Finance Committee

CITY OF VERONA MINUTES FINANCE COMMITTEE OCTOBER 13, 2014 VERONA CITY HALL 1. The meeting was called to order by Mac McGilvray at 6:30 p.m. 2 Roll Call: William “Mac” McGilvray, Jack Linder. Absent (Excused): Elizabeth Doyle. Also present: Bill Burns, City Administrator. 3. Approval of the 9/22/2014, 9/29/2014, and 10/6/2014 Finance Committee Minutes: Motion by McGilvray, seconded by Linder, to approve the 9/22/2014, 9/29/2014, and 10/6/2014 Finance Committee minutes. Motion carried 2-0. 4. Payment of Bills: Motion by Linder, seconded by McGilvray, to approve the payment of bills in the amount of $440,967.65. Motion carried 2-0. 5. Out-of-Office Checks: Motion by McGilvray, seconded by Linder, to approve the payment of bills in the amount of $7,454.66. Motion carried 2-0. 6. Resolution R-14-044 Application for State Trust Fund Loan in the Amount of $386,000 for the Purchase of Community Theater Facility: On August 25, 2014 the City Council voted to authorize staff to initiate the process of applying for a State Trust Fund Loan to finance the purchase of a building owned by the Verona Area Community Theater located at 405 Bruce Street. The City would utilize this facility for the Public Works and Parks Departments. The purchase cost for the building is $360,000. The City also estimates that it will cost approximately $26,000 to modify and equip the building for City use. Resolution R-14-044 authorizes the application of a State Trust Fund Loan in the amount of $386,000 with a ten- year term at an interest rate of 3.50% for this project. Motion by Linder, seconded by McGilvray, to recommend that the City Council approve Resolution R-14-044 Applying for a State Trust Fund Loan in the Amount of $386,000 for the Purchase of Community Theater with a ten-year term at an interest rate of 3.50%. Motion carried 2-0. 7. Adjournment: Motion by Linder, seconded by McGilvray, to adjourn the Finance Committee Meeting at 6:56 p.m. Motion carried 2-0. Respectfully submitted, Bill Burns, City Administrator