Laserfiche WebLink
<br /> <br /> <br /> <br /> City of <br /> B E LOIT,Wisconsin <br /> <br /> <br /> <br /> PROCEEDINGS OF THE CITY COUNCIL <br /> Special Joint Meeting with the Community Development Authority <br /> May 2, 2011 <br /> 5:30 p.m. <br /> <br /> Presiding: Kevin D. Leavy <br /> Present: Sheila De Forest, David F. Luebke, Eric Newnham, Mark Spreitzer, and James Van De <br /> Bogart <br /> Absent: Charles Haynes <br /> Also Present: Community Development Authority Members Crystal Simpkins, Thomas Johnson, Thomas J. <br /> Nee, and Nailah Adama. Member Stephanie Jacobs was absent. <br /> 1. The Special Joint meeting of the City Council and the Community Development Authority was called <br /> to order at 5:35 p.m. in The Forum of City Hall. Roll call was taken for each body, with a quorum <br /> present for both. <br /> 2. Finance Director Paul York discussed the CDA Beloit Lease Revenue Bonds, Series 2011A and <br /> Series 2011 B. Mr. York also discussed the blight designation for certain properties within'/2 mile of <br /> Tax Increment District (TID) No. 13. Dawn Gunderson from Elhers and Associates provided more <br /> information and detailed financial data regarding the TIDs that will pay for the bonds. She indicated <br /> that these bonds are revenue-issued debt so they do not count against the City's general obligation <br /> debt. Councilor Newnham expressed concern about the direct debt burden, and Ms. Gunderson said <br /> that this would be reevaluated annually. Councilor Van De Bogart asked how the blight designation <br /> will impact the future marketability of the properties. Mr. York explained that while the properties <br /> meet the State's definition of blight, that designation will not negatively impact the properties in terms <br /> of value. He went on to say that the road improvements could even add value to the area. CDA <br /> member Nee asked if the issuance of these bonds would stop the CDA from issuing other bonds in <br /> the future, and Mr. York said that there is not a cap on these bonds provided that there is a capacity <br /> to generate revenue. <br /> 3. CDA member Johnson moved to approve the Initial Resolution Authorizing the Issuance of Lease <br /> Revenue Bonds with the Community Development Authority of the City of Beloit, Series 2011A. CDA <br /> Member and Councilor De Forest seconded, and the motion carried. <br /> 4. CDA member Adama moved to approve the Resolution Preliminarily Determining Certain Project <br /> Sites Within '/z Mile of TID No. 13 Boundary to be Blighted and Providing for a Public Hearing with <br /> Respect to the Blight Determination. CDA Member and Councilor De Forest seconded, and the <br /> motion carried. <br /> 5. CDA member Johnson moved to approve the Initial Resolution Authorizing the Issuance of Lease <br /> Revenue Bonds with the Community Development Authority of the City of Beloit, Series 2011 B. CDA <br /> Member Adama seconded, and the motion carried. <br /> 6. Councilor Luebke moved to approve the Initial Resolution Authorizing the Issuance of Lease <br /> Revenue Bonds with the Community Development Authority of the City of Beloit, Series 2011A. <br /> Councilor Van De Bogart seconded, and the motion carried on a roll call vote with Councilors De <br /> Forest, Van De Bogart, Leavy, Luebke, Newnham, and Spreitzer voting in favor. File 7895 <br /> 7. Councilor Luebke moved to approve the Resolution Preliminarily Determining Certain Project Sites <br /> Within '/z Mile of TID No. 13 Boundary to be Blighted. Councilor Spreitzer seconded, and the motion <br /> carried on a roll call vote with Councilors De Forest, Van De Bogart, Leavy, Luebke, Newnham, and <br /> Spreitzer voting in favor. File 7895 <br />