(Spencer)– The Spencer city council will enter into a loan agreement to provide short-term financing for several construction projects this summer.
The council held a public hearing on the proposal at their meeting Monday. After hearing no complaints, the council voted to enter into the loan agreement with Ruan Securities in an amount not to exceed 2.89 million dollars. City Clerk Donna Fischer says a portion of the money will go toward the Highway 71 South Reconstruction Project set to begin in a few months. It will also go toward projects on 10th Avenue Southeast; a downtown alley; paving in the middle school area; 2005 re-surfacing projects; and 10th Avenue East trail project. Fischer says some of that will be reimbursed through grant money.
The council also held a public hearing on a proposed real estate contract and development agreement with Metro Ventures, Incorporated of Spirit Lake. The agreement clears the way for the sale of property adjacent to the Spencer Municipal Golf Course for a residential development along Fourth Avenue Southwest. City Attorney Don Hemphill says the developer, Auggie Scheppman, plans to build a number of single family homes in that area.
On a related note, the council will hold a public hearing May 2nd to consider a request to rezone 13.5 acres of land adjacent to the golf course from commercial to “A” Residential.
Hemphill also reported the recently formed Clay County Community Foundation has been awarded a 25-thousand dollar matching grant.
The council chambers were a bit bare for Monday’s meeting. City Manager Dean Torreson, Mayor Reynold Peterson and councilman Rich Prentice were all absent due to their trip to Washington, D.C. Councilman Ed Krebs served as Mayor Pro-Tem.
(Story from Danielle Hitchings of sister station KDWD Hot 100 in Spencer.).
