Well, we won't claim any credit for that, but that was the difference between doing something back in the spring and doing something this year.
No, I think it was particularly -- we had been working very closely with Fannie Mae who, as you know, is a major player in purchasing a bond --
And as a result of our work and relationships development with Fannie Mae, they came in, brought a sizeable portion of the issue, and brought it in such a way that it -- that basis 49 6/6/02 FINANCE - 020275, 020285 points below what would have been, you know, prevailing in the market.
Well, I understand. But the 295 figure, that discussion started last year when interest rates moved from the spring through the summer and into the fall because last spring, this was $250 million, and in the fall, it became 295, when it was crystal-clear that interest rates had moved such that $20 million in debt service would clearly support about the 295, close to $300 million.
We don't have to have an interest-rate argument. My question is: Are you anticipating the next offering to basically be the balance of 145 or 150?
No, we are not. The next offering that we are anticipating that we would like to seek is about 15 million, I would say, in private-activity bonds -- 50 6/6/02 FINANCE - 020275, 020285
The third offering would be -- again, it would depend. For example, depending on the rate of expenditures for governmental purpose bonds, we may go out for more governmental purpose bonds. If we need more money for acquisition activities, depending on the rate of expenditure, we would go for that. And we have to be, as you know, sensitive --
-- both types of financing have time limits. So we want to go where we sufficiently expect.
I understand. Let me ask you this question: Question No. 6, please include the neighborhoods north of 51 6/6/02 FINANCE - 020275, 020285 Market Street that would be affected by demolition activities. The response is, the Planning Commission will include the neighborhoods of Haddington, Carroll Park, and portions of Overbrook in the list of NTI-candidate planning areas.
Now, does that mean that they're going to be added to the list of 11 communities in 3 commercial corridors? 12
We have -- we didn't put it 16 in the form of an amendment, I have to admit. 17
We have the backup paper. 20 It's been a kind of tight timeline here. I'm 21 sorry. 22
I understand. 23 Was that list in the front of all of 24 these maps? 25
The overarching list, I 52 6/6/02 FINANCE - 020275, 020285 believe, is in the front of the attachment. But I just -- the papers that I handed to you restated it so it's in that.
Okay. So you're saying on this -- they're now added to this list here?
Would you mind having that as an amendment? What is that?
Yeah, it's an attachment. We will have to re-, you know, work the book to make sure that we get all the paper in.
Right. So you wouldn't mind if we -- 53 6/6/02 FINANCE - 020275, 020285
I understand you're doing your best. The answer to number 15, the encapsulations, can you tell me, were these all of the encapsulations from FY '02?
Yes. These were things that the City has been, through the Department of Licenses and Inspections -- has just sort of, like, was doing on a case-by-case basis. And those were the ones that were done in FY '02.
Do you have any idea -- I mean, some of these things make mention of where came from: They were on the Mayor's tour or they came from State Representatives or something. I mean, this is all over the place. I 54 6/6/02 FINANCE - 020275, 020285 mean, do you have any idea why this -- why the encapsulations are so scattered all over the place?
I think, again, it was, you know, looking at the issue of where you found a particular property that neighbors were particularly concerned about and --
Excuse me, if I may. To my colleagues, we're having a problem with some of our guests who cannot stay. We have managed -- and, Councilwoman Tasco, I particularly would like you to have you hear this, I ask members to hear this. This will determine whether or not we can report these bills out or whether or not we have to recess and come back. So I ask you to particularly listen to this. If the committee is willing for us to work out where the money comes from, Councilwoman, especially Councilwoman Tasco, we're prepared to try to include the monies that you allowed for. And then we can -- because we really have a time problem; we've got to go into session 'cause we're going to lose some of the guests who are being 55 6/6/02 FINANCE - 020275, 020285 honored today. If the committee is willing to do that, we can move forward, report the bills out, and then go on to Council.
