Calendar Details
Monday, August 16
4:00 pm - Mayor's Task Force on Cultural Facilities Meeting, Room 280
Wednesday, August 18
3:30 pm - Economic Development and Planning Committee Meeting, Rooms 270/271. AGENDA: Economic Development Strategic Plan; Arena Outparcel #3; Request to Amend the Albemarle Road/I-485 Interchange Study; Midtown Square
6:00 pm - District 3 Town Hall Meeting, Cooks Memorial Presbyterian Church, 3413 Mount Holly - Huntersville Road
Thursday, August 19
12:00 pm - Restructuring Government Committee Meeting, Room CH-14. AGENDA: City Manager's Evaluation
Information Items:
Safe Speed Program
Staff Resource: Dave Haggist, 704-336-4197
The Police Department began the Safe Speed enforcement program with one van on Monday, August 2. A second van will be operating by the end of the week. The program operates between the hours of 7:00 am and 11:00 pm daily along the designated corridors. The first batch of citations were mailed on Thursday, August 5; the first payment was received today. Citizens with questions regarding the program may call 704-375-3177 or review the program requirements on the City's web site.
New Financing Tools Nets Long-Term Savings for Ratepayers
Staff Resource: Doug Bean, 704-391-5070 or Greg Gaskins,
704-336-5885
On August 4 the City closed on an authorization to issue up to $400 million in debt over the next two years to finance water and wastewater projects. The City used the variable rate financing that was endorsed by the Mayor and Council at the February Retreat. This is the first time the City has used this financing method, which uses variable rate commercial paper for construction period financing.
City Finance officials estimate that Charlotte-Mecklenburg Utilities will save as much as $8 million in interest because debt is issued only when funds are needed. In two years, more permanent long-term revenue bonds will be issued to replace the commercial paper. Then the City would begin another commercial paper program.
As with general obligation and revenue bonds, credit ratings are necessary for commercial paper. All three rating agencies - Fitch, Standard & Poor's and Moody's - awarded us excellent ratings for commercial paper in addition to reaffirming our outstanding long-term ratings for revenue bonds.
Economic Development Community Forum Attendance List
Staff Resource: Tom Flynn, 704-432-1396
Mayor Pro Tem Patrick Cannon requested a copy of the list of attendees at the Economic Development Community Forum that was held on June 22, 2004 at the Charlotte Merchandise Mart. Attached is a copy of the list of attendees.
Federal Legislative Update
Staff Resource: Boyd Cauble, 704-336-2009
Now that Congress has recessed until after Labor Day, the attached update from Holland & Knight, our Washington lobbyist, summarizes the progress we have made in seeking City priority "earmarks" for various Charlotte projects. Although the federal government is operating on a continuing budget, our delegation has been successful in getting funding for several of our priority projects. Holland & Knight has also worked with CATS in preparing our application for a full funding grant commitment for the south corridor.
Should you have any questions regarding the attached update, please contact Boyd Cauble.
