Hospital Requests
Chief Financial Officer for the Excelsior Springs Hospital, Cameron Meyer approached the Council with two requests. The first was the consideration of a bond reamortization request and agreements with USDA regarding the Excelsior Springs Hospital. Meyer said that after presenting to the City Council on December 5th, 2022, [Excelsior Springs Hospital] received notification from the USDA that a few of the USDA’s calculations had been updated to correct a few errors identified during their final review. The USDA prepared updated Re-Amortization schedules to account for new balances through the date of December 20th, 2022, as well as additional Supplementary Payment Agreements that allow for the Hospital to make monthly payments, rather than one annual lump sum payment. Upon review of the updated USDA Re-Amortization Agreements, and on advisement from legal counsel, it was determined necessary to present an updated Resolution to the City Council.
Meyer summarized the changes for the council stating that annual first installment due dates were changed from 12/12/2023 to 12/20/2023. Final installment due dates were changed from December 12th (2030, 2031, 2039, 2039, and 2040) to December 20th (2030, 2030, 2038, 2038, and 2040). Principal Outstanding as of December 20th now totals about $9.96 Million (an increase of about $9k or 0.1%). Annual Debt Service now totals about $942k (increased by about $19k or 2.0%). Monthly Debt Service now totals about $78.5k (increased by about $1.5k or 2.0%).
The bond reamortization request was approved 5-0.
The second request presented by Meyer was a consideration of two Excelsior Springs Hospital real estate transactions. Meyer said, the Excelsior Springs Hospital has authorized the sale of real estate located at 1006 and 1010 N. Jesse James Road, Excelsior Springs, Clay County, Missouri to the Excelsior Springs Health Care Foundation as part of a sale-leaseback transaction. This property, formerly housed Monroe Pharmacy as well as doctor’s offices and is currently the primary location for the Hospital’s Home Health and Hospice service lines. Meyer said the sale-leaseback transaction, “will provide additional liquid working capital, at reasonable financing terms, to best position the Hospital for continued growth in 2023.”
The second real estate transaction was the sale of the previous location of the Excelsior Springs Hospital’s Lawson Primary Care Services. The Hospital subsequently purchased and renovated real estate property located at 411 North Pennsylvania Avenue, Lawson, Ray County, Missouri and this property is the current location of our Lawson Primary Care Services. Meyer said the property located at 613 W. 6th Street in Lawson, was too small to accommodate the growth in primary care services from the patient population and the new location provides significantly expanded capacity to provide primary care services to patients.
The transactions were approved 5-0
Lawyer Up
City Manager Molly McGovern presented a consideration of professional services agreement with Fisher, Patterson, Sayler & Smith, LLP to represent the city in a pending lawsuit. According to their website, Fisher, Patterson, Sayler & Smith specialize in the areas of Government Liability and Civil Defense Litigation amongst others. Public records show two pending lawsuits in which the City of Excelsior Springs is a plaintiff. Both cases are “Quiet Title” actions. According to Investopedia.com, “Quiet title actions are common following mortgage lender disputes, the death of title owners, cases of adverse possession, and long periods of time where the property is unoccupied.”
The request to enter into a professional services agreement with Fisher, Patterson, Sayler & Smith, LLP was approved 5-0.
Mutual Aid Agreements
Excelsior Springs Police Chief Gregory Dull approached the Council with two requests to enter into mutual aid agreements with nearby municipalities. Dull said, “the Excelsior Springs Police Department periodically provides assistance to the police departments in neighboring jurisdictions and likewise, periodically receives assistance from the same. Dull requested that the Excelsior Springs Police Department enter into a formal, mutual aid agreement with the Gladstone and North Kansas City Police departments.
Both requests were approved 5-0.
Full Agenda
See the full agenda from the December 19th City Council Meeting below and find upcoming agendas on the City’s Website.
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