond prices are today. He said the
City of McHenry bonds were very well received by the market as shown by
the strong and aggressive bidding of underwriting firms which submitted
bids. A tabulated report of sale outlined the net interest cost for each
one of the bids and the various interest rates.
Special
Mtgs.
Council Mtg
Attendance
Special
Assess.
Motion by Smith, seconded by Nolan, to accept the low bid of Bid
Prudential-Bache Capital Funding & Shearson Lehman Hutton with the net Awarding
interest rate of 7.3130 percent.
Voting Aye: Bolger, Nolan, Lieder, Teta, Smith,
Patterson, Serritella.
Voting Nay: None.
Absent: McClatchey.
Motion carried.
The City Clerk announced that copies of the proposed bond
ordinance which is to be approved tonight was distributed to all of the
Alderman three days before this meeting for their inspection and review.
Motion by Serritella, seconded by Patterson, to pass an
ordinance determining the details of $2,700,000 Waterworks/Sewerage
Revenue Bonds Series 1988 of the City of McHenry, Illinois as presented.
Voting Aye: Bolger, Nolan, Lieder, Teta, Smith,
Patterson, Serritella.
Voting Nay: None.
Absent: McClatchey.
Motion carried.
Spec.
Assess.
Bonds
Ords.
Special
Assess.
Motion by Lieder, seconded by Patterson, to charge the
benefitted owners in the McHenry Shores/Idyl Dell Subdivision an interest Special
rate of 7.40 percent on to Special Assessment Project No. 31 with the Assess.
interest to commence on September 15, 1988.
Voting Aye: Bolger, Nolan, Lieder, Teta, Smith,
Patterson, Serritella.
Voting Nay: None.
Absent: McClatchey.
Motion carried.
Harold Warren announced that LaSalle National Bank would serve
as the paying agent for these bonds.
There being nothing further to discuss on this bond sale, the
Mayor then announced the next agenda item which was discussion on the
proposed streetscape plan for Main Street and other central downtown
business areas.
The preliminary engineering plan for the Main Street streetscape
and the comments received from the August 15, 1988 nieetir,g with the
owners and tenants were discussed. The cost Cstimate for Main Street was Street-
$246,000 and this preliminary plan did not address the major concerns of scape
the owners and merchants on the street such as off-street parking. Since
this appeared to be the major problem the preliminary streetscape plan as
presented did not resolve that issue.
This City Council did wish to emphasize that it has a commitment
to the downtown areas but it did not want to proceed too fast without
having a program that would solve the problems. I_n view of this
commitment, the City Council decided to implement the following programs:
A. Recognizing the need to create additional off-street parking, it
intends to investigate and pursue long-term solutions to the
parking problem, including, but not limited to, acquisition of
property to construct additional parking lots, appropriate
signage to identify existing parking, and stronger enforcement
of parking regulations in the Central Business District;
Monday, August 29, 1988
Page 2
B. Replace curbing and sidewalks as needed for proper drainage and
safety;
C. Install street identification signage at the corners, such as
"Main Street Shopping District";
D. Street lighting is apparently satisfactory and merely because
the existing fixtures are not ornamental, no modifications are
suggested at this time;
E. Remove and replace the 55 gallon drum trash containers with more
appropriate fixtures;
F. Reevaluate the need for planting trees below the surface; in the
alternative, consider tree planters spaced at reasonable
distances on the streetscape;
G. Explore the possibility of creating a TIF District in
conjunction with the Fox Bay project. Such a district would
have other benefits such as providing low costs loans for
private property improvements, greater funding potential for
property acquisition, infrastructure improvements, etc.
Streetscape Mayor Busse was instructed to inform the Chamber of Commerce of
the Council's decision on the streetscaping matter as outlined above.
Motion by Smith, seconded by Lieder, to adjourn.
Voting Aye: Bolger, Nolan, Lieder, Teta, Smith,
Patterson, Serritella.
Voting Nay: None.
Absent: McClatchey.
Motion carried.
Meeting adjourned at 9:50 P.M.
M