At its Nov. 5 meeting, the Wyoming City Council passed a resolution closing several city funds because projects are completed. Balances will be transferred to other funds.
The final payment for general obligation bonds in Fund 335 was made in 2012. The balance of $39,130.76 will be transferred to street replacements.
The Highway 61 improvement project is complete. This money comes from Minnesota State Aid to Streets dollars. The balance of $50,747.12 will be put toward future state aid projects.
Finally, Fund 437 for the 2009 improvements project is complete. The fund has a deficit balance of $269,095.41. This was closed to Fund 337, debt service.
In other news
The council authorized the Economic Development Authority to amend the city’s mortgage financing for the purchase of the Bingham property (14.81 acres), in the city’s northwest quadrant, north of Stars and Strikes. Chisago County HRA-EDA and Wyoming EDA purchased the property jointly, with Chisago County having paid off its portion of the mortgage.
First State Bank of Wyoming holds the mortgage and has agreed to refinance it for three more years, lowering the interest rate from 5.25 percent to 4.5 percent. The principal balance is $366,886.63, with the payoff amount of $376,505.50. Without the amendment, the remaining principal on the property would be due.
In his report, Public Works Superintendent Jason Windingstad reported that the street overlay has been completed on Fallbrook Court. Employees will continue pothole patching as time allows. A large culvert off of 255th Avenue was repaired by staff.
In other business, the council learned that the city is still working with owner of the property at 26795 Forest Blvd. to arrange to raze the hazardous building at the site.