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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 th 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.