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MAY 12, 2005

ATTENDANCE: Bruce Kimmel, Chair; Carvin Hilliard; Douglas Sutton; Ken Baker (8:30 p.m.)

STAFF: Tom Hamilton, Finance Director; Frederic Gilden, Comptroller, Lisa Biagiarelli, Tax Collector

Mr. Kimmel called the meeting to order at 8:10 p.m. He noted that they did not have a quorum.

CLAIMS COMMITTEE – RECEIVE THE MONTHLY CLAIMS REPORT; REVIEW AND APPROVE CLAIMS AS REQUIRED FOR CLAIMS REPORT DATED MAY 12, 2005

Ms. Biagiarelli said that they had two state tax abatement requests for elderly housing and the other is in excess of $5,000.

Mr. Kimmel said that he was sending this item to the full Council.

NARRATIVE ON TAX COLLECTIONS DATED MAY 12, 2005 – RECEIVE REPORT AND DISCUSS
MONTHLY TAX COLLECTOR’S REPORT DATED APRIL 30, 2005 – RECEIVE REPORT AND DISCUSS

Ms. Biagiarelli reviewed her narrative that was included in the packet. She said that as of the end of April they have done really well in tax collection. Their collection rate is 98.2%, which is primarily due to the tax sale. They are slightly below last year, but they will catch up soon.

They started with 100 properties for the tax sale and as of today they are down to 54 properties. The sale is scheduled for July 18th and she said that she believes the number will be down to 20 properties.

Ms. Biagiarelli said that she needs the Common Council to stand up for the Tax Department. Another mailing is going out and things will get difficult as they get closer to the sale.

Ms. Biagiarelli said that Mr. Whitman took photographs of the properties. She said that he has been a great help and so has the rest of the staff in the Tax Department. She said that this tax sale is a huge undertaking and is consuming her life. She implored the Committee to give her another person.

Mr. Hamilton said that the performance in the Tax Collectors office is outstanding. The collection rate is among the best in the state. He described the criteria established to put the properties in the tax sale. Mr. Hamilton said that Ms. Biagiarelli has applied the criteria in a consistent manner across the board. The properties are listed on the City’s website.

RESOLUTION MAKING APPROPRIATIONS AGGREGATING $10,077,000 FOR THE 2005-2006 CAPITAL BUDGET AND AUTHORIZING THE ISSUANCE OF $7,628,324 GENERAL OBLIGATION BONDS OF THE CITY TO MEET CERTAIN APPROPRIATIONS IN THE 2005-2006 CAPITAL BUDGET

Mr. Hamilton explained this item and said that the financing relates to all capital items except those that will be financed by grants.

RESOLUTION WITH RESPECT TO THE AUTHORIZATION, ISSUANCE AND SALE OF NOT EXCEEDING $23,000,000 CITY OF NORWALK GENERAL OBLIGATION BONDS, SERIES 2005

Mr. Hamilton said that his is not a new authorization to spend money. This allows them to go to the market to finance various projects. Most of the 2003-2004 financing will go to the school projects. And the 2005-2006 financing will be for a lot of Department of Public Works projects.

In coming up with the figures, Mr. Hamilton said that Mr. Gilden meets with various departments and with Gilbane to determine the amount of money that should be bonded to meet the needs of the City’s projects.

Mr. Kimmel sent this item to the full Council.

PARCEL 3, RESOLUTION PROVIDING FOR THE DISPOSITION OF SALE PROCEEDS FROM THE REED-PUTNAM SO-CALLED PURSUANT TO SECTION 6 OF PUBLIC ACT NO. 00-168, AS AMENDED BY SECTION 13 OF SPECIAL ACT NO. 01-6

RESOLVED: THAT THE PROCEEDS FROM THE SALE BY THE CITY OF THE REED-PUTNAM PARCEL 3 PROPERTY, AS MORE FULLY DESCRIBED IN SECTION 6 OF PUBLIC ACT NO. 00-168, SHALL BE USED PURSUANT TO AND FOR THE PURPOSES DESCRIBED IN SAID PUBLIC ACT, AS AMENDED BY SECTION 13 OF SPECIAL ACT NO.01-6, (TOGETHER HEREIN “THE ACT”) AS FOLLOWS:

1. $5,389,000 SHALL BE USED FOR THE PARKING GARAGE CONSTRUCTED FOR THE MARITIME AQUARIUM AT NORWALK, INCLUDING (A) $4,089,000 TO PROVIDE FOR ADDITIONAL FINANCING OF COSTS NOT COVERED BY THE $9,110,000 IN PRINCIPAL AMOUNT OF CITY OF NORWALK AND NORWALK PARKING AUTHORITY LEASE REVENUE BONDS FOR THE MARITIME AQUARIUM GARAGE PROJECT, SERIES 2002 (THE “LEASE REVENUE BONDS”) AND (B) $1,300,000 TO PROVIDE FOR A PORTION OF DEBT SERVICE PAYMENTS ON THE LEASE REVENUE BONDS DURING THE START-UP PERIOD FOR THE GARAGE, AND THE USE THEREOF FOR SUCH PURPOSES IS HEREBY DETERMINED TO BE AUTHORIZED BY AND IN ACCORDANCE WITH THE ACT; AND
2. $1,861,000 SHALL BE TRANSFERRED TO THE CITY OF NORWALK CAPITAL NON-RECURRING SPECIAL REVENUE FUND TO BE HELD BY THE CITY AND USED SOLELY FOR PURPOSES DETERMINED AND APPROVED BY THIS COUNCIL FROM TIME TO TIME TO BE FOR ‘ECONOMIC DEVELOPMENT AND URBAN RENEWAL PURPOSES’ AUTHORIZED BY AND IN ACCORDANCE WITH THE ACT

Mr. Baker arrived at 8:30 p.m.

Mr. Kimmel noted that they now had a quorum.

Mr. Hamilton explained that the Common Council just authorized the sale of parcel 3. He described how the proceeds of the sale would be used.

A significant amount of time has been spent working with the Parking Authority and LAZ to determine what the financial projections would be next year. At this point they are expecting a shortfall in the range of $200,000. To deal with that shortfall, Mr. Hamilton said that they feel it is appropriate to set aside money to cover the debt service. Mr. Hamilton said that he believes that the financial operations of the Parking Authority are improving.

Mr. Hamilton recommended setting aside 2 years of debt service. He said that he expects that over time, the Parking Authority will narrow the gap and they will implement a balanced budget. If the Parking Authority were unable to pay the debt service, it would fall to the City to come up with a plan.

** MR. BAKER MOVED TO APPROVE THE RESOLUTION
** MOTION PASSED UNANIMOUSLY

APPROVE THE MINUTES OF THE FOLLOWING FINANCE CLAIMS COMMITTEE MEETING

April 14. 2005

** MR. KIMMEL MOVED TO APPROVE THE MINUTES OF APRIL 14. 2005
** MOTION PASSED UNANIMOUSLY

There was no further business and the meeting was unanimously adjourned at 9:00 p.m.

Respectfully submitted,

Rosemarie Lombardi
Telesco Secretarial Services