HomeMy WebLinkAboutMN-CC-1982-03-24COMMON COUNCIL PROCEEDINGS
CITY OF ITHACA, NEW YORK
429
Special Meeting 8:00 P.M. March 24, 1982
PRESENT:
Mayor - Shaw
Aldermen (9) - Banfield, Clynes, Dennis, Hoffman, Holdsworth, Holman,
Killeen, Myers, Schlather
ABSENT:
Ammerman (1) - Schuler
^1 OTHERS PRESENT:
ity Attorney - Tavelli
Director, Planning $ Development - Van Cort
Planning Staff - Sieverding
Developer - Scott McRobb
Citizens Savings Bank rep. - George Gesslein
Board of Representatives rep. - Stuart Stein
City Clerk - Rundle
r�_ PLEDGE OF ALLEGIANCE:
(y) Mayor Shaw led all present in the Pledge of Allegiance to the American
(V flag.
W ADDITIONS TO THE AGENDA:
Q Conservation A visory Council
Q Alderman Hoffman requested the addition of an item, Appointments, to
the agenda.
No Council member objected.
BUDGET AND ADMINISTRATION COMMITTEE:
By Alderman Holman: econ e y Alderman Banfield
WHEREAS, Center Ithaca Associates, as mortgagor, executed a mortgage
to the City of Ithaca in the amount of $1,445,000, and
WHEREAS, said mortgage was duly recorded in the Tompkins County Clerk's
Office in Liber 434 of Mortgages at Page 302, and
WHEREAS, said mortgage is subordinate to prior mortgage to the Citizens
Savings Bank in the amount of $4,800,000, and
WHEREAS, the Center Ithaca Associates desire to borrow an.additional
$900,000 from the Citizens Savings Bank;
BE IT RESOLVED, That the Mayor of the City of Ithaca is hereby author-
ized and directed to execute an agreement, approved by the City Attorney,
subordinating the mortgage of the City of Ithaca to an additional
mortgage being granted by Citizens Savings Bank to the Center Ithaca
Associates in the amount of $900,000, making a total first lien to the
Citizens Savings Bank in the amount of $5,700.000, and
BE IT FURTHER RESOLVED, That this authorization is subject to an
executed amendment to the existing note raising the maximum annual
payment on the $1,445,000 UDAG loan in the override section (3E of the
Note) to $162,000, and
BE IT FURTHER RESOLVED, That the Mayor of the City of Ithaca is hereby
• authorized to execute any and all other documents and agreements and
instruments necessary to implement the intent of this resolution, upon
recommendation of the City Attorney.
Discussion followed on the floor.
A vote on the resolution resulted as follows:
Ayes (8) - Banfield, Clynes, Dennis, Holdsworth, Holman, Killeen,
Myers, Schlather
Nay (1) - Hoffman
Absent (1) - Schuler
Carried
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430 -2- March 24, 1982
MAYOR'S APPOINTMENTS:
Conservation Advisory Council
Mayor Shaw requested approval of the Council for appointment of
Margaret E. Woods, 320 Elmwood Avenue, to the Conservation Advisory
Council for a term to expire December 31, 1983.
Resolution
By Al derma Dennis: Seconded by Alderman Hoffman
RESOLVED, That the Council approve the appointment of Margaret E.
Woods, 320 Elmwood Avenue, to the Conservation Advisory Council for
a term to expire December 31, 1983.
Carried
Mayor Shaw requested approval of the Council for appointment of —
Arthur J. Pratt, Maple Grove Place, to the Conservation Advisory
Council for a term to expire December 31, 1983.
Resolution
By 1 rman Killeen: Seconded by Alderman Dennis
RESOLVED, That the Council approve the appointment of Arthur J. Pratt,
Maple Grove Place, to the Conservation Advisory Council for a term to
expire December 31, 1983.
Carried
ADJOURNMENT:
On a m` otion the meeting adjourned at 8:20 p.m.
J seph A. Rundle, City Cler William R. Shaw, Mayor
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