12/02/1991 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 Chairperson
Lee Regulski Member
Sue Berfield Member
William Nunamaker Member
Richard Fitzgerald Member
Mary Vaughn Ex Officio Member
Also Present were:
Michael J. Wright Executive Director
Milton A. Galbraith, Jr. City Attorney
Cynthia E. Goudeau Secretary
ITEM II. - Minutes:
Member Fitzgerald moved to approve the minutes of the September 16, 1991, meeting. The motion was duly seconded and carried unanimously.
ITEM III. - Assignment of Contract for Sale and Purchase of the Downtown Maas Brothers Department Store from the Clearwater City Commission:
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 CRA as is allowed by the 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 "Aye", members Regulski and Berfield voted "Nay". Motion carried.
ITEM IV. - Authorize purchase of the downtown Maas Brothers property for $1.9 million (less $190,000 deposit) plus an est. $15,000 in closing costs
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 Community 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 surface parking.
Member Nunamaker moved to authorize purchase of the downtown Maas Brothers property for $1.9 million (less $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 million loan from the City for the purchase of the Maas Brothers site with 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 repayment 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 "Aye", members Berfield and Regulski voted "Nay". Motion carried.
It was stated the actual agreement would be available for review the evening of December 5, 1991.
ITEM V. - Adjournment:
The meeting adjourned at 11:50 A.M.