Finance Committee

CITY OF VERONA MINUTES FINANCE COMMITTEE MAY 13, 2013 VERONA CITY HALL 1. The meeting was called to order by William “Mac” McGilvray at 6:15 p.m. 2 Roll Call: William “Mac” McGilvray, Elizabeth Doyle, Scott Manley. Also present: Jon Hochkammer, Mayor; Brad Stiner, Council Member; Bill Burns, City Administrator; Cindy Engelke, Finance Director; Ron Rieder, Director of Public Works; Mary Cieslik, Assistant Director of Public Works; and Mike Harrigan, Ehlers and Associates. 3. Approval of the 4/22/2013 Finance Committee Minutes: Motion by Manley, seconded by McGilvray, to approve the 4/22/2013 Finance Committee Minutes. Motion carried 3-0. 4. Payment of Bills: Motion by McGilvray, seconded by Doyle, to approve the payment of bills in the amount of $1,146,558.19. Motion carried 3-0. 5. Payment of Out-of-Office Checks: Motion by McGilvray, seconded by Manley, to approve the payment of out-of-office checks in the amount of $37,565.71. Motion carried 3-0. 6. Upper Sugar River Watershed Membership: Mr. Rieder and Mr. Cieslik provided background on the City’s membership in the Upper Sugar River Watershed Association and their role is assisting the City with monitoring of the drainage area near City Hall. Staff recommends continuing the City’s membership in the association. Motion by McGilvray, seconded by Doyle, to approve payment of the 2013 Upper Sugar River Watershed Association membership in the amount of $6,486. Motion carried 3-0. 7. Resolution R-13-012 Providing for the Sale of Approximately $5,970,000 General Obligation Refunding Bonds: Mr. Burns provided a summary of the City’s 2013 borrowing plan which includes the refunding of two issues for savings due to lower interest rates and financing for capital projects included in the 2013 budget. Mr. Harrigan walked through the proposed financing plan. The bond issue includes a current refunding of the City’s 2010 Build America Bonds and an advanced refunding of the City’s 2007 General Obligation Bonds. If approved, the issues would go to a competitive sale planned for June 10, 2013. Motion by McGilvray, seconded by Manley, to recommend that the Common Council approve resolution R-13-012 providing for the sale of approximately $5,970,000 General Obligation Refunding Bonds. Motion carried 3-0. 8. Resolution R-13-013 Providing for the Sale of Approximately $2,460,000 General Obligation Promissory Notes: The note issue includes funds for: • $500,000 Fire/EMS Facility – Architectural, Planning, and Engineering Services • $838,000 Street Improvements – Mill and Overlay Project  • $30,000 CTH M & CTH PD Improvements – Planning and Engineering Services • $172,000 Radio Communications – Local Repeaters & Tactical Radio System • $271,600 Radio Communications – Police and Public Works Radio Purchases • $595,000 Fire Engine No. 2 Replacement • $53,400 Issuance Costs, Underwriters Discount, and Rounding Motion by McGilvray, seconded by Doyle, to recommend that the Common Council approve resolution R-13-013 providing for the sale of approximately $2,460,000 General Obligation Promissory Notes. Motion carried 3-0. 9. Request for Tax Increment Financing Assistance for a Project at 416-422 E. Verona Avenue: Mr. Burns provided a summary of a request for Tax Increment Financing assistance for a project planned for 416-422 E. Verona Avenue. The concept is to demolish three structures on these two parcels and to construct an approximately 8,000 square foot single story commercial building with space for four retail tenants. The developer is requesting assistance in the amount of $175,000 which would be provided through a pay-as-you-go agreement over a ten year period based on the amount of tax increment generated. The committee members stated that they were interested in the project and directed staff to proceed on working out details of a potential agreement with the developer. 10. Adjournment: Motion by McGilvray, seconded by Manley, to adjourn the Finance Committee Meeting at 6:54 p.m. Motion carried 3-0. Respectfully submitted, Bill Burns, City Administrator