Update: Due to weather, City Council meeting rescheduled to 7 p.m. Tuesday. Several hot topics on the City Council agenda for Monday at 7 p.m. including a request for a public hearing regarding the city’s proposed lease agreement with United Illuminating for construction of a solar facility on the old municipal dump, a request by the Finance Department to approve $100 million in tax anticipation notes (TANs) to cover expenses and potential action to approve a legal settlement following fallout from the airport land deal for the $400,000 access road to developer Manny Moutinho’s Stratford mansion.
The Finance Department requesting the council to approve tax anticipation notes has become a regular yearly occurrence when the city’s cashflow lessens in the final quarter of the budget year. The city borrows money to pay operating expenses. The notes are paid back when the city’s cashflow improves from tax revenue at the start of the budget year beginning July 1. Some council agenda highlights:
Request to Order Public Hearing before Full Council for February 18, 2014 re: Proposed Resolution concerning a Ground Lease with United Illuminating Company to facilitate the construction of a Solar Electricity-Generating Facility on the Landfill near Seaside Park and the construction of a Fuel Cell Facility on Adjacent Land (Item#13-13 Pending in Contracts Committee)
Communication from Finance Department re: Approval of Tax Anticipation Notes to Pay Current Expenses and Obligations of the City ($100,000,000), referred to Budget & Appropriations Committee.
Public Safety and Transportation Committee Report re: Executive Session Discussion and Potential Action as Appropriate with respect to Certain Litigation specifically the Pending Appeal concerning the Stratford ZBA’s Granting of a Variance for the New Access Way Constructed by Mark IV Construction Co. Inc. on Sikorsky Memorial Airport Property.
Full council agenda here.