Present: Mayor Mary Hogan, Deputy Mayor Curtis, Council member Albano, Council member Broxterman, Council member Haverstock, Council member Pacino, Council member Ristas, Council member Simon, and Council member Trinks

1. Call to Order

Mayor Hogan called the meeting to order at 5:35 p.m.

2.     Resolution Authorizing Property Acquisition related to Mack Street reconstruction.

Town Manager Churchill explained the resolution authorizing the acquisition of two parcels on Mack Street. The value of one parcel is estimated at $17,400 and the other is estimated at $12,000.

Councilman Trinks made a motion to set June 19, 2000, at 7:15 p.m. as the date and time for a Special Town Meeting on the resolution authorizing property acquisition related to Mack Street construction. The motion was seconded by Councilman Broxterman. The motion passed 9-0-0.

 

3. Discussion of Financing for Capital Improvements Projects

Finance Director Cunningham presented information on the town’s current and projected debt service and proposed capital projects. The town has the option of issuing an additional $4 million in non-taxable bonds in the current calendar year while staying within the bonding cap of $10 million per year. That $4 million could be split roughly evenly between the Windsor High School project and economic development incentives. If bonded, the debt service on economic development incentives is expected to be more than offset by additional property tax revenues associated with the individual projects.

The town also has the option of issuing all $4 million for the high school project while issuing an additional $2 million in taxable bonds for the economic development incentives. The bonds would be taxable if the town requires a guarantee from developers that the town will recover the cost of paying for infrastructure improvements associated with the private projects. Taxable bonds would carry a higher interest rate but would not count against the $10 million per year bonding cap.

While issuing the additional bonds as taxable bonds would create space under the cap for bonding more projects, the town needs to determine what level of annual debt service can be carried in the operating budget. Finance Director Cunningham presented a list of capital projects, some of which may need to be rescheduled or scaled back in scope in order to stay within the bonding cap and to minimize the burden on the operating budget. He noted that the list does not include several projects for which the financing mechanism has not been determined, including retrofitting 330 Windsor Avenue, landfill related projects, the renovation of L. P. Wilson, and others.

Town staff will work with bond counsel to prepare a bond ordinance for the Town Council to consider during the June 19, 2000 regular meeting.

4. Adjournment

Councilman Albano made a motion to adjourn at 7:24 p.m. The motion was seconded by Councilman Pacino and passed 9-0-0.

Respectfully submitted,

Julian Freund

Town of Windsor

CC: Town Clerk

Main Library

Wilson Branch