No, it's not there.

No.

April eighteenth.

The April 18th meeting of the Hampton Planning Commission is now called to order.

Please call the roll.

Dr.

Coleman.

Ms.

Callum here.

Mr.

South Hall.

Here.

Miss Garrison.

Mr.

Brown.

Ms.

Funting?

Here.

Chairman Carter.

Okay.

I guess first order of business.

As you can see, we are shy of some commissioners this afternoon.

We do not have a quorum to conduct business.

We will be rescheduling the public hearings for this meeting.

Tentatively, it's gonna be Tuesday, May 7th at 4 o'clock.

But that will be confirmed and it will be advertised in the paper.

That takes us down to the community development director's report, Mr.

O'Neal.

Mr.

Chairman, just a point of clarification for people who may not understand if you don't mind.

If we are able to do the rescheduled hearing as we anticipate on May the 7th, it would allow the applicants to maintain their schedule to council on May 8th, which is why we're looking for the special meeting so that we do not delay progress for the applicants.

And I just wanted to put that in the record so that the applicants and those who may be watching understood we were trying to make every possible effort to avoid negative impact to our applicants.

Yeah.

Thank you.

Thank you, Mr.

Chairman.

We have two reports that we'll provide to you all that are here as well as to the public.

The first um Brian DeProfia, who's our assistant city manager, is going to give you your update on the capital improvements plan.

Good afternoon.

Um as Terry had had mentioned, uh, I will be uh going through the city's capital improvement plan.

This was released on on Monday that in the manager's recommended budget.

And before I um get into the details of the plan, I'll I'll just go through a little bit of background on what a capital improvement plan is and a little bit of the basics as to uh how we um you know what the components are and how we put it together.

Um the capital improvement plan is the long-term expenditure plan for the acquisitions of property, equipment, new construction, and major improvements to existing public facilities.

So things like improvements to our to city hall, things like um when we when we purchase property um in the community either for a public use or for redevelopment.

Um those are types of things that are in um the capital improvement plan, any new buildings, and so we'll talk a little bit about that because it's um there's some of uh each of those items in the uh capital improvement plan.

Um projects typically have a minimum cost of about $50,000 and a life expectancy of about five years.

Uh how we pay for the projects are there's basically four different categories of of sources.

The first is bonds, which are municipal loans, which are like your mortgage on your home.

And and one of the things that we want to uh one of the ways that we um determine how much how many bonds we can issue is we have certain financial policies that the city has it had adopted in the mid-80s, and over the course of time um there's been some adjustments to those to make them a little bit more um conservative over time as the as the uh financial markets have um have uh have changed.

Um but one of the elements of that um those financial policies is that we cannot have more than three percent of our taxable value of real estate in in debt outstanding, um general obligation debt outstanding and general obligation debt is pledging the full faith and credit of the city.

Um currently, based on the FY20 um year of the plan, which becomes the first year of the budget, we're at about 2.4 percent.

And we project that we will stay in the 2.4 percent range for the uh for the duration of the five-year plan.

It'll go up a little bit but down a little bit, but we'll stay pretty comfortably below our three percent threshold.

Um another leg of of our policy stool when we talk about issuing bonds is um that we should stay between be under 10 percent of the total general fund expenditures um on debt service, the debt service other payments that we make um to our bondholders to pay them back for loaning us the money.

Um as you know, sort of typical rule of thumb is between 30 and 35 percent for an individual.

Um, we want to stay um under 10 percent in terms of income going to debt.

Our current um with the FY20 year of the plan, which would be part which again would be our our first year of our capital budget, we're being at 8.2 percent.

So again, well below our policy threshold, um, and we'll stay in that 8.2 percent give or take a little bit um over the five years of the plan.

So uh so from a bonding perspective, um, you know, we are staying within our financial policies um in this plan.

Another element of our um financial policies that we will stay uh that we will pay off at least 60 percent of the principal of our debt um in a 10-year period.