Estero on the River 10-year Bank Loan
Council approved awarding the fixed rate, 10-year bank loan RFP to Capital Bank, a division of First Tennessee Bank to provide funding for the Estero on the River land purchase.
The purchase price of $26,000,000 will be funded by a down payment of $5,000,000 from the general fund and debt providing for the remainder of $21,000,000.
Public Resources Advisory Group (PRAG) was engaged to develop the Request for Proposals and First Tennessee bank provided the lowest rate. (Summary Sheet)
The following Council actions will finalize the bank loan:
- December 12 – Approve the loan commitment Letter
- January 9 -Approve of Resolution and loan agreement
Estero Chamber of Commerce Request for Funding
Council voted in favor of a one-year investment of $25,000 as a “Diamond Partner” with the Estero Chamber of Commerce as it serves a public purpose. The $25,000 will come from the 2018-2019 Economic Development Funds. (Summary Sheet)
First Reading of Ordinance 2019-01
Council passed the first reading of Ordinance 2019-01 adopting a Reserve Policy which is designed to stabilize, and cement, the Village’s fiscally conservative governing practices and provide a safety net for the community. (Summary Sheet)
Land Purchase Contingencies
There was a discussion regarding some of the remaining contingencies, including a three-party agreement being prepared and the final report on the survey which will be completed by the December 12 meeting. (Summary Sheet)
Potable Water Quality
Public Works Director David Willems provided an overview of the drinking water provided to Estero by Bonita Springs Utilities and Lee County Utilities. His presentation described the service area boundaries, water sources, treatment processes and water quality. Bonita Springs Utilities provides the water to the southern boundary of Estero up to Williams Road; Lee County supplies the water for the remainder of the community. He explained that local water supplies come from ground water resources which are shown on the map in his presentation. (Presentation)
Traffic Signal, Street Light and Traffic Sign Standards
The Village of Estero does not currently have uniform standards for traffic signals, street lights or traffic signs. Traffic signals vary from intersection to intersection, street lights vary from road to road and generally traffic signs are FDOT standard signs with the exception of a few areas within or adjacent to master planned communities. (Presentation)
Council asked that Public Works Director David Willems come back to discuss this further at a future date.
US 41 Median Landscaping
The Kimley-Horn design team explained that due to the Florida Department of Transportation’s restrictions regarding landscape in a posted 50 mile per hour speed limit on US 41, no trees may be added to the median and once the existing trees die off they may not be replaced as they violate the current FDOT criteria. Therefore, they are looking at low growing color at the median tips, native plants between the median tip plantings and larger growing shrubs in the wider medians. They hope to have the project completed in the fall of 2019. (Presentation)
Estero Parkway Update
Representatives of Bruce Howard & Assoc., Inc. gave an update on the Estero Parkway landscape architectural design.
The plan includes 11-foot travel lanes, 6 foot sidewalks and buffered bike lanes. They expect the permit to be provided by South Florida Water Management District by mid-February, then to start the 60-day bid process.
The landscaping will include canopy trees along the road with date palms positioned close to the entrances to the communities. There will be flowering trees in the median providing color throughout the year. (Presentation)
There was a discussion regarding whether or not the Village should hire a consultant to do a peer review of the Mine Report by Stuart & Associates, which was brought before Council at their meeting on November 28, 2018. Staff estimates that review could be done within 3-4 weeks at a cost of approximately $10,000-$15,000.
Public Comment: 4 residents spoke in favor of the Village pursing this peer review.
Council will address this at their next meeting as no voting occurs during workshops.
Additional details will be available in the minutes of this meeting. Residents may also view the archived meeting by going to the Village website http://estero-fl.gov/council/watch-meetings-online/.
The next Council meeting will be conducted at 9:30 a.m. Wednesday, December 12, 2018.