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rillageDebt-Mr. Marquardt's recollections leave out critical comments by the Finance <br />Director who spent a good deal of time reviewing Appendix B and pointing out the <br />difference between the General Fund Debt that was used to fund the k'ire Station, the <br />Special Assessment Debt that was used to fund the Worton Park Project that is ofsett <br />almost entirely by the Special Assessment revenues and the S.O.M. Center Road and <br />North Commons Debt which is currently more than offset by special assessments and <br />T.I.F. revenues and will within less than eleven years be entirely offset by the T.I.F. <br />revenues. Mr. Brett speculated that when the fourth building-which is currently nearly <br />Completion-goes on to the County's books in 2005 for collection in 2006, there will be <br />approximately a 25% increase in the T.I.F. revenues which now exceed $600,000 per <br />year or roughly $125,000 in additional revenues. Together with the $80,000 received <br />annually from Progressive in Special Assessments, this would be enough to offset cunent <br />debt and an increase proposed in the S.I.B. loan if such an increase could be secured at <br />3%. The Finance Director was candid in stating that if the loan were increased, there <br />may be a year or two-specifically, 2004 and 2005, in which a transfer from the General <br />Fund to the General Bond Retirement Fund could be made. This was questioned by Mr. <br />Marquardt and it was brought up that this was done several times in the past most <br />recently with the transfer of $750,000 from the General Fund to the Bond Retirement <br />Fund to retire entirely the Parkview Pool debt after only four years. It was also pointed <br />out that the Village had on several occasions in the past with the approval of Council- <br />transferred funds to capital improvement accounts to mitigate the need for additional debt <br />and that in short, the Mayor and his administration has been relatively debt adverse given <br />the amount of increase in assets acquired over the past decade. <br />The use of the work exacerbate in the last sentence is inaccurate and misleading. It is <br />implied that the debt situation is in a bad situation to start with; something that was <br />neither stated by myself or the administration or proved to any degree by anyone present <br />the evening of the 22na <br />If these modifications are made to the minutes, I would suggest that someone else's name <br />appear on the minutes. I will not sign them. <br />Attached find a copy of the minutes as T would have transcribed had I the time or the <br />inclination on the evening of the 22°d. I think you will fmd that they present more than <br />one person's perspective on the proceedings of that evening. <br /> <br /> <br />? <br />?