Well, let's submit it now. If we're willing to do that; otherwise --
I don't think Councilman Nutter -- I can't speak for Councilman Nutter. I think we should recess, have Council, and come back and finish the discussion. I'm not sure whether he's finished or not and I have an amendment.
Then I will take this offer off the table then. If we can't do it that way, then this committee will be -- this hearing will be in recess until immediately following the City Council session. There is no offer on the table from me. Thank you. 56 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING - - - (Stated meeting convenes, then adjourns.) (Finance Committee meeting reconvenes.) - - -
Thank you. The Finance Committee is now called back into session. (Council President Verna strikes gavel.)
Thank you very much. Our hearing is resumed with regard to Community Development Block Grant bill No. 020275 and the NTI Bill 020285. There has been much discussion with regard to amendments. We believe that we are prepared to submit amendments with regard to the Community Development Block Grant hearing. And the Chair now calls on Councilman Nutter for the purpose of introducing an amendment 57 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING to this application.
Thank you, Madam Chair. Madam Chair, there is one amendment that incorporates two elements. The first is the amendment that we discussed earlier in the hearing that is related to the reporting requirements. We've heard testimony from Miss McCullough on that particular issue.
Councilman, has not this been circulated as well to all committee members?
It has, Madam Chair, but I need to put on the record that the amendment that I circulated earlier now has had material added to it. So there is only one amendment. Councilwoman Tasco has incorporated her proposed amendment that we discussed earlier into the earlier amendment that I have put forward and that the Administration has seen. I do not know if the Administration witnesses have seen what is now a combined amendment. So there is only one amendment, but new 58 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING language has been added to the earlier amendment. I know that sounds very confusing, but I know Councilmembers know what we're saying.
Councilman Nutter, have Councilmembers seen the amendment? I don't have a copy of it.
All the committee members have a copy of the amendment in front of them.
There's a point of order on the floor. Councilwoman Tasco?
My amendment was circulated earlier to the committee and to the Administration. We just incorporated it into the one amendment. So it's -- they have seen it.
We will now ask Miss Pat Smith or Scott Wilds, is there any discussion with regard to this amendment? And what do you assume the Administration's position is on this issue? 59 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING
Good morning. Scott Wilds, Deputy Director of Housing. This is the first time we've seen the combined language. However, we do need to get the block grant bill out today, and that is our first concern.
Point of clarification. So that we are clear, my amendment was circulated and given to the Administration prior to the recess. Councilman Nutter read his amendment prior to the recess. The only thing that has happened -- nothing has changed materially except that they were combined into one amendment.
Right. It's in the first paragraph at the start of Section -- 60 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING
Right, in the first paragraph, that language was given to you prior to the recess.
Madam Chair, if it's okay with you, Chairwoman Blackwell, the first order of business is the new amendment, and the only amendment is the document that reads at the top "Amendments to Bill No. 020275 Offered by Councilman Nutter and Councilwoman Tasco" and dated June 6, 2002. That is the amendment that is before us. Let me also put into the record that the intent of Councilwoman Tasco's portion of this amendment is that the line item for the Northwest Counseling Services and the Delaware Valley -- the Housing Association of Delaware Valley Counseling Service shall include $300,000 for each of the two organizations named, in addition to funding under that line item for other organizations, as shown in the Year 28 Consolidated Plan. That is the intention of that portion of the amendment, and we want to make that clear as to the legislative intent of the Councilmember 61 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING offering the amendment, and the action of the committee would then confirm what the legislative intent was. I wanted to add that to the record.
Is there any discussion from the Administration? Or would you like to dialogue with either Councilperson with regard to this amendment?
Is the Administration prepared to accept this amendment as submitted? I know there's been no time.
Our preference would remain not to change the funding amounts; however, we do recognize the import of getting the bill moved today.
Thank you, Madam 62 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING Chair. Good morning.
