115 PARSONAGE STREET
HUDSON, IN
46747
(260) 587-9500
SPECIAL TOWN COUNCIL MEETING
Saturday, February 10, 2007
9:00 a.m.
Being properly advertised,
a Special Meeting of the Town Council was held on February 10, 2007 at 9:00 am at the Town Hall.
CALL TO ORDER: Called to order by Sean Walker
ROLL CALL: Sean Walker _X_ Gene Hamm _X_ Brian Hayes __X__ Clerk-Treasurer X Town Manager _X_
MINUTES: Motion by Sean Walker to suspend the reading of
the January Council meeting until the regular council meeting on February 23, 2007.
BUSINESS: The engineering firm of
Jones & Henry, the same firm that did the water/waste water lines along SR
4 and Noll Street, has provided a quote for
the Family Dollar site. This quote, $ 13,5000 of the approximately
$77,500 total cost, includes plan and profile drawings, permit applications for
IDEM and INDOT, legal descriptions of utility easements, bidding assistance and
construction oversight. The town has
their Amendment No. 5 for the Engineering Service Agreement executed previously
but it has not yet been completed and returned pending actual sale of the
property to Tuscany Holdings. This may
be imminent now that the agreement on the $40,000 payment is in the hands of
their attorney for review. The
engineering fee can be taken from TIF funds, as they will want
progress payments as was done previously.
The construction costs will need to be borrowed, as were the funds for
the earlier expansion.
The council discussed the comparison of a new loan including
the current loan at 5.95% or a new loan for this expansion. A savings will be substantial due to a rate
of 5.65%.
The following Resolution was presented for the purpose of
borrowing funds to expand water and wastewater lines to support the economic
development within the Town. Payments
will be made from the Tax Increment Finance (TIF) Fund and/or Economic
Development Incentive Tax (EDIT) Fund to repay the loan and interest. The
Clerk-Treasurer was given authority to enter into a line of credit loan
agreement with Farmers State Bank, LaGrange, Indiana as follows:
Borrow $75,000.00 from Farmers State Bank,
Make payments on the loan from the TIF Fund and/or the EDIT Funds
as necessary to maintain the good credit of the Town of Hudson.
President Sean Walker motioned to pass this
Resolution. Motion seconded by
Councilman Gene Hamm. The motion
was unanimously passed.
ADJOURNMENT: Having no further business, President Walker
motioned to adjourn. Motion seconded by
Brian Hayes. Motion carried.
Respectively submitted,
_________________________
Atta “Tatsy” Hayes
Clerk-Treasurer