Finance Committee

900 Quay Street City of Manitowoc Manitowoc, WI 54220 www.manitowoc.org Meeting Minutes Finance Committee Tuesday, April 4, 2017 6:00 PM Council Chambers 1. Call to Order The Meeting of the City Finance Commission was called to order by Chairman Scott McMeans at 6:00PM. 2. Roll Call Present: 4- McMeans, Sitkiewitz, Able and Czekala Absent: 1- Kummer 3. Approval of Minutes Moved by Sitkiewitz, seconded by Able, that the Minutes be approved. The motion carried by the following vote: 17-0355 Finance Committee March 7, 2017 Moved by Sitkiewitz, seconded by Able, that the Minutes be approved. The motion carried by the following vote: Aye: 4- McMeans, Sitkiewitz, Able and Czekala 4. Public Comment No public comment. 5. Presentations 17-0352 Robert Moore, Institutional Capital Management Update on City's Investment Portfolio and Strategy Finance Director S. Corbeille reviewed the Investments to GL document with committee members. R. Moore presented the city's investment portfolio and strategy to committee members. Alderman S. Czekala dismissed himself from the meeting at 6:15 pm. 17-0354 Brad Viegut, Managing Director with Baird Presentation on Capital Financing Plan for 2017 Borrowing Roll Call Present: 3- McMeans, Sitkiewitz and Able City of Manitowoc Page 1 Finance Committee Meeting Minutes April 4, 2017 Absent: 2- Kummer and Czekala 6. Discussion and Action Items 17-0353 Resolution Providing for the Sale of Approximately $5,780,000 General Obligation Promissory Notes The committe discussed parking study payment options, property acquisition costs and the consideration of a sponsorship for the entertainment stage at Red Arrow Park. N. Sparacio identified parking supply and demand in the downtown area. He continued that additional data is required to both validate parking structure or surface parking options and to obtain professional design options if the need is identified. N. Sparacio provided the example of Forefront Dermatology possibly exceeding their parking needs after 2017. D. Koski confirmed the deteriorated condition of the existing entertainment stage at Red Arrow Park. Moved by McMeans, seconded by Able, to defund the parking structure study and property acquisition by $400,000 and to defund the entertainment stage concrete slab by $150,000 The motion carried by the following vote: Aye: 3- McMeans, Sitkiewitz and Able Moved by Able, seconded by Sitkiewitz, that this Resolution be adopted as amended and referred to Council. The motion carried by the following vote: Aye: 3- McMeans, Sitkiewitz and Able 17-0351 Enterprise Fleet Analysis for City of Manitowoc, Adam Weber, Account Executive Enterprise Fleet Management The committee requested that S. Corbeille further assess the program, review agreements with the City Attorney, interview existing customers of the program and determine the impact on vehicle maintenance personnel and inventory. This Action Item was discussed 17-0252 Proposed plan for future administration of the Manitowoc Farmers Market The committee requested that N. Sparacio work with E. Sitkietwitz to revise the agreement with suggested changes and present the revised document to the Common Council. This Action Item was discussed 17-0253 Term Sheet for Tax Incremental Financing in support of business expansion by Dowco Inc. City of Manitowoc Page 2 Finance Committee Meeting Minutes April 4, 2017 Moved by Sitkiewitz, seconded by Able, that this Item be approved and referred to council. The motion carried by the following vote: Aye: 3- McMeans, Sitkiewitz and Able 17-0254 Consultant proposal for Tax Incremental Financing Services relative to Dowco expansion project Moved by Sitkiewitz, seconded by Able, that this Item be approved and referred to council. The motion carried by the following vote: Aye: 3- McMeans, Sitkiewitz and Able 17-0369 2016 General Fund Carryforward Requests to 2017 Budget This Item was tabled 7. Adjournment Moved by Sitkiewitz, seconded by Able, that this Meeting be adjourned at 7:47 PM. The motion carried by the following vote: Aye: 3- McMeans, Sitkiewitz and Able City of Manitowoc Page 3