This morning we will be taking up a number of issues and amendments. And there is, obviously, some financial impact on what is being proposed by way of these amendments. In your opinion, does this influence, or will this influence, any of the other projects that are in the NTI Program going forward? For instance, Jefferson Square, as an example, which is in my district; do you see any adverse effect to that project as a result of some of the action we're proposing to take this morning?
I would not, Councilman, in that the resource being used for this additional counseling is an administrative cost.
Thank you. 63 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING
Yes. And this is directed either at the sponsor, Councilwoman Tasco, or the witnesses. Just -- I know that these awards of $300,000 in the amendment are more than what was being awarded in the original bill and less than these organizations got last year, the year we're currently in. But can you tell me, what is it coming down from, the 300,000? What --
I believe, Councilman, they were 350 or 355. The Administration originally offered today that they be at 265.
Thank you. Are there further questions? (No further questions.)
The Chair then will entertain Councilman Nutter -- well, I think, 64 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING then, that will conclude our public hearing. - - - 65 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING
We will now enter a stated meeting for Bill No. 020275, and the Chair recognizes Councilman Nutter for the purpose of an amendment.
Thank you, Madam Chair. Madam Chair, I move that the amendment, as circulated, which is dated June 6, 2002, offered by Councilwoman Tasco and myself, be adopted. (Duly seconded.)
It is moved and seconded that the amendment to Bill No. 020275 be adopted. All in favor? Opposed? The ayes have it and so the amendment has been adopted. The Chair recognizes Councilman O'Neill for purposes of reporting out Bill No. 200 [sic] with a suspension of the rules, as amended, to be considered on today's calendar.
Same one we've 66 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING been discussing, 020275.
Okay, I'm sorry. I misheard you; I thought you said "200."
I want to indicate it is now more than ten minutes after the President declared a five-minute recess.
Okay, and every time we mention that, it takes longer. Madam Chair, I move that Bill No. 15 020275 be reported out of this committee, as amended, with a favorable recommendation and a recommendation that the rules of Council be suspended so as to allow for first reading at our next session. (Duly seconded.)
All in favor? Those opposed? Therefore, Bill 020275, as amended, is reported out of this committee with a favorable recommendation, as amended, and a recommendation 67 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING that it be heard in our session of Council that we will resume shortly. With regard to Bill No. 020285, which is commonly called "the NTI bill," the hearing will be -- the committee hearing to discuss this further will be heard on Monday, June 10th, at a.m. We 8 will consider NTI -- the NTI -- we will consider 9 the NTI resolution on Monday, June 10th, at 11 a.m. 10 The Community Development Block Grant 11 application has been reported out of Finance Committee, but the -- one moment, please. (Councilman Nutter and chair Councilwoman Blackwell confer off the record.)
Councilman Nutter would like to make a statement, then we will conclude this hearing and meeting with CDBG and resume the public hearing on NTI on Monday, the 10th, at 11. Councilman Nutter?
Thank you, Madam Chair. Upon the advice of my good friend behind me, Miss Mason, I will be short. Madam Chair, I appreciate you trying to 68 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING find a date to resume hearings about NTI. I just need to mention two things. One, at the moment, I have no idea what I might be doing on Monday at o'clock, although 6 I might find myself in this room. But secondly, 7 and more importantly, there was previous testimony, 8 and I think Miss Smith, who is at the witness 9 table, would confirm that earlier in the hearing 10 today, there was discussion about a follow-up to 11 the meeting that was cancelled yesterday to have more discussion about some of the elements that I've raised with regard to NTI. My only concern about resuming on Monday -- and I recognize the importance of trying to move through this process -- is whether or not Miss Smith and other members of the Administration, including the Chief of Staff, would be able to meet in a timely fashion in order for us to have the kind of discussion that we need to have and any proposed amendments that may need to be put together prior to Monday at 11 a.m. So I'm only raising the question as to whether or not that is adequate time, quite honestly, for the Administration to respond to the 69 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING issues that have been raised since we've not had a fill and detailed discussion about these issues. I don't want to be in a position where we, as the Chair has indicated, where we need to move, we convene a hearing, we haven't had a discussion, and we're not be able to move forward on the particular issues because we have no idea of what the resolution might be. That's the only reason I'm raising that question.
