2026-10-07 - Committee on Finance

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00:15Heat. Heat.

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00:52>> Good morning. Good morning. Thank you

00:54all so much. I now note that the hour

00:55has come to begin today's hearing.

00:57Clerk, will you please call the role to

00:59take attendance? Members who are in

01:00attendance will please indicate that you

01:02are present when your name is called.

01:04>> Council member Jones,

01:05>> present.

01:06>> Council member Ahmad.

01:08>> Council member Driscoll,

01:09>> present.

01:10>> Council member Thomas,

01:12>> Vice Chair Bass, Chair Gilmore

01:15Richardson.

01:15>> I am present. Thank you. A quorum of the

01:17committee is now present. This hearing

01:19is now called to order. This is the

01:20public hearing of the committee on

01:22finance regarding bill number 260691.

01:25Clerk, will you please read the title of

01:26the bill? Bill number 260691,

01:30an ordinance authorizing and approving

01:31the execution, delivery of a service

01:33agreement between the city of

01:34Philadelphia, Pennsylvania, and

01:35Philadelphia Authority for Industrial

01:37Development relating to the financing of

01:39the buildout, construction, equipping,

01:41installation, and implementation of

01:43improvements for the development of a

01:44forensics laboratory for the

01:45Philadelphia Police Department at a

01:47specified property or properties owned

01:49or leased and operated by the city,

01:51approving the issuance by such authority

01:53of bonds, notes, or other evidences of

01:55indebtedness in one or more series to

01:57finance or refinance the costs of such

01:59project and authorizing and improving

02:01the obligation of the city to pay in

02:03full when due the service fee and other

02:05amounts payable under the service

02:06agreement. authorizing certain city

02:08officers to take certain actions

02:10required to issue such bonds, notes, or

02:12other evidences of indebtedness.

02:13Covenating that the city will make

02:15necessary appropriations in each of the

02:16city's fiscal years to provide for and

02:18will make timely payments of the city

02:21service fee, other amounts due under the

02:23service agreement, and authorizing city

02:25officials to take other necessary or

02:26appropriate actions to affectuate the

02:28purposes of this ordinance, all under

02:30certain terms and conditions.

02:33>> Thank you. Uh thank you very much. Uh

02:36before we call the first panel we have

02:38here to testify, I just want to notate

02:39for the record that this day is a long

02:41time coming. Uh I know that we all have

02:43been working very hard on this uh $40

02:45million bond initiative that's centered

02:47in Council Member Jamie Gaudier's

02:49district. Uh I did have an opportunity

02:51to speak with her regarding this

02:53initiative. Uh and uh we are ready to

02:56proceed uh prior to calling the first

02:58panel. Uh is there any member here uh

03:00wishing to give very brief remarks prior

03:03to we calling the first panel? very

03:05brief.

03:06>> Thank you. The chair recognizes Council

03:07Member Jones.

03:08>> Thank you, Madam Chair, and I concur.

03:10This has been a long winding road, but

03:13an essential part of uh the criminal

03:16justice process. Um, all of us have been

03:19down to the old uh lab where we've seen

03:25things like um evidence, more guns than

03:28I've ever seen in one place, more drugs

03:30than I've ever seen in any place,

03:33and the fact that some of the processing

03:37of ballistics and other essential tools

03:40for justice are delayed. Uh, not to

03:43mention that the individuals that work

03:45there are in small cubicles and I don't

03:49understand spacing of that and how they

03:52maintain their their professional

03:53workforce. But I'm excited about this

03:56day. And so, thank you. And that was as

03:59brief as I could do.

04:01>> It was brief no matter how long it took.

04:03We thank you, our chair of public

04:04safety. Uh,

04:05>> no matter how long it is.

04:06>> Okay. um our chair of public safety, we

04:09want to say thank you um for all of your

04:11work, for all the tours that you've

04:12taken us on uh on all of these

04:14facilities in the public safety

04:16portfolio. Uh we recognize that this is

04:18something the public has been asking us

04:20for uh to really modernize uh the back

04:22end of the police operation and so we're

04:25glad that this day is is finally here

04:26and that we were able to to work out all

04:29the details to make it to this moment. I

04:31now recognize Council Member Ahmad for

04:33very brief remarks. Thank you, Madam

04:36Chair. Uh, good morning everyone. Um,

04:39this is a long time coming and I'm so

04:42pleased. Uh, I have spent a lot of my

04:44time in labs. Before I ran for office, I

04:46was scientist. I did genetics research.

04:49So, when people talk about a crime lab,

04:51I don't just picture a building. I

04:54picture the bench, the samples, the

04:56people working late to get a result

04:58right. And having visited the previous

05:03um crime lab, I can tell you our

05:06forensic staff are among the best in the

05:09country. But for years, we've asked them

05:11to do great work in a building that's

05:14too small, too old. Evidence has waited

05:16on shelves. Survivors and families have

05:19waited along with it. So, this is an

05:22auspicious and momentous uh occasion for

05:25us to say the city of Philadelphia is

05:27stepping up and making sure we're

05:29solving our crimes. And uh I also wanted

05:32to make sure that we are properly

05:34staffed. So, um beyond just opening

05:37this. So, I I yield back my time, Madam

05:40Chair, but um today is a good day.

05:43>> Thank you. Thank you very much, Council

05:45Member Ramadan, and thank you so much

05:47for your work. Uh clerk, will you please

05:49call the first panel we have to testify

05:50on bill number 260691?

