Wesley Village Administrator Shelly Martin told Macomb aldermen Monday about the agency’s request to use city bonding authority to finance major projects, including the development of assisted living suites.
City Administrator Scott Coker told city council members that Macomb has the power to issue up to $10 million per year in bonds, or may act as a conduit in the issuance of bonds for any other non-profit. He said the city has no plans for its own bond use.
Martin said that Wesley Village would like to issue $6.5 million in bonds to consolidate debt and to convert empty apartments into assisted living units. “There is more demand for this,” she said. Martin said Wesley already has independent living units and assisted living would be a next step. Alderman John Vigezzi said, “We have an aging society and you’re in a position to give them extra help.”
In other business at Monday’s city council committee of the whole meeting, City Treasurer Andrea Henderson and Finance Director Melissa Worley discussed a proposed amendment to Macomb’s financial investment policy. Henderson said they are considering additional investments through state financing portfolios because of their “historically strong performance.”
Worley said the city would deposit general fund reserves and could look into transferring other surplus from such accounts as the city health insurance fund. Henderson and Worley said any investments would be based on a cash flow analysis and could range from $200,000 up to $5 million.
Aldermen also discussed a request to alter the city residency requirement for some members of the Macomb Public Transit Department. Coker noted that the city provides van transportation for Hancock County. Transit Director CallaBria Putrino said, “Some of our people live in the Carthage area, so it would be good to allow that residency.”
Council members discussed a proposed ordinance to create a liquor license for 309 Marketplace, located at 129 North Randolph Street. Business partner Seth Minter told the group that 1,024 people attended the grand opening on Saturday.