Thank you. Miss Smith, will you be available to meet? As always, I certainly will be available myself to certainly address the concerns of Councilman Nutter before Monday at 11.
I'm available to meet, Councilwoman Blackwell. We do need to work through the Chief of Staff's Office, and I am not aware of her calendar. She's aware of the importance of this situation, but I just really can't commit with respect to her time; I just have no idea.
Madam Chair, would it possibly be better at the moment to either seek a slightly later date? I understand we need to get through next week in order to allow for that time. 70 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING Or if we're not able to do something by Monday, obviously, if the Chair comes to the hearing on that Monday at a.m. and recesses to another date 5 and time, we can conduct it that way. 6
I believe that 7 if that problem is an issue, that we will come to 8 the hearing and then delay it by a matter of hours 9 or a day. 10 And let me state that there was more, I 11 believe, than three weeks' time from the time we advertised the bill until we held public hearings to allow for us to meet with each and every Councilperson, and we tried to make ourselves available, tried to schedule times with each District Councilperson, and a time for those at-large so that we could discuss specific addresses and issues pertinent to each Councilmatic District. So for those who say it looks like we're rushed because of our deadline, we did try to do this certainly in a fashion that would permit all inclusion. However, it is the right of each Councilperson to ask any questions or to address any issues on the floor as he or she so desires, 71 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING and we respect their right to do that.
Madam Chair, I do appreciate that, and those opportunities certainly were proposed. It is, though, the common situation in the legislative process that issues do arise at a particular point in time once you're in the hearing process, and I would respectfully say, at least to the Administration people, the items that we are talking about are not new items; those items are probably a good nine to ten years old, and this discussion did not just start recently, whether it was subsequent to the introduction of this particular resolution. Many of these issues are of a long-standing nature, have been discussed in many, many meetings prior to these hearings even started. The unfortunate reality is that no proposal has been put forward to address these issues up to and including this morning.
Well, we will say that NTI isn't that old; NTI is a whole newer process and a framework through which we can consider these issues, and we are more than happy 72 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING to do so.
So if it is okay, Madam President, we -- again, the CDBG bill 6 has been reported out, and the NTI will be heard again on Monday, at 11. Thank you all for your patience. Madam President, the public hearing and public meeting for today of the Finance Committee are concluded. Thank you.
Thank you. We will now resume our Council session. Before doing so, we have recognized this morning several people, but I am absolutely delighted to recognize one of our own. I am pleased to announce that out of a pool of over 500 applicants, our colleague Councilwoman Marian Tasco is one of eight women who were selected as recipients of the 2002 Good Housekeeping Magazine Awards for Women in Government. (Applause.)
Nominated by ACORN, Councilwoman Tasco was selected for her 73 6/6/02 FINANCE COMMITTEE - PUBLIC MEETING efforts to lead the fight against predatory lending in Philadelphia and for her role in making the issue of predatory lending a major national public policy matter. This award is being given by Good Housekeeping Magazine, in conjunction with the Center for American Women in Politics. The winners were selected by a panel led by former United States representatives Geraldine Ferraro and Tillie Fowler. Councilwoman, we're extremely, extremely proud of you. Congratulations. (Applause.) - - - 74 CERTIFICATE I HEREBY CERTIFY that the foregoing proceedings of the Council of the City of Philadelphia's meeting of the Committee on Finance of Thursday, June 6, 2002, are contained fully and accurately in the stenographic notes taken by me, and that this is a true and correct transcript of same. RE: Ordinance No. 020275, 020285 _______________________________, Josephine Cardillo Registered Professional Reporter and Notary Public (The foregoing certification of this transcript does not apply to any reproduction of the same by any means, unless under the direct control and/or supervision of the certifying reporter.)