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HomeMy WebLinkAbout2007-03-05 Finance Committee Minutes FINANCE COMMITTEE March 5, 2007 Minutes Councilors Attending: Farrington, Allen, D’Errico, Blanchette, Palmer, Gratwick Staff Attending: Cyr, Barrett, Bates, Courtney, McKay Councilor Blanchette, filling in for Councilor Stone, chaired the meeting. Councilor Gratwick filled in for Blanchette as a voting member. 1. Consent Agenda A motion was made and seconded to approve the Consent Agenda. a. Quitclaim Deed – 76 Walter Street – Braley b. Quitclaim Deed – 53 Davis Road – Day c. Quitclaim Deed – 200 Larkin – Gagnon d. Quitclaim Deed – 171 Essex Street – Thayer e. Quitclaim Deed – 57 Division Street – Wyman 2. Bids/Purchasing a. Sole Source – Fiber Optic Cabling/Equipment – Public Safety – Time Warner Cable - $26,220 Cyr said the Committee has previously discussed the mobile data infrastructure system. This equipment will run the fiber from various sites to the road. A motion was made and seconded to approve staff recommendation. D’Errico asked if the City could trade off some of this amount in exchange for the right of ways provided to Time Warner in the course of a year. Barrett said that as a part of the franchise agreement the City already receives 5% of their revenues from cable sales. Further, the cable used to connect City buildings was provided by Time Warner at no charge. Responding to Palmer, Courtney said that Time Warner does not know the exact footage as much of the fiber that was run in the 70’s has not been documented. When upgraded to the new police station, Time Warner filled up their existing OTN on Essex Street. The new infrastructure would be tied at various locations. Some places will be new; others will be spliced into existing lines. 3. Council Order 07-096, Authorizing the Issuance of $2,375,000 in General Obligation Bond Cyr said that last year the City created the Downtown TIF District, which was approved by the State Department of Economic Development. It is an area that encompasses all of the downtown down to the waterfront. There was an Order to capture the incremental value in that area specifically targeting the construction of the permanent gaming facility. A number of projects were identified that needed to be funded priorities by the Community and Economic Development staff. The projects were reviewed and discussed in detail by the Business and Economic Development Committee. The specific projects were: rehabilitation and repairs to the Pickering Square Garage; the reconstruction of the Hammond/Columbia Street Parking Deck; and West Market Square improvements. It is anticipated that the City will only issue the amount of bonds needed based on an estimated spend-on schedule. When the revenue actually comes in from the TIF’s, Cyr may recommend a pay as we go on many of the projects. Allen asked if this item could be tabled. Allen made a motion to table the item in light of the following meeting’s discussion regarding the arena. Blanchette clarified that the Finance Director was not going to borrow the money at this point but positive action on this Council Order would authorize the funds to be made available should the Council decide to use them. Cyr clarified that the TIF money is separate and distinct of the money that is in the racino fund. Allen said she understood but would rather table the bond until the Council looks at the entire picture. Farrington said he has questions about the West Market Square improvements. Cyr said that at the BED Committee meeting there was concern expressed about this project as well. Farrington is comfortable with recommendation of the Council Order. Cyr recommending passage of the Order with the stipulation that staff would not proceed on the West Market Square improvement project without further Committee approval. Gratwick agreed. Barrett recommended that Council Order 07-096 be amended to eliminate the third project. Staff will come back with a more detailed breakdown of elements of the project for Committee discussion and review. Blanchette asked why revenues from the Pickering Square Garage are not being used for this project. Barrett said the City currently subsidizes the overall Parking Fund because it costs the City more to operate the fund than it receives in revenues. The schedule of fees is reviewed annually by the Downtown Parking Advisory Committee. Allen rescinded her motion. A motion was then made and seconded to amend CO 07-096 eliminating the West Market Square project and to recommend approval to the full City Council at their upcoming meeting. Responding to Bates, Barrett said the details of the West Market Square project will come back to the Finance Committee at one of its April meetings. A motion was made and seconded to adjourn.