Council Meetings Agendas

SPECIAL MEETING FOR ORDINANCE 2021-02 Date: Tuesday, October 5, 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 (Exc) Jason DeLoach, Town Attorney Called to order at 6:05 PM ____________________________ Motion to approve agenda made by CM Taylor. All in favor. Ordinance 2021-02 INFRASTRUCTURE BONDS, 2021 SERIES A  Read by TA Gaston Public Comments: Sara Prigan – Varnum St - Could you please say what this draft ordinance to borrow $1.9 million would do -- in plain English? In many places of the draft ordinance, it says the mayor has authorization to decide/change things. Does this cut out the council members? LGIF is? • LGIF is a Maryland Department of Housing & Community Development Program • The program was established 30 years ago through a legislative act by the Maryland General Assembly for municipalities • The program is designed to create affordable opportunities to fund capital projects with the lowest interest rates possible • The program provides financing through the issuance of bonds • (bond obligation notes, not bond bills) Funding is project specific Why the Town needs financing… a) Cost To Complete Project……………………………………………..$1,582,621.44 b) Available Funding–On Hand….……………………..……………….…$877,595.12 c) Funding Needed–Gap (a-b)…...............……………….................$705,026.22 d) Cost To Complete 2nd Level (estimate)………………………………$500,000.00 Funding To Complete 100% of Project (estimate)…….…..$ 1,205,026.22 SPECIAL MEETING FOR ORDINANCE 2021-02 Date: Tuesday, October 5, 2021 Move for the Mayor & Council to adopt Ordinance 2021-02 INFRASTRUCTURE BONDS, 2021 SERIES A in the amount not to exceed $1.9 million for the town center building made by CM Monroe. VM Leggin, CM Monroe, CM Taylor, CM Vechery-Goff, Mayor Treminio-Lopez voted yes. Motion to adjourn at 6:59 pm and go into the work session made by CM Taylor. All in favor. Submitted by: ________________ Mayor, Rocio Treminio-López Giselle Richards Town Clerk Approved: _____________________________