Granton Village Board Discussed CDBG Funds and Insurance
Saturday, November 16th, 2019 -- 7:06 AM
The Granton Village Board discussed CDBG funds at their meeting on Wednesday.According to the unofficial minutes from the meeting, the village received a notice that they could give back the CDBG Grant money remaining in the bank account. If the village returned the grant money, residents would no longer be able to apply for the Village Grant Program, the clerk would no longer have to file the annual review of funds report and the village would no longer have to pay to audit this account. Chippewa County Housing Authority is currently administering the loans on this account and has just recently released some of the funds for a Granton home. The board discussed the possibility of returning the funds but decided unanimously to continue the program. The board also discussed insurance quotes. The village is currently insured through LWMMI and they have recently reevaluated the village property resulting in a 44% increase in evaluation.
The village questioned the replacement costs of multiple buildings ranging from $92 a square foot to $1,300 a square foot replacement costs for identical buildings. The explanation from the insurance rep indicated they had used and liked this appraisal company in the past and they did not want to go bankrupt. The village got a 2nd quote which came back $2000 cheaper. This insurance company also stated the village had the option of not covering for full replacement costs if they preferred this. The board discussed this option and would like to talk to the insurance rep at the next meeting.
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