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<br />1 <br /> <br />III <br /> <br />1 <br /> <br />Council Meeting Minutes <br />March 14, 1989 <br /> <br />Page 6 <br /> <br />Council Business, continued <br /> <br />Brandt asked if City funds exceeded the Federally insured amount and <br />what procedures are involved in the protection of these funds. Mr. <br />Johnson said collateral is pledged by the bank to protect the City <br />funds. <br /> <br />Moti on by Wi 11 i ams, seconded by Brandt to WAIVE THE READING AND <br />ADOPT THE RESOLUTION DESIGNATING INSTITUTIONS AS DEPOSITORIES FOR <br />INVESTMENT PURPOSES AND NAMING THE PRIMARY DEPOSITORY AND RESCINDING <br />RESOLUTION 89-21. <br /> <br />3 Ayes - 0 Nayes, Motion Carried <br /> <br />Brandt requested Council Business Agenda Item #2, Specifications and <br />Authorization to seek bids for a Community Warning System, be <br />deferred to later on the agenda. <br /> <br />Kevi n Locke, Commun i ty Deve 1 opment Di rector, presented the <br />Consideration of Authorization to Execute a Purchase Agreement with <br />Hydro-Stream-Pipkorn Ltd. Inc. <br /> <br />Th is property is one of two parcels needed to accommodate the <br />proposed Interstate Centre Development Group office/showroom <br />proj ect. <br /> <br />Pipkorn has agreed to sell their property for an all inclusive price <br />(land, building, fixtures, and relocation benefits) of $728,000. <br />This price is consistent with the appraised value of building and <br />fixtures and estimated relocation benefits. <br /> <br />Of the $728,000, $698,000 is to be paid at closing, and $30,000 at <br />time of vacation of the property. <br /> <br />Two changes in the original purchase agreement include the $30,000 <br />which Pipkorn's would receive after vacation of the property, and <br />the June 1, 1989, date of vacation. <br /> <br />Pi pkorn IS responsi bi 1 ity for the removal of the underground fuel <br />tank on the site will be funded from the $30,000; and up to $4,000 <br />would be applied to any costs to correct problems associated with <br />contamination resulting from the removal of the tank. <br /> <br />Locke commented that the developer has had an environmental audit <br />performed on the site and has not found any evidence of <br />contamination on the site. <br /> <br />Council Business <br /> <br />Appointment of <br />Official Primary <br />Depository of City <br />Funds <br />Report 89-69 <br />Resolution 89-37 <br /> <br />Specs and Bids for <br />Community Warning <br />Sirens <br />Report 89-70 <br /> <br />Purchase Agreement <br />for Hydro-Stream <br />Pi pkorn Site <br />Report 89-71 <br />Resolution 89--38 <br />