Committee Report - Finance - 10-10-12 — File 193834

October 10, 2012 Finance Committee Page 1 of 4 Printed 10/11/2012 REPORT OF THE FINANCE COMMITTEE Attendee Name Title Status Arrived Maryann M. Heuston Chair Present William A. White Jr. Vice Chair Present John M Connolly Alderman At Large Present Robert C. Trane Ward Seven Alderman Absent Thomas F. Taylor Ward Three Alderman Present Dennis M. Sullivan Alderman At Large Present Michael Glavin Exec. Director, OSPCD Present Steven Azar OSPCD Present Eileen McGettigan Counsel, OSPCD Present Maria Carpenter Library Director Present Peter Forcellese, Jr. City Treasurer Present Ed Bean Finance Director Present Frank Wright City Solicitor Present 192478 - That this Board’s Committee on Finance meet with the Administration to formulate a Bond request for new seating/benches at Trum Field.: RESULT: KEPT IN COMMITTEE 193586 - Requesting that this Board declare the Day Street/Herbert Street parking lot available for disposition as a hotel use.: Mr. Glavin and Mr. Azar explained that the city is hoping to take advantage of an improving real estate market in Davis Square. This parcel was previously part of a 3 parcel proposal, but the consensus now is to put this parcel in play individually. By making the parcel available for a specific purpose, the city can have greater input of how the property may be used. A requirement of the sale would ensure that the property be sold for at least its fair market value of $1.14 million. The city would include in any proposal, a specific request for developers to inform the city of what they would do to provide public parking. The city wants to keep the proposal a flexible as possible, initially, to secure proposals from developers. Mr. Glavin noted that the city has the right to reject all proposals as it sees fit.

Committee Meeting October 10, 2012 Finance Committee Page 2 of 4 Printed 10/11/2012 Alderman Taylor requested that OSPCD stress the importance of parking spaces when dealing with developers and Alderman White suggested that the use of an overlay might be explored. The item was approved subject to the inclusion language that would ensure that the Board of Aldermen have the final say on the sale of the property. Solicitor Wright will look into the language used in previous sales of city property and provide the proper language. RESULT: APPROVED WITH CONDITIONS 193680 - Requesting approval of this Board, pursuant to Ordinance 2-121, to retain the services of outside environmental counsel for the Union Square Revitalization Plan.: Mr. Wright reported that the Attorney General recommended that the City hire environmental counsel to assist with the Union Square Revitalization Plan. The firm of Foley Hoag, LLP, has been selected as outside counsel for this purpose and the city will be charged a reduced hourly rate totaling $15,000 per month. RESULT: APPROVED 193755 - That this Board requests that the Administration and this Board increase all public occupancy permit fees for events that are not for 100% charitable purposes.: RESULT: KEPT IN COMMITTEE 193781 - Requesting approval for the Personnel Dept. to use FY 2013 funds to pay a FY 2012 invoice of $600.: RESULT: APPROVED 193782 - Requesting approval for the Personnel Dept. to use FY 2013 funds to pay a FY 2012 invoice of $400.: RESULT: APPROVED 193783 - Requesting authorization for the Treasurer to pay a prior fiscal year invoice of $110.50 to Accurint.:

Committee Meeting October 10, 2012 Finance Committee Page 3 of 4 Printed 10/11/2012 RESULT: APPROVED 193784 - Requesting authorization to declare a 1993 Ford E350 van as surplus.: RESULT: APPROVED 193778 - Requesting the creation of the Assembly Square District Improvement Financing Stabilization Fund.: RESULT: KEPT IN COMMITTEE 193779 - Requesting an appropriation of $52,000 and authorization to borrow $52,000 in a bond to purchase two vans for the Recreation Department.: Mr. Halloran stated that this request is for the purchase of 1 van, not 2 and he explained that the high cost of the vehicle is due to federal regulation requiring vehicles used to transport children to have certain features. Since only 1 vehicle is being purchased, Mr. Bean told the committee that a new appropriation request would have to be submitted, therefore, the committee placed this item on file. RESULT: PLACED ON FILE 193780 - Requesting an appropriation of $41,222 from the Receipts Reserved for Appropriation - Parking Meter Receipts Account to the Library Office Furniture Account to furnish the new Teen Room.: Ms. Carpenter told the members that this room is the 1st dedicated library space for teens in the city. A Teen Library Board was formed in April to provide input on the design and use of the space. This appropriation will be used to purchase furniture for the Teen Room. RESULT: APPROVED 193816 - Requesting an appropriation of $8,000,000 and authorization to borrow $8,000,000 in a bond for the cost of initiating the 2012 Union Square Revitalization Plan.: Mr. Forcellese, Mr. Bean and Mr. Glavin spoke on this item. Of the total request, $6 million would be used for acquisition with the remaining $2 million being used for site prep, relocation expenses, engineering and long term planning. Mr. Forcellese provided the committee with an estimated amortization schedule for the requested amount and told the members that the City has a AA credit rating. Mr. Bean stated that the DIF is not included in the city's overall debt since that entity is expected to generate revenue.

Committee Meeting October 10, 2012 Finance Committee Page 4 of 4 Printed 10/11/2012 The committee discussed other sources of funding, e.g., block grants, and Mr. Glavin stated that federal funding has been cut nationally. Alderman White requested an analysis of the city's bonding. The item was approved on a voice vote of 3 to 1 with Alderman White recorded as voting NAY. RESULT: APPROVED