02/12/2009 - Laserfiche WebLink

Home Browse Search

Council Discussion: Council reviewed the alternative options as outlined in the staff report. There was no • consensus to support the revision to the policy as proffered by Mr. Mohzzzabi, citing the costs to the second and third parties to connect were prohibitive. Council considered amending the term of Reimbursement Agreements to 25 years and possible incentives for people to join and/or build sewer extensions. Summit suggested that written agreements that would encourage residents' participation "up front" would be beneficial. She spoke to her own experience where her neighbors were paying an initial cost at the time of construction and payment of remaining costs when the property was actually connected to the sewer line. Warshawsky favored no changes to the current Town Policy. MOTION SECONDED AND CARRIED: Moved by Larsen, seconded by Kerr and passed unanimously to extend the term of Reimbursement Agreements to 25 years and to adjust the reimbursement cost annually using the construction cost index. Council directed staff to consult with the originators of Reimbursement Agreements ten years or less (1999-forward) and assess their interest in amending their terms. The agreements would be returned for Council consideration. Additionally, staff was directed to return to Council with options for financial incentives to install sewer lines and encourage early participation in connecting to the extensions. 13. Annual Approval of Investment Policy(Staff. N. Pegueros) Finance Director Nick Pegueros introduced the item to Council. Due to the rapidly changing investment environment, the policy that was generally forwarded to Council for their consideration annually in October had been reviewed by the.FIC at several meetings. Council had before them the proposed changes to the policy. Pegueros clarified that the three updates to the policy formalized existing practices related to investment activity and it was not anticipated that any of the proposed changes would structurally modify PFM's management of the Town's portfolio. Pegueros reviewed the updates that included: 1) The City Council has the sole authority to modify the Town's investment strategy and to select/dismiss an investment advisor; 2) Authorization to sell securities prior to maturity for cash flow purposes or to take advantage of market opportunities to earn a higher rate of return; 3) Directs the FIC to conduct a quarterly review of the Town's portfolio for calendar year 2009. MOTION SECONDED AND CARRIED: Moved by Larsen, seconded by Kerr and passed unanimously to adopt the "2009 Investment Policy" as amended. PLANNING COMMISSION REPORT Planning Director Debbie Pedro summarized the Planning Commission meeting of February 5, 2009. The Commission had reviewed three project applications: 1) Lands of • Los Altos Homes, LLC; a landscape screening plan for a new residence. The project had been unanimously approved with a modification to one Condition of Approval increasing 9 City Council Regular Meeting Minutes February 12,2009