While the St. James City Council had a light agenda when they met last Tuesday for their regularly scheduled Council Meeting they did make one important decision.
The Council voted to authorize execution of the purchase agreement between the City of St. James and Great River Energy.
According to the exhibit provided highlights of the agreement include:
Each lot for $1
Spec Building original contract- $900,000
Build Out- $786,062.00
Total- $1,686, 064.
The exhibit goes onto to say “ The EDA will recoup the amount of the subsidy with TIF. If TIF does not cover the entire subsidy amount, we will approach the County and use City & County tax abatement for the remainder. The subsidy amount will be determined by the final cost of the original contract, which we will know in early September. “
According to the exhibit even if the cost of build-out fluctuates the purchase price will increase or decrease but will not affect the subsidy amount. The maximum subsidy amount will be no greater than $216, 998.
Also according to the exhibit “ The City has received $200,000 in earnest money. The City will manage the build- out contract in conjunction with Great River Energy. Closing is tentative for early November. An interfund loan from the Light Department will be used to finance remaining costs until closing occurs.”
As part of the deal a public hearing will take place in September or October once the final subsidy amount is determined as part of state law.
Also during the meeting the Council approved Lukas Doll to build picnic tables and install concrete at the newly built “ Unleashed Dog Park” in St. James.
In other news the Council approved a donation of $1000 from the Darfur Sportsmen’s Club to help support the purchase of a Jaws of Life equipment for the St. James Fire Department.
The next regularly scheduled Council Meeting is scheduled for Tuesday, August 21 at 5:30 p.m.