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FINANCE AND ADMINISTRATION
MEETING MINUTES
Monday, May 26, 2009
Minutes of a meeting of the Finance and Administration Committee of the City of O’Fallon, held in the Mayor’s Conference Room, City Hall, 255 S. Lincoln, O’Fallon, Illinois on May 14, 2009. CALL TO ORDER: Time: 6:00 p.m.
ROLL CALL: |
MEMBERS: |
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Drolet J. |
X |
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Chairman Bennett |
X |
True |
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|
Albrecht |
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McCoskey |
X |
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|
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STAFF LIASON: |
Dean Rich |
X |
Alderman N.Drolet |
X |
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Walter Denton |
X |
Alderman Grogan |
X |
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Pam Funk |
X |
Alderman Polites |
X |
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Sandy Evans
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X
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Alderman Engler Others Present: Darwin Miles |
X |
Approval of Minutes: April 27, 2009 and Special Meeting, May 14, 2009
Item A: Final Bond Review: The final proceeds of the Bond sale were $15,533,713 to refund the current bonds, $10,007,121 for the Park, $2,000,503 for the Library and $39,274 for bond cost. Our previous annual payment was $1,679,237 for a 20-year $20,100,000 bond and our new payment is $1,631,965 for a $27,580,611 bond. We received $7,580,611 in new cash and reduced our annual payment by $47,272 thanks to our bond rating increase to AA and the use of Build America Bonds for our new construction. We should have the money by mid-June and will invest it in short-term
government bonds until the start of construction in the spring of 2010.
Item B: TIF Update: With the pending passage of the STAR Bond project in Glen Carbon, it is more important than ever to press on with our Regency Park TIF. With STAR bond approval, all retail options will go on hold region wide until developers determine the real impact of up to 8.5 cents of every dollar of sale available for economic development. We are at a severe disadvantage. STAR bonds will result in every commercial development looking for government help in order to compete. Central School has opposed the TIF because it said undermining was not a problem. Highway 50 fell in Mid-December and now with STAR bonds, they have lost the economic argument. All members agreed it was time to press and asked the Director of Finance to work with
Planning and Zoning to get the TIF to second reading on June 15th.
Item C: Administrative Action: Attorney Dale Funk recommends some minor changes to council procedures ordinance. (Attachment 1). Motion to approve by J. Drolet, second by Bennett. All Ayes.
ADJOURNMENT: 6:28 p.m. PREPARED BY: Dean Rich
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