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Home My WebLink About1990-05-22 Finance Committee MinutesFinance Cmmittee May 22, 1990 at 4:30 pan Cemcil Presartn rv..,,.�u,..s Ml ®glaS , Torre Smd, Bill Cmhm, Jeff Soemffi Mtaf£ Presait: Fd Barrett, W Pellogr m, R n Gibb, pfd MPey, Join Frawley, J9 ling, Ma Farrar, B t Hiller 1. Sale of State Street Fire Statim. After +press� by an atto ruing a perspe t ve party ins esreC in buys g tre pmperty, ttie item was tabled mntil He ndet Marva at pinch Crnvci..lox Rtchard SNnia would be presad.. 2. Presen tlxn W Jae Cutere of neatatar Pewiex-inn Hna Cin' Patent ec tl issue amid Plnanciel Petiriw Joe Ntera, He Ctty's financial aiviaorr reviver the Buds cf tte City's recmrt trHd sale atl vena¢ over the emicipal credit report pmvttletl by M ody's. Mr. Catera swie eereral hints which ha felt were i,q»rtant regarding tte City's tm:tUuei string fi ial rating. First, to pointed oat that mmdy's placed string eiphas s on the City mit ,.i ec nr rates in ouHr m mntiwe veer -supported operations of the Swear Futl. He pointer to tle fcllowL excerpt fimm tte Miody's Report: "MainFgwice of rva nt fiuencial positwn ani em23nved rate menses to o®lntain self-support of sever purpose debt will te a l y rating wnsideiatia, im tte future." A s item of cci is the reed m vete: m.e to mairrc.;" adery to reserves. flier the last sewaal years, tte City's budget reserves have delved, and Mr. Mtata rammmrLai mat tle City take steps to maintain adalmte reserves in oiler m wntimre m Ivld its bod rating. Finally, Mr. Wtera strongly r Het me City continue m update m m auwal basis its capital plan. He fMicnted be felt the capital plan was an excellent docurent and that it was eatrevely twlpful EON in strvcomiaJ ttre currait bxd Sssue and in p++++y+ m tte rata g eexvice mat the City dma have a plan £oc Hie forum ee well ae a firm cmadtnant m>ettrds of fines iM capital lbllmdzq He presentatimr, Jane Sart tete a notioa to mcamerd to me Cvumfl that He City wn2irure its curt policy of user ffnarefng of the sever system as wall as He need m n sinrai n tte City's Geral Fad balandres. 'this was sec v by Bill E gland, teff unaniHmely approval. 3. ( it Aller 1 c wtth the 3kzm of Seger @[f sicn at 5 Pit". 'lite Swger mora a paaasa� to the Commaittee reqweatvg that crnefderation le giver for vest sharLal m the pmpwed serer ermnsibn to tle res marina whits fs umder metrvctimr at the um plain Site. TTS ProPOSed aveesert egceaeat � the City of Bangor aha Hwpd calla £m the City m provide tte eosment m raivm for right of free areae to tle acnes lire. Mr. Sawyec lydtcated that tre felt tte atver lire poultl provide benefit b to any future developer ede might came the City of Ba Site as wall as offer {acperty aaem ! tte area attl that to pas wrcsvai mat the possibility of wet slmrvg rot te elsidreted at mia point. Following his pxrmentatim and eR� fmn He Cavaitteer Mr. Sawyer left the Heating to allow the Caeittee to deliberate m hfs retort. _2_ After mme discussion, the Cmmittee Imaically canohded that the City had no Oum,w, `hic gambler with the idea of cost sharing. hb ' given the extant a City larticipvtion in the dwfelopent of the marina m Aamptlenn's property, there u a general feeling that the City of am pt she have right of free aoc ss to the a in return for thase mntribu[imm. 1t was noted that right of free access might enhance the valve a the City's property at the point where that property is sold. the Cvmdttee reoomerderh apptoval of the Pxgxasi agreaoent calling for free access to the sewer System. 4. Several discussion itmnm on the agetoa regarding the Update Of the Purchasing Faiulatiora, Establishing a Policy on the Purchase of Pm led CA+o[la, ani Photocopier Service were tabled to a later meeting. 