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Qtommitt it Ittport: <br /> Personnel and Finance <br /> "eo tie COMM €outttil of the titV of §outli tutr: <br /> The November 23, 1998 meeting of the Personnel and Finance and Health was called to <br /> order by its Vice-Chairperson, Council Member David Varner at 4:00 p.m. in the Council <br /> informal meeting room. <br /> Persons in attendance included Council Members: Aranowski, Varner, Udjak, Kelly, <br /> King, Sniadecki, Coleman and Pfeifer; Robert Hunt, Richard Hill, Ann Bruneel, Tom <br /> Skarbek,and Kathleen Cekanski-Farrand. <br /> The Committee reviewed Substitute Bill No. 102-98 would would approve and authorize <br /> the execution of a lease for the construction and equipping of a new fire station and the <br /> construction of a new roof for the Municipal Services Building. <br /> Tom Skarbek made the presentation. He noted that the City utilizes not-for-profit <br /> corporations for such financing. This would be approximately 2 million dollars over a <br /> seven (7)year period. Council action would be just approving the lease. M. Skarbek then <br /> presented a handout(copy attached) which sets forth the lease payment schedule. <br /> Ann Bruneel introduced Richard Hill,the outside legal counsel on the matter. In response <br /> to a question from Council President Coleman,Mr.Hill noted that the groundbreaking for <br /> the fire station will be in 1999 and should be completed by the end of the year. The roof <br /> will be completed in January of 1999. <br /> Ann Bruneel further noted that the original purchaser's finance arm went out of business, <br /> however the new finance arm has agreed to the same percentage rate and lease payments as <br /> the original terms. <br /> Mr.Hill added that the composite interest rate will be 4.85 %. <br /> Following discussion,Council Member Aranowski made a motion, seconded by Council <br /> - favorably Council. <br /> h Substitute Bill No. 102 98 be recommended favorab to C <br /> Member Sniadecki,that Subs y <br /> The motion passed. <br /> There being no further business to come before the Committee,the meeting was adjourned <br /> at 4:08 p.m. <br /> Respectfully submitted, <br /> Council Member David Varner,Vice-Chairperson <br /> Personnel and Finance Committee <br /> Attachments <br /> • <br />