Finance Committee

CITY OF VERONA MINUTES FINANCE COMMITTEE FEBRUARY 11, 2013 VERONA CITY HALL 1. The meeting was called to order by William “Mac” McGilvray at 6:36 p.m. 2 Roll Call: William “Mac” McGilvray, Scott Manley, Steve Ritt. Also present: Jon Hochkammer, Mayor; Evan Touchett, Council Member; Bill Burns, City Administrator; Cindy Engelke, Finance Director. 3. Approval of the 1/28/2013 Finance Committee Minutes: Motion by Ritt, seconded by McGilvray, to approve the 1/28/2013 Finance Committee Minutes. Motion carried 3-0. 4. Payment of Bills: Motion by McGilvray, seconded by Ritt, to approve the payment of bills in the amount of $939,062.32. Motion carried 3-0. 5. Out-of-Office Checks: Motion by McGilvray, seconded by Ritt, to approve the payment of out-of-office checks in the amount of $8,135,747.43. Motion carried 3-0. 6. Resolution R-13-001 Application for State Trust Fund Loan in the Amount of $75,000 for an Indoor Batting Cage Facility: Mr. Burns stated that the City has requested application materials from the State Trust Fund Loan program for a loan to finance the construction of an indoor batting cage facility in Community Park. The loan would be in the amount of $75,000 with a term of 10 years and an interest rate of 2.75%. The annual payments would be financed through an agreement with Verona Baseball, Inc. Motion by Manley, seconded by Ritt, to recommend that the Council approve resolution R-13- 001. Motion carried 3-0. 7. Claim of Excessive Assessment for Property Owners by Apex Hawthorne Hills, LLC and Apex Hometown Grove, LLC: Mr. Burns explained that the City received a claim of excessive assessment in the amount of $54,864.76. A claim was also filed for the 2011 tax year which was denied by the City and a lawsuit is currently pending. The recommendation from legal counsel is to deny the 2012 claim as well. Motion to recommend that the Council deny the claim of excessive assessment from Apex Hawthorne Hills, LLC and Apex Hometown Grove, LLC. Motion carried 3-0. 8. Resolution R-13-002 Authorizing Amendments to the $8,000,000 City of Verona, Wisconsin, Variable Rate Demand Industrial Development Revenue Bonds, Series 2007 (Coating Place, Incorporated Project): Industrial Development Revenue Bonds are a form of conduit financing that allows private entities to issue bonds for certain eligible projects by using the City’s tax-exempt financing ability. The City issued Industrial Development Revenue Bonds for the Coating Place in 2007. They have requested the ability to amend those bonds to allow for a fixed interest rate. Ms. Engelke reported that she worked with the City’s bond counsel at Quarles and Brady and the proposed  resolution incorporates their recommended changes. Motion by Ritt, seconded by Manley, to recommend that the Council approve resolution R-13-002. Motion carried 3- 0. 9. Adjournment: Motion by Ritt, seconded by Manley, to adjourn the Finance Committee Meeting at 6:48 p.m. Motion carried 3-0. Respectfully submitted, Bill Burns, City Administrator