Minutes 01/23/2001 - Laserfiche WebLink

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January 23, 2001 01 - 33 - Adoption of an ordinance to appropriate $3.5 million in the Capital Improvement Fund for the demolition of the Tower Mall facility and the infrastructure related to the redevelopment of the area. Recommendation: · Adoption of an ordinance to appropriate $3.5 million in the Capital Improvement Fund for the demolition of the facility and infrastructure related to the redevelopment of the area. Purpose and Need: · To facilitate the redevelopment of the Tower Mall area, the City is responsible for the demolition of the facility and a portion of the infrastructure costs that totals approximately $3.2 million. As these activities are considered public improvements, they are eligible for tax-exempt, general obligation financing that will provide the lowest cost of financing. · It is requested that the Council authorize an amount of $3.5 million of general obligation bonds that would be issued in March with the already planned issuance of bonds previously authorized. Financial Impact: · The appropriation will be funded by issuance of General Obligation Public Improvement Bonds. The debt service associated with this appropriation is approximately $300,000 and will be funded from increased tax revenues received from the redevelopment of the Tower area. 1. Mary E. Phillips, 67 Afton Parkway, President of Cradock Business Owners Association, spoke on plans for redevelopment of retail space in the City. Motion by Mr. Pitts, and seconded by Mr. Moody, to adopt the following ordinance, and was adopted by the following vote: "AN ORDINANCE TO APPROPRIATE $3.5 MILLION IN THE CAPITAL IMPROVEMENT FUND FOR TOWER MALL DEMOLITION AND FOR A PORTION OF NEW INFRASTRUCTURE COSTS." Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley Nays: None 01 - 34 - Adoption of an ordinance to revise Article IV, Chapter 12 of the Code of the City of Portsmouth to revise the make-up and responsibilities of the Municipal Finance Commission. This action will create a more defined role of the Commission that complements the professional financial management of the City and that focuses on long-term financial planning and the City's debt capacity. Recommendation: · Adoption of an ordinance to revise Article IV of Chapter 12 of City Code to revise the make-up and responsibilities of the Municipal Finance Commission. Purpose and Need: · The purpose of the Municipal Finance Commission has not been updated since its creation in 1973. · The changes being recommended will create a more defined role of the Commission that complements the professional financial management of the City and that focuses on long-term financial planning and the City's debt capacity. · Recommended changes are as follows: