Action: Refinancing of 2003 sewage works bond
What it means: The city will refinance its 2003 bond, which has a 5 percent interest rate, to a new 1.95 percent rate. The refinancing will be used to offset the costs of the unfunded federal mandate to upgrade the city’s stormwater and sewage system. Officials said refinancing will save an average of $20,000 annually in debt service and $251,000 more in bond savings. The bond was originally issued in the amount of $12.04 million and has an outstanding amount of $7.71 million.
What’s next: The bond will close in June and the first payment will occur in July.
Action: Re-establish a municipal Cumulative Capital Development Fund
What it means: An ad valorem property tax levy of 5 cents per $100 assessed value will be retained in the Cumulative Capital Development Fund. This fund will be used for the cumulative bridge, improvement, fire, transportation, building and capital improvement building fund for municipal sewers and park funds.
What’s next: This fund takes effect upon the approval of the Dept. of Local Government Finance.
Action: Amendments in the city’s Unified Development Ordinance
What it means: After an audit of the city’s Unified Development Ordinance, consultants from RW Armstrong recommended 11 amendments to the document. The amendments do not change the document but update it to current state statutes and reduces redundancies. One change is replacing existing language in the Corporate Campus development to make a building’s minimum size 15,000 square feet instead of 40,000 square feet.
What’s next: The amendments will be voted on at the next meeting.
Action: Funding the Friends of Central Pool
What it means: The Friends of Central Pool are looking for financial assistance to address a leak in the David Boudia Diving Center at Forest Park Aquatic Center. The leak creates environment and economical issues with chlorinated water seeping into the ground and the pool having to constantly add water to the area. A similar leak occurred three years ago in the swimming pool.
What’s next: The Common Council approved to pay no more than $50,000 out of COIT to help the Friends of Central Pool fix the leak by buying a liner.
Action: Naming a member to the façade grant review committee
What it means: Renee Oldham was selected by the common council to the Noblesville Façade Grant Review Committee. Oldham is the executive director of Noblesville Main Street. The City of Noblesville’s Facade Improvement Grant Program is designed to stimulate downtown investment, maintain and expand the economic contribution of the Central Business District, promote architectural appreciation and initiate aesthetic improvements in downtown Noblesville.
What’s next: The committee works with city’s economic development department and Oldham will join the five-member review committee to approve funding.