Council approves short-term loan to purchase Sears property

PRESCOTT – When the Prescott City Council’s Parks & Public Property Committee agreed more discussion is needed concerning the public property uses at the north end of Lake Street May 24 immediately preceding the city council meeting, the city council agreed to table the issue as well.

A possible resolution would designate shoreland along the Lake Street turnaround area, which is public property, as a Designated Recreation Area. The use would be limited to launching kayaks, with payment of an established fee. The proposed fee is $25 per year.

The Lake Street canoe and kayak launch area, which is about half an acre, has primarily been used as a foot access point for launching canoes, kayaks and other small water craft. It’s also been used for fishing, swimming, and picnicking, said City Administrator Jayne Brand. A staircase leads from the street to a picnic area and beach. There are four parking stalls for the area.

Minutes from the May 10 Ordinance Committee meeting indicate the committee talked about making that area strictly a kayak launch. Alderperson Bailey Ruona suggested charging an annual $25 fee for the launch.

“There have been issues with people having alcohol in the area and this is not allowed per city ordinances,” said Brand. “People are also down at the area late at night and have been very loud and it disturbs the neighbors.”

The topic will go before both the Parks & Public Property Committee and the Plan Commission before it comes to city council.

Sears property

The city council approved taking out a $3.75 million loan in order to purchase the Sears property adjacent to the Eagle Ridge Business Park. The loan would be paid back in 1.5 months from Tax Increment Finance funds. The short-term promissory note is necessary because the property owners decided they will take their money at the property closing, rather than waiting. Because of this, the city needs to borrow the funds short-term for approximately six weeks, during which time city staff will work on long-term borrowing.

The loan’s interest rate is 3.75 percent. Funds from TID #5 will pay off the debt and there will be penalty for early payoff.

The land, which is comprised of three 40-acres parcels and one 30-acre parcel, will be annexed from the town of Oak Grove and incorporated into the TIF District. The property is owned by Sears Farm Inc., which is located at N3148 650th St., Ellsworth. The agreed upon price is $3.75 million, Deputy Clerk/Treasurer Beth Lansing confirmed.

Other business

•The council approved an amplifier permit for Joshua Frey at Freedom Park on Saturday, June 19 from 4-8 p.m. for a memorial gathering.

•The council approved the appointment of Jamie Feltes to the Cable Commission.

•The public parking lot downtown near Holiday is finished and will provide 50-60 new stalls. Another tier may be added next year to provide more space.

•The Public Works Committee will meet at 5:30 p.m. June 8.

•The Parks & Public Properties Committee will meet at 5 p.m. June 28.

•The first Prescott Daze Committee meeting will meet June 1 at The Old Ptacek’s Event Center.

•City staff will be interviewing candidates for the city administrator position.