12/02/1991 (2)
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COMMUNITY REDEVELOPMENT AGENCY
December 2, 1991
The City Commission, meeting as the Community Redevelopment Agency, met in
regular session'at City Hall, Monday, December 2, 1991 at 11:40 A.M., with the
following members present:
Rita 'Garvey
Lee Regulski
Sue Berfield
William Nunamaker
Richard Fitzgerald
Mary Vaughn
Also Present were:
Cha i rperson .
Member
Member
Member
Member
Ex Officio Member
,: "
Michael J. Wright
Milton A. Galbraith, Jr.
Cynthia E. Goudeau
Executive Director
,City Attorney
Secretary
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".' ITEM II. - Minutes:
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Member Fitzgerald moved, to approve. the minutes of the September '16, 1991,
meeting. The motion was duly seconded and carried unanimously.
ITEM III. - Assianment of Contract for Sale ~nd Purchase of the Downtown Maas
Brothers Department Store from the Clearwater City ~ommission:
On September 5, 1991, the City made an offer to purchase the property which
currently houses the downtown Maas Brothers Department Store. The $1.9 million
dollar bid was accepted and approved by the appropriate officials of Allied
Stores General Real Estate Company and by the bankruptcy court Southern District
of Ohio.
At the Special Meeting of the City Commission on December 2, 1991, the
Commission voted to assign the contract to the eRA as is allowed by tha contract.
Member Fitzgerald moved to accept the assignment of the contract for Sale
and Purchase of the downtown Maas Brothers Department Store from the Clearwater
City Commission. The motion was duly seconded.
A concern was expressed that the CRA should not purchase additional
property until it learned what to do with property it already owned.
Upon the vote being taken; members Fitzgerald, Nunamaker and Chairperson
Garvey voted "Ayell, members Regulski and Berfield voted "Nayll. Motion carried.
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At the City Commission workshop of November 18, 1991,'the consensus of the
Commission was to investigate the feasibility of dividing the property with the
CRA purchasing the portion above the 28' contour and the City retaining 'the
portion below. the 28' contour.
At the City Commission Special Meeting of December 2, 1991, the Commission
assigned the contract to the Communjty Redevelopment Agency and authorized a $1.9
million loan for the purchase of the property, subject to certain conditions.
Michael Wright, Executive Director, stated that by the end of December a
little more than $1.1 million dollars would be in the bank. He requested some
monies be left in the CRA funds for the possible purchase of sUI'face parking.
. Member Nunamaker moved to authorize purchase of the downtown Maas Brothers
property for $1.9 million (l~ss $190,000 deposit) plus an est. $15,000 in closing,
costs. The motion was duly seconded. Upon the vote being taken; members
Fitzgerald; Nunamaker and Chairperson Garvey voted "Aye", members Berfield and
Regulski voted "Nay". Motion carried.
Member Nunamaker moved to accept a $1.3 mi'llion loan from the City for the
purchase of the Maas Brothers site ~ith the CRA to pay interest at the current
cash pool 'rate and to accept all the conditions imposed by the City Commission.
The motion was duly seconded.
<:') A question was raised regarding when repay~ent would be made and it was
, stated the conditions of repayment are to be determined in approximately six
months by the City Commission: .
Upon the vote being taken; members Nunamaker, Fitzgerald and Chairperson
Garvey voted IIAye", members Berfield and Regulski voted IINay". Motion carried.
It was stated the actual agreement would be available for review the
evening of December 5, 1991.
lTEM V. - Adjournment:
The meeting adjourned at 11:50 A.M.
ATTEST: S~~~[ Jd~. ~~
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12/2/91
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