Town Council 05-17-2022 - Laserfiche WebLink

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om substantial compliance with Resolution 5-2018. Motion seconded by Councilman Swinney. Motion Carried 5-0 Lionel LLC CF -1 personal property. The estimated improvements in personal property were $825,000, but the actual investment was $824,132. They were projected to retain 84 employees but currently have 75, but they are searching for new employees. Salaries were projected at $5.1M, and actual wages for last year were $4.665M. Councilman Swinney motioned to find Lionel LLC in substantial compliance. Motion seconded by Councilman Stanley. Motion Carried 5-0 Lionel LLC CF -1 real property. The estimated investment in real property was $1,993,380, but the actual investment was $2,008,499. Councilman Stanley made the motion to find Lionel LLC in substantial compliance. Motion seconded by Councilman Swinney. Motion Carried 5-0 Councilman Wathen stated that Creative Foam submitted a CF -1. There is some confusion about the abatement and the actual timeline of the equipment installation. The CF -1 was filed on time, but some clarification is needed. Councilman Stanley made the motion to table this issue. Councilman Swinney seconded. Motion carried 5-0 Scott Miller with Bakertilly approached the council members about the 2020 Sewer BAN maturity date in mid-July. Mr. Miller suggests negotiating the sale of the bonds via a request for proposals from banks, including Huntington Securities, the current BAN holder. The Town will avoid the cost of an underwriter and the cost of having the bonds rated. Mr. Miller presented the three options. The primary variable in the three options is how much money is left over each year for replacements and improvements to the sewer system. Option 1 -10 -Year Level Amortization Option 2- 12 -Year Level Amortization Option 3 —12 -Year wrapped Amortization The first two options are straightforward repayment schedules that would result in additional annual debt service of approximately $264.000. The third option delays most of the principal repayment until after the outstanding 2010 Bonds are retired. This option adds additional yearly debt service of only $110.000 but dramatically increases the total interest cost. Mr. Miller cautioned the Council that inflation would need to be watched as that will change the numbers. Scott Miller asked if the Council would be comfortable issuing a request for proposals from banks rather than a competitive sale on the open market. Councilman Williams motioned to request the proposals from banks for the ten and twelve-year options. Councilman Stanley seconded. Motion carried 5-0. Debt Reduction - Council President Warthen presented a list of loan payments that can be paid off early. Attach exhibit A Councilman Williams asked how new police cars and the canine funds fit into this plan, Council President Warthen explained that the CCD and LOIT funds could be used for public safety. There was some discussion about making sure that the canine program and the leasing of new police cars are a part of the plan. Including possibly giving the police commission the option to hire a chief from outside the department. Councilman Williams reiterated the ability to fund the canine program once from the cash reserves and give the new chief of police the responsibility of continued funding from their operating budget. Councilman Williams made a motion to move forward with the debt reduction plan. Councilman Cook Seconded. Motion carried 5-0 There was an additional discussion on the canine between Councilman Williams and Councilman Warthen on the funding of the canine program, if it would be one-time or permanent funding, and whether or not to do it now or after hiring the chief of police. Councilman Williams wanted to establish the one-time funding to be in place before the new chief arrived. Councilman Cook stated he'd like to