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HomeMy WebLinkAbout2019-09-16 Finance Committee Minutes FINANCE COMMITTEE MINUTES September 16, 2019 @ 5:15 pm Councilors in Attendance: Nichols, Supica, Weston, Davitt, Sprague Staff in Attendance: Cyr, Little, Conlow, Cromwell, Theriault, Lawrence 1. Consent Agenda a. Workout Agreement – Arsenault – 1610 Essex Street b. Workout Agreement – Barath – 269 West Broadway c. Workout Agreement – Kent – 793 Union Street d. Workout Agreement – Stokes – 7 South Park Street Staff provided background as to why workout agreements call for quarterly payments for a one year period only as well as shared that the number of years of taxes outstanding in the proposed agreements ranged from 4-7 years. Motion made and seconded to approve consent agenda items, motion passed unanimously. 2. Bids/Purchasing a. Sale of 40 Nelson Street – R& B Developers, LLC - $16,300 Motion made and seconded to recommend sale to City Council, motion passed unanimously. b. Juniper Street/Kira Drive Drainage Project – Engineering - Whitmore Contracting - $86,191 Motion made and seconded to approve contract, motion passed unanimously. c. Request to Piggyback on State Contract – Vehicle – Darling’s - $20,595 Motion made and seconded to approve purchase, motion passed unanimously. 3. Motor Vehicle Agent Fee Increase Staff provided background on the motor vehicle agent fee charged by municipalities. For the first time in 28 years, the State Legislature has allowed municipalities to increase this fee from its current levels. The fee only applies to those wishing to complete their registration at City Hall, citizens can chose to complete the registration at DMV and thereby foregoing the fee. Motion made and seconded to recommend the increase in the agent fee and to place the fee on the schedule of fees (it is currently not listed), to the City Council. Motion passed unanimously. 4. Order 19-364, Authorizing the Issuance of Refunding Bonds Staff provided additional information on the upcoming refunding bond order and process. Due to the anticipated taxable nature and structure of the bonds, the bonds will be sold via a negotiated sale, which will also incorporate the City’s annual tax exempt bond issue. The sale date is nd anticipated to be October 22. The refunding bonds are estimated to result in savings of approximately $2.5 million. The majority of the refunding bonds being issued are for the outstanding Arena bonds. Meeting adjourned at 5:33 pm