Dexter City Council Virtual Special Meeting
As always, there are two opportunities for non-arranged public participation: one near the beginning of the meeting and one near the end of the meeting. See the agenda for details.
Council will consider several action items relating to the potential purchase of 3515 Broad Street for the location of City Offices, including the potential finalization of the purchase.
Purchase Price + Cost to Renovate = $1,906,000 +$848,000 = $2,754,000
Previously provided relevant background:
- The City of Dexter entered into a purchase agreement to purchase property located at 3515 Broad Street for the location of City Offices (media coverage here and here).
- Per the discussion with Tom Colis during the May 10, 2021 meeting, the attached resolution identifies the following parameters for the bond: $2,500,000 bond issuance; one issuance series of tax-exempt bonds; 20-year payback period; and an option of refunding or early bond repayment starting in 2032.
Specific consideration items (with clarifying excerpts from the packet):
- Resolution to Appoint the City Treasurer/Finance Director as Transfer Agent (Justin Breyer, Interim City Manager and City Clerk)
- City Council is asked to consider the adoption of the resolution appointing the City Treasurer/Finance Director as the City’s Bond Transfer Agent for the 2021 Capital Improvement Bonds.
- Authorization to Amend the Purchase Agreement for 3515 Broad Street (Justin Breyer, Interim City Manager and City Clerk)
- Requested motion to authorize an amendment to the Purchase Agreement for 3515 Broad Street to reduce the purchase price from $1,986,000 to $1,906,000, and to authorize the Interim City Manager to sign the amendment.
- Resolution to Authorize the Execution of Closing Documentation on the Purchase of 3515 Broad Street and to Designate Signatories (Justin Breyer, Interim City Manager and City Clerk)
- The next step in the acquisition of 3515 Broad Street is to close on the property. City Council will need to determine the level of funding that it would like to contribute from the General Fund and the bond proceeds. Attached is a Resolution Authorizing the Execution of Closing Documentation on the Purchase of 3515 Broad Street and to Designate Signatories. The attached resolution shows $400,000 to be used from the General Fund and the remaining $1,506,000 from bond proceeds (for a total of $1,906,000). Should the resolution be adopted, staff will proceed with closing on the property, issuing payment, and taking ownership of the property.
- 3515 Broad Street Next Steps (Justin Breyer, Interim City Manager and City Clerk)
- If City Council approves New Business Item 3 and directs staff to close on the purchase of 3515 Broad St., staff will see that process through to conclusion as discussed in previous memos in this agenda packet. To continue moving towards occupying the building as a new City Hall, the next step after acquisition will be a construction project to remodel the facility to improve access, correct priority issues identified by Partners in Architecture during their site assessment, and define spaces within the building for use.
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REMINDER: Video recordings of past Council meetings are now available on the City's website (in addition to the City's YouTube channel): https://www.dextermi.gov/government/cc.php. If there's a particular past discussion you're interested in watching, just let me know and I'll do my best to point you to the relevant excerpt.