The Truesdale Board of Aldermen voted unanimously to approve modifying their insurance coverage on the MaryLou Center and city hall during their meeting Wednesday, May 27.
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The Truesdale Board of Aldermen voted unanimously to approve modifying their insurance coverage on the MaryLou Center and city hall during their meeting Wednesday, May 27.
The board had previously discussed the matter during their May 13 meeting, but this time representatives from Tri-County Agency were present to discuss the matter and the city’s options.
According to Evan Costello with Tri-County, the city’s current coverage on city hall sits at $443,000, but based upon a recent analysis the true replacement cost is $965,000. Costello said that the city needs to increase its coverage on city hall to at least 80 percent of replacement cost, or approximately $772,000 to avoid potential penalties. He said that if the city is not at 80 percent, any claim filed for damage to the building would only be paid at 58 percent of whatever the claim value is.
Mayor Jerry Cannon said he felt $772,000 was too low for coverage, and Costello agreed, noting that the city would effectively have to cover the remaining 20 percent of replacement cost.
Costello also noted that if the city went with the $965,000 full coverage figure it would also include an additional 10 percent on top of the full coverage figure, or $96,500 to ensure everything meets current city code.
On the MaryLou Center, Costello said that the city’s current coverage is $2.2 million, but actual replacement cost is $1.5 million. He said if the city were to raise its insurance coverage on city hall to the minimum $772,000, it would increase the city’s premiums by $2,200, while an increase to $965,000 would increase the premiums by $4,500. He noted however that the premium increase would be offset if the city chose to reduce the coverage on the MaryLou Center.
Ultimately the board voted 3-0, with Alderman Mike Thomas not present, to approve increasing the coverage on city hall to $965,000, while decreasing the coverage on the MaryLou Center to $1.7 million.
The board also voted unanimously to approve an ordinance rezoning three tracts from R-1 single-family residential to PD-R, planned development residential district and approving a site plan for a property located west of Franklin Road along Veterans Memorial Parkway. The property includes three tracts, a 24.727 acre tract, an 18 acre tract and a 2,690-square-foot tract. A representative from the developer Charlestowne Crossing told the board that the development, which is currently unnamed, would be very similar to Elkhorn Ridge and that is why they are requesting the change to PD-R zoning.
The board also approved an annual request from the Warren County Fair Board for the fair’s parade route to include a portion of Truesdale.
