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THIS PAGE SPONSORED BY PETERSON ANTHONY INSURANCE
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07/23/2012
THE FAIRMONT CITY COUNCIL GAVE THE GO AHEAD AT MONDAY'S MEETING TO ADVERTISE FOR BIDS ON THE LAIR ROAD BRIDGE IMPROVEMENT AND THE SAFE ROUTES FOR SCHOOLS PROJECT.THE BRIDGE IMPROVEMENT COST IS ESTIMATED 2.248 MILLION DOLLARS. THE CITY COST WILL BE 1 MILLION DOLLARS OF BRIDGE BONDING. THE SAFE ROUTES TO SCHOOL PROJECT WILL COST AN ESTIMATED 132,606 DOLLARS FOR SIDEWALK AND CROSS WALK IMPROVEMENTS.
THE COUNCIL REVIEWED THE FIRST HALF 2012 INVESTMENT REPORT FOR THE CITY PRESENTED BY FINANCE DIRECTOR PAUL HOYE. DURING THE FIRST HALF OF THE YEAR NO INVESTMENTS WERE SOLD PRIOR TO MATURITY OR EXPECTED CALL DATE. TOTAL INTEREST RECEIVED DURING THE PERIOD WAS 75,792 DOLLARS.
THE FAIRMONT ECONOMIC DEVELOPMENT AUTHORITY BOARD MET PRIOR TO THE COUNCIL MEETING. THEY APPROVED A LOAN EXTENSION FOR DAVE PEDERSON, OWNER OF THE BOWLMOR LANES. THE AUTHORITY HAD LOANED MR. PEDERSON A 42,000 DOLLAR LOAN FOR BUILDING IMPROVEMENTS IN 2005. THE LOAN WAS WRITTEN WITH 10 YEAR AMORTIZATION WITH A 7 YEAR BALLOON AT AN INTERST RATE OF 4.5 PER CENT. THE DOWN TURN IN THE ECONOMY HAS TIGHTENED THE BOWLMOR'S CASH FLOW AND THE EXTENSION WOULD EASE CASH FLOW CONCERNS. THE LOAN BALANCE AT THE BALLOON IS 14,613 DOLLARS AND THE BOARD AMENDED THE LOAN FOR THE FULL 1O YEARS AT THE SAME 4.5 PER CENT INTEREST RATE.
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ROD HALVORSEN
© 2010 KSUM.
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