Minutes 01/10/1995 - Laserfiche WebLink

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January 10, 1995 A. Resolution approving the five year Capital ImprOvement Plan for 1994-95 through 1998-99, and a one year Capital Improvement Program for 1994-95. B. ResOlution authorizing the issuance of $8,000~000 of General Obligation Bonds Of the City Of portsmouth, Virginia for the purpose of providing funds to pay the cost of various improvement projects of such City and authorizing and providing with respect to the issuance and sale of a like principal amount of General Obligation Bond Anticipation Notes in anticipation of the issuance and receipt of the proceeds of sale .of such bonds, C. Ordinance to authorize an increase in the Real Estate Tax rate from $1.32 to $1.36 effective July 1, 1995~ "On December 13, 1994, you held a public hearing'with the Planning Commission on the proposed 1994-99 Capital Improvement Plan. At that time you received a recommendation from the MuniciPal ~Finance Commission endorsing the $8 million level of funding~ I strongly concur with that endorsement. Prior to your meeting, you will also receive a recommendation from Planning Commission. Based on the discussions at the work sessions you held, I sensed a consensus to amend the proposed CIP by adding three projects. The first amendment was to authorize $108,000 for' demolition of the Leckie Street Bridge, the second was to authorize improvements to the Wilson/Jok~ Tyler Little League fields at a cost of $131,000, and the third was to include $900,000 for construction of a new athletic field at Woodrow Wilson High SchOol. The total cost of these three projects is $1,131,000. Funding for the Leckie Street Bridge would come from a reduction in the prior authorization for Scotts Creek Dredging from $1,500,000 to $1,400,000. The other two sunendments would be fundedby deferring a nuxmber of projects which were discussed with you at your work session on December 19. I will provide you an updated recommendation at your meeting. In addition, you will hold a public hearing for the issuance of $8 million in General Obligation Bonds which provides the necessary funding for projects contained in the CIP. I recommend that you adopt a resolution authorizing the issuance of these bonds. Finally, I have discussed with you my recommendation to increase the real estate tax rate by % cents per $100, with all funds to be used for economic development projects on a pay as you go basis. This would raise about $1 million per year, which would be supplemented by the $500,000 recommended in the proposed Community Development progrsan for economic development initiatives. Using these resources, the Council could make dramatic steps towards our community's economic growth while not incurring additional debt. If you concur with the concept, I would recommend that the tax increase become effective on July 1, 1995. Should you require additional information, I will be pleased to provide it to you." 1. Robert Nelson, 911 Chumley Road, spoke in opposition of building a stadium for Woodrow Wilson High School. 2. Joan McDowell, 913 Chumley Road, spoke in opposition of building a stadium for Woodrow Wilson High School.