(Spirit Lake)– The Spirit Lake City Council Tuesday reviewed the audit for the fiscal year ended June 30th, 2001.
It shows the city had revenues of 5.2 million dollars…a 4.23 percent increase from the prior year. Expenditures totaled 6.6 million…an increase of nearly 29 percent from the prior year. Of that, 5.3 million was spent from the Home and Community Environment Fund.
In other business, the council approved a new schedule of building permit fees; and they approved a recommendation from the Street Committee to pave Boulder Avenue in the Ferguson Business Park at an estimated cost of 360-thousand dollars and to extend 28th Street from Keokuk to Lincoln Avenue. It will be a joint project with the county with the city’s share amounting to an estimated 125-thousand dollars. The city is limiting capital improvement projects this year because it’s nearing its bonding capacity.
Council members also discussed but took no action on a request from Well Life. The company wants to put up a 35 unit apartment complex adjacent to its existing facility on 23rd street. The company is asking the city to include the project in a tax increment finance district. The project has a total estimated value of five million dollars. Council members expressed their interest in the project but want more information before taking any action. It was reported Well Life is also looking at possibly a third expansion that would consist of a unit for Alzheimer’s patients.
The council also Tuesday set February 12th as the date for a public hearing to establish a tax increment finance district in a newly annexed area along Highway 71 south from near the former Aardvark property south to the Stables.
