HomeMy WebLinkAboutORDINANCE 1253-1988Suggested by: Administration
City of Kenai
ORDINANCE 00. 1253-88
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA INCREASING
ESTIMATED REVENUES AND APPROPRIATIONS BY $225,000, IN THE AIRPORT LAND
SYSTEM FUND TO CURE OUTSTANDING DEFAULTS ON FIRST AND SECOND DEEDS OF
TRUST AND TO PAY OTHER RELATED COSTS TO PROTECT THE CITY'S SECURITY
POSITION IN THE PENINSULA DAIRY QUEEN PROPERTY.
WHEREAS, the City intends to foreclose on the Peninsula Dairy Queen
property at Tract "B", Kenai Spur -Airport Lease Property, and
WHEREWS, the City must pay loans made by the State of Alaska that are
in*superior security position to the City's note, and
WHEREAS, other costs, such as insurance and taxes on the property may
be incurred.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF KENAI,
In ALASKA that estimated revenues and appropriations be increased as
follows:
Ai ort Land System
Increase Estimated Revenues:
Appropriation of Fund Balance $225,000
Increase Appropriations:
Airport Lands - Buildings $225,000
PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this 6th day of
rirst weaving: Aprzz o, z7oo
Second -Reeding: -April I3, 1988
Effective Date: April 13, 1988
Approved by Finance:
(3/30/88)
■
ME
.t
, r
�L
Memo To: Kenai City Council
From: Charles A. Brown, Finance Director
Date: 3/29/88 G°&7Q
Subject: Peninsula Dairy Queen
The City is proceeding with the foreclosure on the Peninsula
Dairy Queen property. It is time for the City Council to take action
on the payments necessary to continue with foreclosure.
An ordinance is in the packet to appropriate $225,000 of Airport
money to "buy" the land and building. This is an estimate of the
costs considering the State notes, insurance and taxes. It is my
belief that Airport monies may be used for this purpose because the
land formerly belonged to _the _ Airport and the Airport derived -benefit
from the sale. The Airport will, then, own the land and structure.
Please pass this ordinance in one m..Ating. The State is requiring
payment of $56,314.50 by April 19, 1988.
The above -mentioned payment of $56,314.50 is the amount of
delinquencies on the State notes. They are demanding payment by April
19. Please approve that payment, which is on the "Hills To Be Paid".
This amount needs to be paid to cure the default and prevent
foreclosure by the State.
And, finally, there is a purchase order to Dale Dolifka for
$1,400. This is in addition to a $600 P.O that is already issued.
Please approve the $1,400 P.O., which is on the "Requisitions
Exceeding $1,000" list.
J
Memo To: Kenai City Council
From: Charles A. Brown, Finance Director
Date: 3/29/88 G°&7Q
Subject: Peninsula Dairy Queen
The City is proceeding with the foreclosure on the Peninsula
Dairy Queen property. It is time for the City Council to take action
on the payments necessary to continue with foreclosure.
An ordinance is in the packet to appropriate $225,000 of Airport
money to "buy" the land and building. This is an estimate of the
costs considering the State notes, insurance and taxes. It is my
belief that Airport monies may be used for this purpose because the
land formerly belonged to _the _ Airport and the Airport derived -benefit
from the sale. The Airport will, then, own the land and structure.
Please pass this ordinance in one m..Ating. The State is requiring
payment of $56,314.50 by April 19, 1988.
The above -mentioned payment of $56,314.50 is the amount of
delinquencies on the State notes. They are demanding payment by April
19. Please approve that payment, which is on the "Hills To Be Paid".
This amount needs to be paid to cure the default and prevent
foreclosure by the State.
And, finally, there is a purchase order to Dale Dolifka for
$1,400. This is in addition to a $600 P.O that is already issued.
Please approve the $1,400 P.O., which is on the "Requisitions
Exceeding $1,000" list.
J