MINUTES 01-22-19 - Laserfiche WebLink

Home Browse Search

Mr. Anderson further explained the discussion that was held in committee with the ODOT engineer about the significance of the routes and the ability to keep discussion open about the routes. In response to a councilmember's question, President O'Leary confirmed that the City will maintain control of and responsibility for the routes and their infrastructure. In response to a Councilmember's question Director Sylvester updated Council on the study that NOACCA will be doing on all of the bridges connecting Lakewood to its neighboring communities. Clifton Ave. Extension will be part of this and it will focus on pedestrian and cycling safety. He also spoke about a TLCI grant for the Lake Ave. study which includes parking and traffic data. He shared results of the analysis. President O'Leary remarked that these designated routes also give the City added leverage when applying for grants. Mr. O'Malley expressed support for the Resolution and stated that resurfacing alone will make Lake Ave. more bike friendly. Ms. George expressed appreciation for the dialogue and expressed support for the resolution. On the motion to adopt: All members voted in favor. Motion passed. Resolution 9040-18 adopted. 6. Finance Committee report regarding meeting held January 22, 2019. (To be provided) Mr. O'Malley stated the committee convened this evening and considered a number of ordinances related to the city's debt issuance. All members of the Finance committee were present along with Councilpersons Anderson, Rader, and O'Leary. The committee heard from Jeffrey Rink from Key Bank Capital Markets as well as Katherine Schwartz from Bricker & Eckler who is the city's bond counsel and got a pretty comprehensive overview of the City of Lakewood's debt obligations and where the city stands with its debt burden. The committee also spoke about the city's bond rating, which is AA2. Mr. Rink stressed emphatically how solid of a bond rating that is for a municipality. He is someone that has a comprehensive view of the market and has similarly situated clients. The great rating is a great benefit to the city's taxpayers, as it allows the city to obtain low rates when financing capital projects. The presentation covered the city's debt profile, a market update, talked about credit rating processes, and 2019 finance items. Council also considered an ordinance to enter into an agreement for lease financing with US Bank Government Finance and Leasing. That ordinance was recommended for approval 3-0. Ordinances 65-18 through 72-18 were recommended unanimously for Council approval.