HomeMy WebLinkAbout11-23-98 Personnel & Finance Qtommitt it Ittport:
Personnel and Finance
"eo tie COMM €outttil of the titV of §outli tutr:
The November 23, 1998 meeting of the Personnel and Finance and Health was called to
order by its Vice-Chairperson, Council Member David Varner at 4:00 p.m. in the Council
informal meeting room.
Persons in attendance included Council Members: Aranowski, Varner, Udjak, Kelly,
King, Sniadecki, Coleman and Pfeifer; Robert Hunt, Richard Hill, Ann Bruneel, Tom
Skarbek,and Kathleen Cekanski-Farrand.
The Committee reviewed Substitute Bill No. 102-98 would would approve and authorize
the execution of a lease for the construction and equipping of a new fire station and the
construction of a new roof for the Municipal Services Building.
Tom Skarbek made the presentation. He noted that the City utilizes not-for-profit
corporations for such financing. This would be approximately 2 million dollars over a
seven (7)year period. Council action would be just approving the lease. M. Skarbek then
presented a handout(copy attached) which sets forth the lease payment schedule.
Ann Bruneel introduced Richard Hill,the outside legal counsel on the matter. In response
to a question from Council President Coleman,Mr.Hill noted that the groundbreaking for
the fire station will be in 1999 and should be completed by the end of the year. The roof
will be completed in January of 1999.
Ann Bruneel further noted that the original purchaser's finance arm went out of business,
however the new finance arm has agreed to the same percentage rate and lease payments as
the original terms.
Mr.Hill added that the composite interest rate will be 4.85 %.
Following discussion,Council Member Aranowski made a motion, seconded by Council
- favorably Council.
h Substitute Bill No. 102 98 be recommended favorab to C
Member Sniadecki,that Subs y
The motion passed.
There being no further business to come before the Committee,the meeting was adjourned
at 4:08 p.m.
Respectfully submitted,
Council Member David Varner,Vice-Chairperson
Personnel and Finance Committee
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