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also Wanted to have a funding source outside. He stated that Council has adopted this CIP <br />in past years, which reaffirms the policy of allocating the interest earnings. <br /> <br />Councilmernber Zimmerman inquired how long We could get this $120,000. <br /> <br />Mr. Schroeder replied it is unlimited. The 4 percent interest is conservative. The intent is <br />to keep revenue flowing forever and never touch the principal. He stated that "we have a <br />habit of allocating $120,000 a year, but it takes us three years to spend it". <br /> <br />Councilmember Zimmerman stated he is satisfied with the $80,000 as the City has other <br />interests too. <br /> <br />Councilmember Peterson stated that we will still be taking $120,000 - $30,000 is going <br />toward building replacement. <br /> <br />Ms. Hart stated, that the money is not transferred out until it is expended. <br /> <br />Motion by Mayor Gilbertson and seconded by Councilmember Hardin to recommend that <br />City Council approve the 1993 - 2000 Parks CIP. <br /> <br />Motion carried. Voting Yes: Mayor Gilbertson, Councilmembers Hardin, Beyer, Peterson <br />and Zimmerman. Voting No: None. <br /> <br />Case #5: Land Acquisitions <br /> <br />City Administrator Schroeder stated this case is to keep the Finance Committee apprised of <br />the status of the land acquisitions. He stated that Council has authorized a development <br />agreement with Dennis Sharp to construct an industrial incubator building. Council has <br />also initiated a public improvement process to provide utility and roadway access to this <br />development. It is expected that this process will not be initiated prior to 1995. Therefore, <br />the development agreement has been amended. <br /> <br />Motion by Councilmember Zimmerman and seconded by Councilmember Hardin to <br />recommend City Council approve the amendment to the Dennis Sharp Development <br />Agreement. <br /> <br />Motion carded. Voting Yes: Mayor Gilbertson, Councilmembers Zimmerman, Hardin, <br />Beyer and Peterson. Voting No: None. <br /> <br />Mr. 'Schroeder asked for authorization to close at the end of August on the property at <br />14100 Jaspar Street N.W. for the Public Works facility. <br /> <br />Motion by Mayor Gilbertson and seconded by Councilmember Peterson to recommend <br />City Council authorize closing on 14100 Jaspar Street N.W. <br /> <br />Motion carded. Voting Yes: Mayor Gilbertson, Councilmembers Peterson, Beyer, Hardin <br />and Zimmerman. Voting No: None. <br /> <br />Mr. Schroeder stated that Council has authorized negotiating with the Anoka County <br />Economic Development Partnership (ACEDP) to potentially lease out the metal building at <br />14100 Jaspar Street N.W. for a period of two to three years for remodeling of the building. <br />This lease is proposed to return $39,375 each year to the general fund. The ACEDP is <br />currently estimating repair and remodeling costs. If the repair is excessive, the project may <br />need amendment. This proposal will likely result in continued use of the Highway #47 <br /> <br />Finance Committee/August 22, 1994 <br /> Page 5 of 8 <br /> <br /> <br />