5. Rds: The following bid maarda rare appOved by the Finance C ttee. a. Ante¢Rive Point 1?io[AmcLs. Arms the amoral contract to Auto Paint Supply, the law bidder, at $6,540.SB. b. i..h,.icating Oils and Qmveee. mord the amoral contract to [eine lubrication Service, the aggregate low birlrler, at $18,250.00. C. Airport Liability Inmuxence. Award to Sargent, Tyler a meet, the low bidder, at $56,000.00 for the oe-y policy. d. lretallatiom of (aural mdathmn Apron Lighting a aexirmy Guitlanme Signs, Of Airfield Lighting Control System ani Uvwr F y Smsfse Sensor System. A aN to Utilities, L ., the lw hitldor, at $342,150.00. Please rote that this is an Airport ipavv®ent pmjat in which the Fedoral gn nt . xtic pates, and that the coward is contingent upon FAA epluwal. e.A.]ah111tate Tmciaey Slnuldea. A contract to .ere rOq�the only bidi3, at $762,757.50. Ibis m+ard is contingent upon FAA aIi¢ovel of bid. f. SecuritY Feeing. N d carve[ to F.A. Lafayette, Inc., the low bidder, at $290,500.00. Imerd is also contingent upon FAA approval. 9. PlaYgy mguipurt. Purchase a playg o Nipent with be frau M.B. O'Brien Corp., at $22,239.00. TMs is a Camonnity Nwvl t Pmject and the bid is amardol to the low reepomive bidder. This is the only bidder which mat the specifications for aluvacrna equipment, i.e., Waooax playyamd with aluminum inserts for Strength and vemol resistance. h. how Trunk Seger Aeonatrmtim ani Swage Pmip Statim. mord the contrect to TOuio Silver, Pe., the low bid , at $154,274.75. 6. Bra utive Seealw - Settlerent of hadim ra,.e, :t. 'Re Cmmittee than Want iDtO IDmcutive Session to discuss potential aetClanexnt of a possible lawsuit. U4 exiting Executive Session, a motion Was maw to authorize the City amnaget to orator into a lams /lrucbase with sadm Hilton for a o -6e Bulldozer. fhe lease/pmcheae w be for sixty months at an approximate monthly coat of $1,300 per math. The City w have Hee option to pimhase the bQ11tMer at the ani of any mirth based m a prcestablisl� Purchase schadnla. In return, City will nation to .amort Hilton the luesent o-5 dmlld�aer oder the mrtested buy-IacA provisions of the original purchase. -3- ].Hiln.ww ..Brest Bevelarnent District. Ren G briefs( the Comfttee on fha proposed mfldreth street li elcgumc rostrice. rhe mstrict £e desi7m to p Iia for the ralsatim of GYant's Dairy as well as to open up akditloal land do the Bflrhetb Street area for future cnmexcial and induutrlal dwmlc t. Mus sty has negotiated an agement with Grant's Dairy which settlas vin ometuction limits and dedlinea for the first Phase of their project. I re , the City will provide certain street and utility lmp� to service the (,(con's Dairy Site as well as adjacent m11wMg xeviea of the proposal, the f ttee voted to rs^rwomend its approval to Ue City Crwrcil. a. 6 Sa Park svaluatim and stat nu Study. Rmn Gill and Pod moray briefed the Ctsafttsa on the used to urate the Bass Park sreluatban and marketing study. M you will recall, this study was m be part of a ]axeg'r study involving all of prewar rise, the City rarcimee to negotiate with the RaUrod regamdu the wn+ie + portimn of the study. Wa belies we have outlined an acceptable appmach to that study, honwverr we ias not yst receivsi word bm;k frw tlue pallrod regexdvg U¢ix position and approval. Sinre this is delaying Uva ssem Park sivdy, staff xecamsrld that the C ttse approve going forwend with the Buss Park study. the cost of Ude study would be $25,000 for the aerial study and an additi $3,000 m Ue prhre contractor on the full study SM d eleaent one not ba dare. a£r r discussion, the Coaoittee cowed to apprma beginmin this study.