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HomeMy WebLinkAbout10/08/2013 COW Agendar� mrrmamv�;"� 41$ H Pa��' rail COMMITTEE OF THE WHOLE AGENDA Meeting Location: Meeting Date and Time: Mount Prospect Village Hall Tuesday, October 8, 2013 50 S. Emerson 7:00 p.m. CALL TO ORDER - ROLL CALL Mayor Arlene A. Juracek Trustee Paul Hoefert Trustee Steven Polit Trustee John Korn Trustee Richard Rogers Trustee John Matuszak Trustee Michael Zadel IV, APPROVAL OF COMMITTEE OF THE WHOLE MINUTES FOR SEPTEMBER 10, 2013 CITIZENS TO BE HEARD DOWNTOWN IMPLEMENTATION PLAN In 2011, the Village was awarded a Community Planning Grant from the Regional Transportation Authority (RTA) to conduct study of the Village's downtown and create a development plan for the area. The Village selected the Lakota Group as the lead consultant for the project, which began in mid -2012. The Downtown Implementation Plan provides analysis of the state of the downtown, identifies opportunity sites and a vision of what these sites could become, and includes strategies to help achieve the goals within the plan. Serving as a guide for future development over the next 15 years, the Downtown Implementation Plan builds upon the 1998 & 2002 Downtown TIF District Strategic Plan and the 2008 Mount Prospect Public Transportation Study. Appropriate staff will be on hand to answer questions and facilitate discussion V. STREET FUNDING PLAN - FINANCE COMMISSION RECOMMENDATION Revenue shortfalls in the street program have resulted in a reduced number of miles being resurfaced on an annual basis. There is currently a backlog in street resurfacing due to this lack of funding. At the request of the Village Board, the Finance Commission was asked to research potential new revenue sources and prepare a recommendation for the Board to consider. At a joint meeting of the Village Board and Finance Commission held on July 9, the Finance Commission presented a recommended funding plan for the street resurfacing program. After considerable discussion the Village Board asked the Finance Commission to look into alternatives for revising the funding plan. At the August 13 mid -year budget review the Finance Commission and staff presented the revised funding plan to the Village Board. Revisions to the plan included the use of available fund balance and step increases planned for user fees and taxes over a five - year period. Again, the revised plan accomplishes the goal of funding the ongoing street program, but did not address the backlog of street resurfacing. Before considering the revised plan Village Board members asked the Finance Commission to determine the impact of issuing bonds to address the street resurfacing backlog. The Finance Commission has prepared an analysis using a combination of bonds and tax/fee increased to fund the street program. Finance Commission Chair, Vince Grochocinski, and Village staff will be on hand to present the new street funding plan and to answer questions and facilitate discussion. VI. MANAGER'S REPORT • Status VII. ANY OTHER BUSINESS VIII. ADJOURNMENT NOTE: ANY INDIVIDUAL WHO WOULD LIKE TO ATTEND THIS MEETING BUT BECAUSE OF A DISABILITY NEEDS SOME ACCOMMODATION TO PARTICIPATE, SHOULD CONTACT THE VILLAGE MANAGER'S OFFICE AT 50 SOUTH EMERSON, MOUNT PROSPECT, ILLINOIS 60056, 8471392 -6000, EXTENSION 5327, TDD #8471392 -6064