Minutes 12/09/2008 - Laserfiche WebLink

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December 9, 2008 Financial Impact: . The exact financial impact upon the General Fund budget can not be determined until the interest rate is set by Wachovia Bank. However, the City will be making Interest-Only payments for the three years the BAN is outstanding, which would represent a cash flow savings compared to Portsmouth's typical debt structure, which requires some portion of principal to be paid each year. Staff Recommends: . Adoption of the ordinance. Vision Principle: Thriving Neighborhoods and a Sense of Community, and a Robust and Prospering Economy. Next Steps Following Council Action: . The City Manager will execute a Commitment Letter with Wachovia Bank on December 10th that will fix the interest rate on the BAN. Closing on the loan will occur on or around December 17, 2008 and funds will then be available for expenditure on projects. Motion by Mr. Whitehurst, and seconded by Ms. Psimas, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED $30,000,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS FOR THE PURPOSE OF FINANCING OR REFINANCING VARIOUS CAPITAL IMPROVEMENT PROJECTS." Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley Nays: None 08 - 534 - Adoption of a resolution directing the Planning Commission to initiate a review of the City's Zoning Ordinance pertaining to the use of banners and to report the Commission's recommendations to the City Council. Vision Principle: A Robust and Prospering Economy. Background: . City Council has requested a review of the City Code requirements as they pertain to the display of banners throughout the City. . The regulations for the display of banners can be found within Article V. of the City's Zoning Ordinance. . Pursuant to S15.2-2285B. of the Code of Virginia, no zoning ordinance shall be amended or reenacted unless the governing body has referred the proposed amendment or reenactment to the local planning commission for its recommendations. Discussion: . Upon approval of the initiating resolution, staff will begin the process of reviewing the Zoning Ordinance requirements and will schedule the matter for review by the Planning Commission at its next regular meeting. Financial Impact: . Staff will perform the necessary review. No additional funding is required to complete the review. As with all items requiring a public hearing, a very minor cost will be incurred to advertise this case for the Planning Commission public hearing and for the City Council public hearing. Staff Recommendation: Adoption of the resolution. Vision Principle: A Robust and Prospering Economy. Next Steps: . Upon approval of the initiating resolution, staff will begin the process of reviewing the Zoning Ordinance requirements and will schedule the matter for review by the Planning Commission at its next regular meeting.