Finance Committee

CITY OF VERONA MINUTES FINANCE COMMITTEE APRIL 8, 2013 VERONA CITY HALL 1. The meeting was called to order by William “Mac” McGilvray at 6:40 p.m. 2 Roll Call: William “Mac” McGilvray, Steve Ritt. Absent (excused): Scott Manley. Also present: Jeremy Charles, Council Member; Bill Burns, City Administrator. 3. Approval of the 2/25/2013 Finance Committee Minutes: Motion by McGilvray, seconded by Ritt, to approve the 2/25/2013 Finance Committee Minutes. Motion carried 2-0. 4. Payment of Bills: Motion by Ritt, seconded by McGilvray, to approve the payment of bills in the amount of $714,482.08. Motion carried 2-0. 5. Payment of Out-of-Office Checks: Motion by Ritt, seconded by McGilvray, to approve the payment of out-of-office checks in the amount of $13,239.98. Motion carried 2-0. 6. Request for Tax Increment Financing Assistance for a Commercial Development at 422 E. Verona Avenue: Mr. Burns explained that the owner of the property at 422 E. Verona Avenue is seeking tax increment financing assistance to assist with the development of a 4,000 square foot retail building at this location. The proposed assistance would be in the form of a pay-as-you payment schedule based on the incremental value created. The owner is seeking a total of $75,000 to be paid over a ten-year period. Comments from the Committee Members included: the City would be interested in seeing the redevelopment of both the property at 422 E. Verona Avenue and 416 E. Verona Avenue and the property owner should discuss the project with Scott Manley and any newly appointed members of the Finance Committee. No action was taken. 7. Adjournment: Motion by Ritt, seconded by McGilvray, to adjourn the Finance Committee Meeting at 6:52 p.m. Motion carried 2-0. Respectfully submitted, Bill Burns, City Administrator