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Council considers selling lake lots to retire general‑fund debt
Summary
Staff proposed using roughly $500,000 from lake‑lot sales as a one‑time revenue to pay off general‑fund debt and eliminate about $134,000 in annual debt service; council discussed contingencies if sales do not occur.
City staff told the council that selling lake lots is one of the options under consideration to retire certain general‑fund debt and provide recurring debt relief.
"Lake Lot, if the Lake Lot lake like 500,000, is a revenue that comes in, it's gonna pay off, just a little bit less than that in expenses, for that debt," the City Administrator said, describing the one‑time nature of the revenue and the intent to match one‑time revenues to one‑time debt relief. Staff estimated eliminating about $134,000 in annual debt service from the general fund if the payoff occurs.
Council members asked follow‑up questions about the specific lots (staff said five had already been surveyed) and raised concerns about prior runoff problems where property owners built into Army Corps‑designed feeder waterways. Staff noted that if the lake‑lot sales do not come to fruition, the city could instead count on a county dispatch reimbursement to help cover the debt service.
