Minutes 10/08/2002 - Laserfiche WebLink

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October 8, 2002 - Unfinished Business - 02 - 226 - Rezoning application: (b) Z-02-05 AIRLINE COMMERCIAL & INDUSTRIAL CORRIDOR - Delphine White requests the rezoning of 3715 Airline Boulevard from single-family residential RS-150 to Commercial C-1-K (conditional). The Comprehensive Plan recommends commercial development of this area. Deferred from September 24, 2002 City Council meeting. 1. Tom Engram, 807 Arnold Palmer Drive, spoke in opposition to this item. 2. Coleen Ramey, 815 Arnold Palmer Drive, spoke in opposition to this item. 3. Jim Ellis, 805 Arnold Palmer Drive, spoke in opposition to this item. 4. Sharon Waters, 819 Lincoln Street, spoke in support of this item. 5. Delphine White, 626-B High Street, spoke in support of this item. Motion by Mr. Griffin, and seconded by Mr. Moody, to refer this item back to the Planning Commission for the Commission to review the applicant's amended application and to make recommendations to City Council, and was adopted by unanimous vote. - City Manager's Report - 02 - 303 - Adoption of a resolution to contract a debt and to issue a $10,000,000 revenue anticipation finance mechanism in the form of a Revenue Anticipation Note (RAN) or a line of credit. Recommendation: · Adoption of a resolution to contract a debt and to issue a $10,000,000 revenue anticipation finance mechanism in the form of a Revenue Anticipation Note (RAN) or a line of credit. Purpose and Need: · The City has issued proposals to secure a revenue anticipation finance mechanism to have available should the City experience short-term cash flow needs as was the case in December 2001. Staff is evaluating the cost / benefit of a traditional RAN versus a line of credit where funds can be drawn as needed and then the line repaid as cash balances return to adequate levels. · Sections 15.20-2629 and 15.2-2630 of the Code of Virginia allows localities to borrow money and issue notes in anticipation of collection of the taxes and revenues for the locality for the current year and in advance of grants and reimbursements due the locality from the federal or state government. · The need for establishing this finance mechanism arises from the following: · The major revenues of the City are received on a quarterly basis (real estate taxes) or annual (personal property taxes) while expenditures are occurring on a monthly basis; · Social Services, Behavioral Healthcare, Comprehensive Services as well as many grants must be funded by the City and are then reimbursed by the State; and · The City's fund balance has not yet reached the level to ensure that sufficient cash flow is available during the historically Iow months of November and February.