Finance Committee

Finance Committee Meeting Minutes - March 20, 2018 Chairman Miller called the meeting to order at 7:24 PM. Members Present: Aldermen Miller, Zwart and Ellis Staff Present: Mayor Nold, Kitsembel, Steinbach, Freber, Pickart, Sullivan, Gallo, Kelliher, Buerger, Duffy, Osborn, Frye and Coenen Others Present: Alds. Schmidt, Kowieski, Shaw, Rosek and Strey 2. Consider/recommend Authorizing Loan Fund Increase for the Major Façade Improvement Loan Pool 3. Consider/recommend Authorizing Grant Funding Increase for the Façade Improvement Grant Program 4. Consider/recommend Supporting WEDC Community Development Investment Grant Submission Duffy reported on the three façade improvement items stating in 2017 Council approved several resolutions creating the Major Façade Improvement Loan Pool and the Façade Improvement Grant programs. Both programs allowed a maximum loan and grant amount of $50K. Staff has been working with the owner of 102–108 N. Main St who wants to improve the façade, however the improvements will cost approx. $425K. Staff is recommending increasing the Loan Pool to $150K (Ixonia Bank has agreed to loan up to $150K) and increasing the City’s grant fund to $100K. In addition, the Wisconsin Economic Development Corporation (WEDC) will grant up to 25% or $100K for this project. In order to apply for the WEDC grant a resolution authorizing staff to submit an application is required. The Committee discussed the 102-108 N. Main St building and its significance in the downtown; staff drafting an agreement between the City and building owner addressing progress payments and conditions in the event the project stops; using City grant funding last; amount available in the loan pool; the City investing more funds than the property owner and having less funds for the other 2 major buildings targeted for improvements; and timeline for the WEDC grant submission. Duffy stated the owner has been working to restore the building and proposes keeping the 2nd floor music school tenant, having potential offices on the 3rd floor and a restaurant on the 1st floor. The resolution for the grant submission includes entering into a Memorandum of Understanding with the building owner which needs to be drafted and will address all concerns; the submission is due April 15th; the owner has equity in the property that equals the grant amount of $150K; there is $193K currently available in the loan pool; and the loan pool funds are for exterior improvements of 102-108 N. Main St, although a small portion would be used for the stairs leading to the 3rd floor. Motion by Miller to recommend to Council all three items as presented; second by Zwart. Motion carried 3-0. 5. Consider/act on Vouchers Motion by Ellis to approve the vouchers in the amount of $3,451,534.87; second by Zwart. Motion carried 3-0. Motion by Miller to adjourn; second by Ellis. Motion carried 3-0. The meeting adjourned at 7:44 PM. Minutes taken by Diane Coenen, City Clerk Ald. Zwart, Secretary S:\Committees - Commissions\Finance\Minutes\2018\FCMin3-20-18.doc