Pinckneyville Council Inks TUMS Sale
</element><element id="paragraph-1" type="body"><![CDATA[ The Pinckneyville City Council passed a resolution approving the sale of the former Technicolor building to Higman LLC at a price of $600,000. The latest agreement allows for a $150,000 down payment and the remaining $450,000 to be paid over the next five years.
Mayor Joe Holder said that some of the difficulty in completing the deal stems from Higman being forced to change attorneys during the negotiations when their original attorney became ill.
The latest agreement was completed without a title search and allows Higman LLC six months to complete a title search. If the title is not clear, Pinckneyville will refund their money.
Economic Development Coordinator Carrie Ford said she received a letter from Hush Bullet Inc. stating their intention to lease a portion of the TUMS building from Higman LLC. Hush Bullet will bring 20 jobs to town.
Ford also reported that the welding class held on the TUMS property had a 98 percent graduation rate. Since the class was so successful, they no longer need the site.
In other business, the council:
heard from Treasurer Rick Reese that the city has approximately $480,000 in unrestricted cash, including $180,000 in the bond account. The most recent gas bill is $127,000 and the council approved just under $85,000 in bills, leaving about $89,000. Reese said he expected additional revenue this month. However, the city has received $460,000 of the anticipated $490,000 in real estate tax revenue. The remaining $30,000 will not be received until after the tax sale. Reese cautioned that the city may have difficulty paying the gas bills in the coming months.
Commissioner Auggie Kellerman said that the state currently owes $387,500 in utility bills for the Pinckneyville Correctional Center. When combined with the $650,000 billing error, the state owes the city more than $1 million.
approved the purchase of a Ford F550 one ton truck with snowplow, salt spreader and 11 foot dump bed at a cost not to exceed $55,000. Commissioner Sam Fulk said that the city's existing truck is 21 years old and has needed repair recently. Since the city paid off the street sweeper, it is possible to finance a new truck for the Street Department. Fulk said he would offset the cost with motor fuel taxes. MFT pays an hourly rate for the truck based on usage. The truck will be purchased through the state purchasing program and should take several weeks to assemble.
heard from Lois Heisner that she and her daughter applied for a business loan from the city in mid-July and still have not heard anything. Ford said that she has received about seven applications, but only three are complete. Mayor Holder said he would call a meeting of the loan committee within the next two weeks to review the completed applications. There is about $355,000 in the revolving loan fund. The rules for lending include a 50 percent investment by the business owner and a limit of $15,000 per job created.