HomeMy WebLinkAbout2012-08-01 Finance Committee Minutes
SPECIAL FINANCE COMMITTEE
August 1, 2012 at 5:00 p.m.
(NOTE DATE)
Minutes
Councilors: Gratwick, Durgin, Blanchette, Gallant and Baldacci,
Staff: Cyr
Others:
1. Bids/Purchasing
a. Request for Qualifications – Main Street Corridor Land Use Planning
Services – Richert Planning/Terrance Dewan & Associates/HNTB
Corporation
Finance Director Cyr stated that the Council has been looking at a possible
comprehensive plan and review of the Main Street corridor. A request was
issued for qualifications to review current conditions, codes, and zoning to
develop a plan to address this area. After careful consideration and price
negotiations, the request is to award the services to Richert Planning in the
amount of $89,743. These funds will come from the Community Development
block grant.
Councilor Gallant moved Staff Recommendation, it was seconded and approved.
2. Order 12-248, Authorizing the Issuance of $4,939,000 of the City’s
General Obligations Bonds
Cyr explained that this is a result of 2013 budget process. The Council decided
now is the appropriate time to make a concerted investment in our
infrastructure. We’ve dedicated significantly higher funding for streets, bridges,
relocation of Kittredge Road, Parks and Recreation equipment, a fire engine and
waste water infrastructure. Cyr went on to state that this comes before the
Committee for approval, will come back to Council and require a public hearing.
Blanchette noted the positive press coverage that this subject is receiving. This
is encouraging for the citizens of Bangor because there has been a concern
about road improvements in our City for a long time.
Gallant moved Staff Recommendation, it was seconded and approved.
3. Finance Committee Resolution Approving Details of 2012 General
Obligation Bonds – Series B
Cyr explained these are the Arena Bonds that went out for public bid yesterday,
st
July 31, 2012. Ten bids were received on the $56.5 million Issue. Original
projections were conservative and estimated debt service was approximately
$3.7 million per year. The actual debt service for the arena project will now be
just under $3.0 million. This is a significant savings over a 30 year period of
approximately $800,000 a year from original estimates. Cyr asked for
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Committee approval and funds should be received around August 15.
Baldacci added that a public statement should go out to the media showing
citizens of Bangor that we are savings millions of dollars on the Arena Project as
a result of this. Gallant mentioned that revenues from Hollywood Slots are also
in an upward swing along with the harness racing. All Councilor present thanked
Deb Cyr and staff for their hard work in this budget process.
Baldacci made a motion to move Staff Recommendation, it was seconded and
approved.
4. Executive Session – Hardship Abatements (A), (B) – 36 MRSA § 841 (2)
5. Open Session – Hardship Abatement Decisions (A), (B)
Motion made to approve staff recommendations, it was seconded and approved.
Committee adjourned at 5:32p.m.