 |
 |  |
|
| |
|
BOARD
OF ESTIMATE & TAXATION MEETING ACTIONS
|
OCTOBER 1, 2007
ATTENDANCE: Fred Wilms, Chairman; Mayor Richard Moccia; Stuart Wells; Leo Mellow;
Michael Lyons; James Clark (7:35).
STAFF: Thomas Hamilton, Finance Director; Ossie Lewis, Manager of Budgets & Systems.
The meeting was called to order at 7:30 p.m. by the Chairman.
APPROVAL OF MINUTES
SEPTEMBER 3, 2007 REGULAR MEETING
** MAYOR MOCCIA MOVED TO APPROVE THE MINUTES AS DISTRIBUTED.
** MOTION PASSED UNANIMOUSLY.
SPECIAL APPROPRIATIONS AGENDA
$12,320 FROM INCREASED ESTIMATED REVENUES TO THE RECREATION & PARKS DEPARTMENT FOR TREE REMOVAL AT SILVERMINE SCHOOL
Mr. Hamilton said that this appropriation and the next related to the April Nor’easter where Norwalk had 8-3/4” of rain. The Federal government approved the designation of this event as a federal disaster. This is a portion of the money received by FEMA.
At 7:35 p.m., Mr. Clark arrived at the meeting.
Mr. Hamilton continued that the Finance Department recommends $10,500 based on most recent information from the Recreation & Parks department. FEMA is covering approximately 75% of the cost of both special appropriation requests. Some of the work was completed last year and some remains to be completed.
Mayor Moccia thanked Mr. Alvord and Mr. Hamilton for all the work they did in obtaining FEMA money.
Mr. Alvord said they have received $80,161 from the state. They have approved and obligated $241,000. They are awaiting repair of the flood control project on the Norwalk River, north of the Perry Avenue bridge, and they are awaiting word.
** MR. WILMS MOVED RESOLVED, THAT A SUM NOT TO EXCEED $10,500 BE AND THE SAME
IS HEREBY TRANSFERRED FROM INCREASED ESTIMATED REVENUES TO THE RECREATION AND
PARKS DEPARTMENT TO PAY FOR TREE REMOVAL AT SILVERMINE SCHOOL (ACCOUNT NO. 01-1350-4172).
** MOTION PASSED UNANIMOUSLY BY VOICE VOTE.
$69,821 FROM INCREASED ESTIMATED REVENUES TO THE PUBLIC WORKS DEPARTMENT FOR REPAIR WORK FROM DAMAGE DUE TO THE APRIL STORM
Mr. Hamilton said this will be for the Silvermine retaining wall and $25,600 to remove debris from the Norwalk River. If and when they receive money for the flood control project on the Norwalk River, they will come back for another appropriation.
** MAYOR MOCCIA MOVED RESOLVED, THAT A SUM NOT TO EXCEED $69,821 AND THE SAME
IS HEREBY TRANSFERRED FROM INCREASED ESTIMATED REVENUES TO THE PUBLIC WORKS
DEPARTMENT TO PAY FOR REPAIR WORK FROM DAMAGE DUE TO THE APRIL STORM (ACCOUNT
NO. 01-1350-4172).
** MOTION PASSED UNANIMOUSLY BY VOICE VOTE.
TRANSFER AGENDA
There were no transfers.
OTHER BUSINESS
SPECIAL CAPITAL APPROPRIATION AND BOND RESOLUTION - $4,400,000 – WALL STREET REDEVELOPMENT INFRASTRUCTURE
** MAYOR MOCCIA MOVED THE RESOLUTION APPROPRIATING $4,400,000 FOR THE PLANNING DESIGN AND CONSTRUCTION OF INFRASTRUCTURE IMPROVEMENTS RELATED TO THE WALL STREET REDEVELOPMENT PROJECT AND AUTHORIZING THE ISSUANCE OF $4,400,000 BONDS OF THE CITY TO MEET SAID APPROPRIATION AND PENDING THE ISSUANCE THEREOF THEMAKING OF TEMPORARY BORROWINGS FOR SUCH PURPOSE.
Mayor Moccia said this is for the POKO project. The Common Council approved the contract subject to Law Department review. The Law Department has one minor issue to resolve. Everyone has spoken highly of this project.
