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Council authorizes notice to end convention center lease, approves higher audit fee and starts stormwater ordinance first reading
Summary
City staff told the council it will give notice to the Development Foundation to end the Holiday Inn convention center lease so the city can divest the asset; council also approved an engagement letter for the city audit at an increased cost and completed first reading of Ordinance 7‑48 adjusting the stormwater fund for Phase 3 work in 2025.
City administration asked the council for authorization to notify the Development Foundation that the city will not renew the sublease for the convention center at the Holiday Inn. Brian (city staff) explained the facility was built and paid for with tax increment financing, the debt has been paid off, and the city’s intent is to get the asset off the city books by terminating the lease so options such as sale or other disposition can proceed. Council approved authorization to give notice to the Development Foundation by voice vote.
On audit services, ELO (the city’s auditor since 2022) presented an engagement letter that requires Department of Legislative Audit approval. ELO’s proposed fee is approximately $47,000 while the city had budgeted $35,000; staff and council discussed the roughly 33% increase and federal reporting requirements that have raised the auditor’s workload. Council approved the mayor signing the engagement letter to retain ELO for the audit.
Staff also presented the first reading of Ordinance 7‑48 to amend the 2025 stormwater fund. Staff said Phase 3 stormwater work is proceeding in 2025 rather than 2026 due to a study at the city‑hall site; the ordinance increases the stormwater fund appropriations and adjusts revenue estimates for interest and storm drainage fees. The council completed the first reading and approved the ordinance to proceed.
