At the heart of the meeting was the agency’s exploration of debt issuance options, with a focus on selecting between proposals from PNC and Truist Banks. Jeremy Eel, a representative from PFM, provided an overview of the proposals, explaining that the Truist offer was notably competitive. With a proposed interest rate of 3.99% and terms extending to 2033, Truist’s proposal included prepayment flexibility, a feature emphasized by Eel as crucial in the current financial climate. The board discussed the scope of projects eligible for funding through this potential debt issuance, with particular attention given to the inclusion of the fire department, which remained uncertain due to undefined project parameters and costs.

The board expressed a strong interest in maintaining flexibility within the debt issuance framework to accommodate various potential projects. A consensus emerged to proceed with a preference for option A, which was seen as offering the necessary adaptability for future endeavors. The board moved forward with a vote to adopt this approach, acknowledging that specific project definitions would follow at a later stage, contingent upon city council guidance.

Additionally, the meeting addressed an amendment to an income-based roofing improvement grant for a property on Loftton Street. The grant required an increase due to unexpected costs, which the board approved without opposition. The agenda also included discussions on invoices linked to the Lake Amphitheater concept design project. Two invoices were approved, reflecting continued progress on the project, which has already seen significant public engagement and feedback.

In a related update, the board was informed that the amphitheater project had reached 51.35% of its contracted price. The designs, which received positive feedback during a workshop, were published to ensure public awareness and participation. The board expressed optimism about securing city council approval to proceed with further steps, including the hiring of a design consultant.

The meeting proceeded to address appointments for the chair and vice chair positions for the upcoming calendar year. After a delayed process, Kathy was nominated as chair and Bruce as vice chair, with the board’s decision expected to be presented to the council for formal approval. The board also approved an invoice related to the downtown park and restriping project design, confirming that work would commence post-Christmas with plans for a special meeting to review the design.

A significant portion of the meeting was dedicated to discussing the employment agreement for Mr. Hamilton, the new executive director. Changes to the contract included an updated base salary and provisions for severance and paid time off. The board deliberated on the termination conditions, emphasizing the importance of having a full board present for such decisions and the complexities of proving causal termination. The contract was approved with the discussed amendments.