Politics & Government
COW Quick Story: City Promotes Outdoor Music and Saves $500,000 By Refinancing Bonds
It's a brief City Council Committee of the Whole meeting, but the good news is a recommendation that will save the city a half-million dollars.
The Geneva City Council Committee of the Whole meeting was short and sweet Monday night.
The COW voted to recommend full-council approval of four items:
a. A Certificate of Completion Resolution for Roquette of America.
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This is a simple acknowledgement that Roquette completed water main, storm sewer, sanitary sewer, detention basin and site grading work that was inspected and approved by the city.
b. A bid award to municipal Emergency Services, Inc. in the amount of $94,500 for purchase of a Fire Department breathing apparatus.
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This is another good deal for the city, although you wouldn't note it from the agenda description. Basically, the Fire Department staff filed an application with the Assistance To Firefighters Grant program in June for replacement of some SCUBA gear.
Staff consulted with the Grant Management Office for the Department of Homeland Security regarding the single bid. The grant provides $85,050 and requires a 10 percent match from the city of $9,450.
c. Approval to grant temporary authority of City Administrator Mary McKittrick to approve use of public property for an outdoor music grant program.
The city of Geneva would like to offer a grant program to help create more entertainment in downtown Geneva when festivals are not operating.
The city has allocated $5,000 from its Hotel/Motel tax to fund this grant program which will enhance our visitors’ experience in the downtown and encourage overnight stays as part of a Geneva Getaway.
Applicants can qualify for a matching grant that brings music to outside venues in downtown Geneva. The maximum grant is $500, and events may be held on outdoor private property with permission from the city.
City Administrator Mary McKittrick, working with Economic Development staff, proposed an Outdoor Music Grant Program for FY 2011-12.
The city will administer the grants, and priority will be given to those grants which generate overnight stays, reach a broad section of the economy or encourage visitors to patronize Geneva’s businesses, restaurants and attractions.
d. A draft ordinance authorizing issuance of general obligation refunding bonds in the aggregate principal amount of $13,000.
McKittrick said bond market conditions are favorable, so now was a good time to refinance the remaining Electric Revenue bonds.
"As a result of the refunding, the city will save an estimated $500,000 over the life of the bonds," a city report said.