Tim Sheehan, Redevelopment Director, said the Redevelopment Agency had Tighe-Bond conduct a thorough analysis of what it would take to support the project. The estimate on the developer’s side was approximately $3,000,000. A tax analysis was done by the Finance Department. This project will bring in new growth. They anticipate 50% of this would be used to pay for the bond issue and the remaining 50% will go into the general fund to enhance city services.
It was pointed out that page 2 of the resolution was missing.
** MAYOR MOCCIA MOVED TO TABLE PENDING RECEIPT OF PAGE 2.
** MOTION PASSED UNANIMOUSLY.
SPECIAL CAPITAL APPROPRIATION - $65,800 – FODOR FARM UNDERGROUND STORAGE TANK REMOVAL
** MAYOR MOCCIA MOVED TO APPROVE A SPECIAL CAPITAL APPROPRIATION OF $65,800 FOR THE FODOR FARM UNDERGROUND STORAGE TANK REMOVAL.
Mayor Moccia said they are moving ahead to preserve the three houses. They need to remove these leaking tanks. This is absolutely necessary and the funds are available.
** MOTION PASSED UNANIMOUSLY BY VOICE VOTE.
The Chairman called a brief recess at 7:45 p.m. The meeting was reconvened at 7:55 p.m.
SPECIAL CAPITAL APPROPRIATION AND BOND RESOLUTION - $4,400,000 – WALL STREET REDEVELOPMENT INFRASTRUCTURE (CONT’D)
** MR. WILMS MOVED TO TAKE THIS ITEM OFF OF THE TABLE.
** MOTION PASSED UNANIMOUSLY BY VOICE VOTE.
Mr. Hamilton said the debt will be repaid many times over from the increased tax revenue from the parcels that make up the development, which currently generates $142,000 in taxes. The revenue to the city in Year 6 is projected at $1,600,000 in gross tax revenue. It will be at $2,000,000 in Year 12. Staff has conducted a stress test of this project and even with the most pessimistic scenario, the net gain to the city over 15 years would still be positive, even after the payment of debt service. This project makes financial sense to the city and will foster other developments in the city. Mr. Hamilton said he fully supports the appropriation and looks at this differently than the normal Capital appropriation because of the direct financial payback to the city.
** MAYOR MOCCIA MOVED TO APPROVE THE RESOLUTION APPROPRIATING $4,400,000 FOR THE PLANNING DESIGN AND CONSTRUCTION OF INFRASTRUCTURE IMPROVEMENTS RELATED TO THE WALL STREET REDEVELOPMENT PROJECT AND AUTHORIZING THE ISSUANCE OF $4,400,000 BONDS OF THE CITY TO MEET SAID APPROPRIATION AND PENDING THE ISSUANCE THEREOF THEMAKING OF TEMPORARY BORROWINGS FOR SUCH PURPOSE.
Mr. Mellow asked when this would go to market. Mr. Hamilton said he expects they will issue this with their other Capital budget bond sales and that they will break it down into Phase I and Phase II costs. Mr. Sheehan said the contract between the City, the developer and the Redevelopment Agency says they will have to go to market no less than 90 days after they secure construction financing. It is 6 months to get through site plan approval and then approximately 1 to 1-1/2 years is the window. Mr. Hamilton said that the city’s commitment to go forward is predicated on the developer obtaining construction financing.
The Chairman said he enthusiastically supports this project. It is an important part of town. He is pleased that they are not taking any front-loading risks. They are issuing bonds for an activity that directly generates revenue. He appreciates the Finance Department’s stress tests.
** MOTION PASSED UNANIMOUSLY BY VOICE VOTE.
ADDITIONAL INFORMATION
QUARTERLY CAPITAL PROJECTS STATUS REPORT
Mr. Lewis said that this report pulls directly from the Munis system and he reviewed the report. The Chairman said that this was an important management tool. Mr. Hamilton said they tried to consolidate projects that are funded under multiple years. It allows departments to put in explanatory text.
** MAYOR MOCCIA MOVED TO ADJOURN.
** MOTION PASSED UNANIMOUSLY.
The meeting was adjourned at 8:15 p.m.
Respectfully submitted,
Cheryl Telesco
Telesco Secretarial Services
 |
 |