02-09-15 Community Investment - Laserfiche WebLink

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COMMUNITY INVESTMENT FEBRUARY 9, 2015 4:05 P.M. Committee Members Present: Gavin Ferlic, Henry Davis, Dr. David Varner, Dr. Fred Ferlic Other Council Present: Tim Scott, Valerie Schey (EAB), Oliver Davis, Derek Dieter, Karen White Others Present: Kathy Cekanski - Farrand, Erin Blasko, Bob Emery, Joe Fragomeni, David Relos, Cecil Eastman, Mayor Pete Buttigieg, Chris Fielding, Brock Zeeb, Jack Smith, Jim Bognar Agenda: Bill 15 -10 Approve Lease between Redevelopment Commission & Redevelopment Authority for bonds not more than $25 million Organizational Meeting Gavin Ferlic, Chair of the Community Investment Committee called the meeting to order with a quorum present and two items scheduled for discussion. The first was bill 15 -10 which asked for Council approval of a lease between the Redevelopment Authority and the Redevelopment Commission to allow the execution of bonds in the amount of $25 million. Scott Ford, the Director of the Community Investment Department made the presentation. Scott with the help of an overhead said the bond funds would be used to complete the "smart streets" initiative. The majority of dollars being used for infrastructure improvements. In describing the bond financing Scott said it would be paid back with TIF funds and would not have an impact on the City's general fund. He added that the bond would allow a quicker completion of the project and would prove to be less expensive doing the improvements all at once. If approved this evening, Scott said bond funds would become available as soon as early April. Moving to the public comment portion Gavin recognized Jim Bognar who spoke in support. Jim said while the metrics and projected economic development impact can be elusive, going ahead with two - way downtown streets and other infrastructure represented forward thinking and was the right thing to do. Jack Smith, also speaking in support, said more provision for landscaping needed to be a part of the overall plan. There was no one present to speak in opposition. On a motion by Gavin Ferlic, seconded by Bob Emery and approved by all bill 15 -10 was forwarded favorably. Gavin elected to schedule the organizational discussion until another time.