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.