Council Meetings Agendas

PUBLIC HEARING FOR ORDINANCE 2021-02 Date: Monday, October 4, 2021 Council: Town Staff: (X) Vice Mayor Stefan Leggin (X)James Gaston III, Town Administrator (X) Council Member Marcus Monroe (X) Giselle Richards, Town Clerk (X) Council Member Quianna Taylor (Exc) Chief Althoff, Brentwood Police Dept. (X) Council Member Mary Vechery (X) Shelley Dorsey, Treasurer (X) Mayor Roció Treminio-López (X) Jason DeLoach, Town Attorney Hearing opened at 6:07 PM ____________________________ The Local Government Infrastructure Program through the Maryland Department of Housing and Community Development was created 30 years ago through a legislative act by the State of Maryland for municipalities. The program was designed to created affordable opportunities for municipalities to fund capital projects over some time as opposed to trying to fund capital costs upfront. Municipal budgets, in general, do not allow huge impacts on cash flow. The purpose of this loan is to complete the new town center. Project Summary Total Cost of Project $2,110,478.22 Project Expenditures to Date $527,856.78 Cost to Complete Project - 1st Level $1,582,621.44 Finance Justification Cost To Complete Project - 1st Level $1,582,621.44 Available Funding - On Hand $877,595.22 Funding needed (a minus b) $705,026.22 Cost To Complete 2nd Level (estimate) $500,000.00 Funding To Complete 100% of Project (estimate) $1,205,026.22 30 Year Financing @ 2.85% (does not include issuance cost) Annual Payment $59,552.28 Monthly $4,962.69 PUBLIC HEARING FOR ORDINANCE 2021-02 Date: Monday, October 4, 2021 Loan payments will be paid using the existing tax revenues. No projected increase in taxes due to financing Other revenue considerations: Red-light camera revenues are $36,000 more than budget Additional tax revenues of $100,000 due to new development New 24/7 speed camera projected to bring over 1 million in revenues Public Comments: Tonya Harrison-Edwards – Windom Rd –Would like an introduction about the bond bill and would like to see more numbers such as proposed payments and interest? Can the information be shared with residents? Will the interest rate fluctuate? The interest rate will not fluctuate. Can you please explain to the residents the difference between this and the $400,000 bond bill that the town just received? When would it take effect if approved? What is the timeline to when the project will be completed? Why are the numbers in the ordinance different than what is being mentioned? The numbers in the ordinance are not to exceed numbers. What has been done already in the project? Due to permitting demolition has just been approved to resume within the last two weeks. What is the closing amount? Is this a sole purpose loan? CM Monroe The hearing closed at 6:40 pm. Submitted by: ________________ Mayor, Rocio Treminio-López Giselle Richards Town Clerk Approved: _____________________________