Extension of Barbara Anderson preliminary subdivision approval
Normally preliminary approval of subdivision expires at the end of a year. This approval has been extended once and a second extension has been requested. This extension will be for one year.
The council approved the subdivision extension unanimously.
Resolution 10-37 – Issuance of $750,000 sewer revenue bonds
This is the final approval to issue bonds. The project has been one the council has been working on for some time. This bond will be financed through 1st Bank at a 5.61% five-year interest rate. It is a build America Bond. Under this program thirty-five percent of the interest is rebated back to the city. Based on this rebate the city will pay a net interest rate of only 3.65% The bond will pay for a project on the North end of Morgan. It will substantially upgrade the sewer system to relieve current pressure on the system usage in North Morgan.
The resolution was approved unanimously.
Resolution 10-38 Morgan City Enterprise Zone
This resolution establishes an enterprise zone in Morgan City. It gives tax breaks for the expansion of an existing business and new businesses that create jobs. This is only for non sales tax oriented businesses. It will establish the enterprise zone in the commercial zones in the city. This helps the city to attract businesses that bring jobs and tax revenue to the city and county.
Member Betz reported on the Christmas party. The city estimates about 500 individuals attended. The city plans to make this a tradition and grow the celebration each year. Business owners have reported an increase in traffic from customers. Betz thanked all those who participated.