1. DOWNTOWN INCENTIVE PROGRAM: Mayor Bresnan, Chuck Burgin and I met with several bankers to discuss the program and specifically the loan option. The general consensus was to use a USDA model where the city would provide loan funding to banks and they would lend it under their normal regulations. Below is a modified draft loan policy:
• The local lender originates the loans in amounts ranging from $5,000 to $25,000 with a maximum term of 10 years.
• The interest rate charged the borrower will not exceed 0%
• City would deposit funds equal to the principal amount of the loan at 0% interest.
• The deposit does not guarantee the loan nor is it collateral for the loan. The deposit is only to reduce the interest rate charged to the borrower.
• Annually city would withdraw from its deposit account an amount equal to the principal repayment of the outstanding loan. As a result, the amount in the deposit account will equal the principal outstanding on the loan.
• All costs directly related to the implementation of downtown development are eligible. Costs for interiors and stand-alone roof replacements are not eligible.
Program revisions will be brought to council for consideration in March.
In the packet is a map showing the proposed area covered by the program.
2. FRANCHISE FEES: Given elected official consensus regarding cable and electric franchise fees, staff will provide resolutions/ordinances in March to increase cable and enact an electric franchise fee in the MidAmerican territory (similar to the city’s electric territory). Recent legislation will likely require the same franchise fee for our utility but will have no financial impact since it already pays 5% in lieu of taxes.
3. IDA: Chair Amy Duncan was not available on March 8 to present an IDA progress report so the meeting will be moved to April 12. Todd Kielkopf has been informed and agrees with the date change.
4. BALLOON MUSEUM CULVERT: The IDNR is requesting additional soil testing immediately west of the highway culvert so Chuck Burgin contacted Allender-Butkze Soil Engineers to perform the testing at an estimated cost of $2,000. Test results will provide data on whether a specific “bell joint” extension can be added to the existing structure. The work will be performed as soon as possible.
5. WEST BOSTON SEWER: The loan agreements/promissory notes are still not complete so the project contract award (to Vanderpool) will be delayed to March 1.
6. PHILANTHROPIC/HONORARY NAMING POLICY: In the packet is a policy suggested by Shirley as a reference for the P&R Commission’s amphitheater fundraising drive. It will be brought to a future meeting for review.
7. SEASONAL STRUCTURES: At their meeting on February 9, the P&Z Commission unanimously approved tabling the amendment regulating “seasonal structures”. The intent is to allow the display/marketing of merchandise and seasonal structures in manner to serve the desires of the general public, but, prevent creation of any nuisance or annoyance to the occupants of adjacent buildings and the general public.
8. MEMORIAL COMMISSION: The Memorial Commission met February 9th and discussed the Aquatic Center fees. A survey of 11 other Aquatic Centers was provided and showed that our pool charges are below average fees for daily admission and seasonal passes. The Commission recommended the current price structure remain in place and will present their annual report at the March 15th council meeting.
9. MOVING IOWA FORWARD: Lt. Governor Judge will be visiting Cemen Tech on Tuesday, February 16 at 11:30 a.m. to discuss job creation investments and pre-school education.
