Aldermen authorized Mayor
The loan will allow the city to buy
The council also voted to hire WM Financial Strategies as the financial advisor and
On the motions related to the loan and advisors, Alderwoman-at-Large Lillian Schneider voted no and
One of the tenants of
On Monday, aldermen voted to approve a development agreement with the bank.
Schneider and Ward 2 Alderwoman
The agreement related to this
The city agrees to provide the following:
--A rebate of half of the site's incremental property taxes up to
--Sales tax abatement of building materials for construction amounting to
--Reimbursement of up to
--The city also agrees to participate in a 50/50 sidewalk program for work along South Illinois and West Harrison streets; resurface the remaining part of the alley between West Lincoln and South Illinois streets; and provide 32 parking stalls for the bank within a one-block radius.
Schneider said she voted against the agreement because the mayor has failed to provide information on each element of the project before asking aldermen to vote on individual pieces of the project.
For instance, the agreement calls for the city to provide 32 parking spaces but the city has not determined a location for these spots and it's unclear if the city will have to spend more money to fulfill this clause, Schneider said.
"It's their business; They should take care of it," Schneider said.
Eckert said he and the city attorney are working on the parking issue and believe it is "doable" without "some gigantic cost to the city."
Eckert said the parking details should not stop the city from approving the bank incentives so both the police station and bank projects could move forward.
One of the sites being considered is a lot off
Eckert said the lot is used by many police officers who would be parking at the new station once it is built.
Hult said she voted against the agreement because the city's participation, 11 percent, is too high in relation to the project cost.
The bank expects construction to begin this fall and be completed the summer of 2015.
Earlier this year, city leaders approved spending
Also on Monday:
The council voted 14-2 to spend
Officials were concerned it was anthrax, but the substance was powdered sugar.
Hult and Schneider voted no.
Hult asked Eckert why he didn't notify aldermen in April if the incident posed enough of a security risk to warrant additional cameras. Eckert said the incident was reported in the police blotter and he was asked to keep mum until the police investigation was completed.
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