030491 CC SP Min
.
.
.
CITY OF SHOREWOOD
SPECIAL CITY COUNCIL MEETING
MONDAY, MARCH 4, 1991
COUNCIL CHAMBERS
5755 COUNTY CLUB ROAD
PAGE 1
CALL TO ORDER
Mayor Brancel called the Special Meeting of the City Council to order at 7:30 p.m. She
announced that the purpose of the meeting was to review modifications to the Waterford
T.I.F. Plan. The modifications to the Plan were originally discussed on February 25 and
adjourned to February 28. Since representatives from Trivesco could not be there, the
adjourned session was cancelled and this special meeting scheduled.
Mayor Brancel, Councilmembers Gagne, Lewis, Stover and Daugherty were present. Acting
Administrator Nielsen, Finance Director Rolek, Attorney Froberg and Engineer Dresel were
also present.
MODIFICATIONS TO WATERFORD T.I.F. PLAN
(Continued from the February 25 Meeting)
RESOLUTION NO. 22-91
The Mayor stated that since there is a pending lawsuit, the Council needs to decide whether
this matter should be discussed in an open meeting or in executive session.
Gagne moved, Stover seconded to keep the discussion open to the public.
Motion failed - 2/3 (Gagne and Stover aye)
Lewis moved, Daugherty seconded to discuss issues related to the Trivesco lawsuit in
executive session.
Motion carried - 3/2 (Lewis, Daugherty and Brancel aye)
Mayor Brancel adjourned the meeting to an executive session at 7:35 p.m.
RECONVENE SPECIAL COUNCIL MEETING
Mayor Brancel reconvened the Special Council Meeting at 11:05 p.m.
.
.
.
CITY OF SHOREWOOD
SPECIAL COUNCIL MEETING
MONDAY, MARCH 4, 1991
COUNCIL CHAMBERS
5755 COUNTRY CLUB ROAD
PAGE TWO
Attorny Froberg explained that the Council and Trivesco had come to an agreement on all
items in the T .I.F. Agreement and the Bond Purchase Agreement, except for the amount of
interest to be paid to Trivesco. They are asking for 10 percent and the City has offered
9 percent.
Gagne moved, Stover seconded to adopt RESOLUTION NO. 22-91 "A RESOLUTION
INCLUDING FINDINGS OF FACT FOR MODIFICATIONS TO THE T .I.F. PLAN" to
include:
Modifications to the T.I.F. Plan.
1. Elimination of the extension of the frontage road to Vine Hill Road.
2. Elimination of the extension of the watermain to the Shady Hills area.
3. Reduction of the cost of the project from $1,575,000. to $920,000.
4. The use of a revenue bond instead of general obligation bonds.
Lewis said he wants the motion contingent on finding other alternatives for
completion of the frontage road to Vine Hill Road, without using the City's general
fund. Gagne agreed with his statement. Froberg said his concerns should be stated
in a separate motion.
Motion carried - 4/1 (Gagne, Stover, Brancel and Daugherty aye)
The Mayor then announced that the meeting would be continued to 5:30 p.m. on Tuesday,
March 5, in order to give the Trivesco partners time to discuss the City's position on the
T.I.F. Agreement and the Bond Purchase Agreement.
RESPECTFULLY SUBMITTED
Bradley J. Nielsen
Acting City Administrator/Clerk