07.15.2013 MINUTES - Laserfiche WebLink

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Special Council Meeting July 15, 2013 Page 2 commended Mr. Anderson on the City's management of finances and financial policy of keeping five months' operating reserve in the general fund and four months' operating reserve in the water and sewer fund. Mr. McLiney said this type of management meant that bond insurance was not required, which resulted in a savings of $79,383.00 to the City. He said the City received a Double AA rating from Moody and A+ from Standard and Poors. A Motion to authorize the issuance of the City's General Obligation Bonds was made by Mayor Hashmi and seconded by Council Member Wright. Motion carried, 5 ayes — 0 nays. Council Member Jenkins arrived to the meeting at 5:55 p.m. Mayor Hashmi recessed the City Council at 5:55 p.m. and reconvened City Council into open session at 6:06 p.m. 3. Receive presentation from the Capital Improvements Citizen Committee. Mr. Anderson said there was confusion about this item and said the Committee needed a workshop with the Council prior to making a recommendation or giving a presentation. He asked Council to pass over this item and schedule a workshop. It was a consensus of City Council to schedule a workshop for Monday, July 22nd at 4:00 p.m. 4. Discussion and possibly act on a Resolution approving Guidelines and Criteria for a Residential Tax Abatement Program. City Attorney Kent McIlyar explained that Council would need to make decisions regarding the reinvestment zone, minimum investment, term of tax abatement, percentage of abatement and whether or not to include subdivision improvements. Mr. McIlyar further explained that once those decisions were made, they would need to have a public hearing at a future Council meeting with regard to the reinvestment zone. Following a lengthy discussion, it was a consensus of City Council that the abatement would be 100% for the first and second years; 80% the third year; 60% the fourth year; 40% the fifth year and 0 the sixth year. Council also decided that a minimum investment of 20% of the appraised value would be required to be eligible for the abatement and that the term of the abatement would be for five years. City Council decided to include single - family homes and not include developers for subdivisions at that time. Mayor Hashmi said he wanted all of Paris to grow, but would like to encourage grow in West Paris and other blighted areas. After review of the map, City Council decided to include all of District I west of NE 201h Street; all of District 2; all of District 3 inside the loop, plus Jefferson Heights outside the southeast loop; all of District 4 west of Northeast 201h inside the loop, plus south of the U.S. 82 outside the west loop; and all of District 5 west of Southeast 20th Street. It was decided that staff would bring a formal map to the Council meeting on July 22 for approval.