April 2, 2014 Ways and Means Agenda

AGENDA
WAYS & MEANS COMMITTEE
April 2, 2014
6:30 p.m.
Administration Building - Board Room
220 N. Main Street
Ann Arbor, Michigan
http://www.ewashtenaw.org

I.  Roll Call
II.  Citizen Participation
III.  Commissioner Follow-up to Citizen Participation
IV.  New  Business

A.  Economic Development

1.    Office of Community and Economic Development

a.  Adoption of the Historic Thompson Block Brownfield Plan, 400-408 N. River Street and 107 E. Cross Street, Ypsilanti, MI  (Brownfield Plan)

  • Adopting the Historic Thompson Block Brownfield Plan, 400-408 N. River Street and 107 E. Cross Street, Ypsilanti, MI
  • Approval action includes the termination of the 2008 Brownfield Plan, as more than 5 years has elapsed since original approval, and the eligible activities and parcels have changed
  • To support the mixed-use redevelopment of a 150 year-old three-story historic building in Depot Town, consisting of ground floor retail, second floor office and third floor loft apartments
  • To perform eligible activities which include lead and asbestos abatement, site preparation and infrastructure improvements, and storm water management
  • Overall estimated investment of $7 million
  • Proposed Brownfield Plan will only facilitate the capture of incremental school tax revenues generated from the increase in property value
  • Up to $271,578 of school taxes will be captured to reimburse the developer for eligible brownfield activities
  • Washtenaw County annual tax payment received from the property owner will increase from approximately $630 to $10,292 after tax increment financing completion

RECOMMENDATION: Approval

B.  Public Safety & Justice

1.    Sheriff

a. Recommended Police Services 2016-2017 Price/Cost Metrics  (Cost Metrics)

  • Adopting the 5 year cost projections for contract police services through 2017
  • Setting the price for a contract Police Services Unit (PSU) through 2017
    - 2016 - $156,709 (1% increase)
    - 2017 - $158,276 (1% increase)

RECOMMENDATION: Approval

C.  Support Services 

1.    Finance

a. Refunding of Series 2006A Capital Improvement Bonds and Approval of Continuing Disclosure for the Bond Refunding  (Refunding Resolution)  (Continuing Disclosure Resolution)

  • Authorizing the sale of a refunding bond issue not to exceed $16,500,000 for refunding of outstanding Capital Improvement Bonds, Series 2006A
  • Providing continuing disclosure on the bond refunding
  • Due to present interest rates in relation to the interest rates at the time of the original issue refunding the bonds is estimated to save $869,000 over the life of the bond issue

RECOMMENDATION: Approval

V. Report of the Administrator
VI. Report of the Chair of Ways & Means
VII. Report of the Chair of the Board
VIII. Items for Current/Future Discussion
IX. Pending
X. Adjournment
Next Ways and Means Meeting
April 16, 2014
Board Room
220 N. Main St.,
Ann Arbor
6:30 p.m.

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