05:53>> Jacqueline Dunn, city treasurer,

05:55followed by Matthew Bowman, deputy city

05:57treasurer for debt.

06:02>> Good morning. Thank you so much for

06:03being here. Please state your name for

06:04the record and proceed with your

06:06testimony.

06:08>> Good morning, chair and members of the

06:10finance committee. I am Jackie Dunn,

06:11city treasurer. Here with me today is

06:13Deputy City Treasurer Matt Bowman and

06:15representatives from the Department of

06:17Public and the Philadelphia Police

06:19Department. We are here to testify in

06:21support of Bill 26091.

06:24This bill would authorize the city to

06:25enter into a service agreement with

06:27Philadelphia Authority for industrial

06:29development or paid to finance a portion

06:31of capital improvements for the

06:33forensics lab project at 4101 Market

06:35Street through a bond issuance. Bonds

06:38would be issued in an aggregate amount

06:39up to $40 million plus related costs of

06:42issuance, credit enhancement, and

06:44discount.

06:46The bonds would be secured by the city's

06:48obligation under the service agreement

06:49to budget and appropriate annually

06:51amounts necessary to pay the service

06:53fees, which would be sufficient to pay

06:55the debt service on these bonds. Such

06:57service fee payments are included in the

06:59approved FY27 budget and FY27 through31

07:035-year plan. In May 2025, city council

07:06passed a companion bill 2550323

07:09to permit the city to enter into a

07:11long-term lease for the forensics lab

07:13site. This lease was signed on December

07:1617th, 2025, and construction began at

07:18that time. The uh projected construction

07:21schedule extends through late April

07:232027. Thank you for your consideration

07:25and the opportunity to testify. I

07:27respectfully request that the committee

07:29report the bill with favorable

07:30recommendation and a suspension of the

07:33rules so as to permit first reading at

07:35the next session of council. Thank you

07:37and we are happy to answer any questions

07:38that you may have.

07:40>> Thank you. Thank you very much for your

07:41testimony and for your work on this. Um

07:44Matt, you're here just to answer

07:47questions. Just state your name for the

07:49record and your title so we know that

07:50you're here.

07:51>> Hi, Matt Bowman, deputy city treasurer.

07:54>> Excellent. Thank you very much for being

07:56here. Are there any questions or

07:58comments from members of the committee

08:00for this panel?

08:05Okay. You know what I'm going to ask?

08:09Um if you could just talk about the the

08:11firms um that will be working through uh

08:14the deal if that's something you can

08:16share at this time and you know why I'm

08:18asking.

08:18>> Yes, absolutely. Um, in terms of

08:21underwriting, we have two firms. Given

08:23the size of the transaction is uh

08:25smaller relative to some of the other

08:27city borrowings, but uh Raymond James is

08:29the senior underwriter and Stern

08:31Brothers is the co- senior.

08:33>> May you repeat I'm sorry, repeat that

08:35again.

08:35>> Raymond James.

08:36>> Yeah. Okay.

08:37>> Uh which has local offices in the city

08:40for wealth management and Stern

08:42Brothers, despite the name, is a

08:44woman-owned uh investment banking firm.

08:47Okay, that'll continue to be important

08:49to me on every bond deal and bond

08:51authorization that comes through this

08:53committee. And I have to say that for

08:55the record, um that we're supporting

08:56local uh businesses, um disadvantaged

09:00businesses, so they have an opportunity

09:02to work on these deals as well. Okay.

09:04>> Absolutely. We appreciate your support

09:06on that and that is important to us as

09:07well.

09:08>> Very much so. Are there any additional

09:10questions uh or comments for uh these

09:13witnesses?

09:15Okay, seeing none, we thank you very

09:17very much for your testimony and for

09:19your work and we thank you for being

09:20here. Uh, are there any additional

09:22panelists uh who were not called or who

09:24are present in the chambers at this

09:27time?

09:30And is there anyone else here to provide

09:32testimony or public comment uh on bill

09:36number 260691?

09:42Okay, seeing none and no further

09:44testimony, we will begin with the public

09:45comment portion.

09:47Are there any uh witnesses or names of

09:50individuals who have signed up for

09:52public comment?

09:55>> No.

09:55>> Okay. Thank you very much. Is there

09:58anyone else here wishing to give public

10:00comment that has not done so as of this

10:02time?

10:05Okay. Seeing none and given that we are

10:07have no further witnesses uh panels or

10:10comments, we will now conclude uh the

10:13public hearing and go into our public

10:15meeting. We will now begin the public

10:17meeting on the previously mentioned bill

10:19which is bill number 260691. Clerk, will

10:21you please call the role to take

10:22attendance? Members who are in

10:24attendance will please indicate that you

10:26are present when your name is called.

10:27>> Council member Jones,

10:28>> present.

10:29>> Council member Thomas.

10:31>> Council member Amed,

10:33>> present. Council member Driscoll

10:35>> present.

10:36>> Vice Chair Bass.

10:38>> Chair Gilmore Richardson

10:39>> present. And the chair notes for the

10:40record the presence of council member

10:42Isaiah Thomas. Thank you. A quorum of

10:44the committee is present. The chair now

10:45recognizes council member Driscoll for a

10:47motion on bill number 260691.

10:50>> Thank you chair. I move that bill number

10:5226091

10:54be reported from this committee with a

10:55favorable recommendation. Further move

10:57that will council be suspended to permit

11:00first reading of this bill at the next

11:01session of council. The chair notes for

11:04the record that the motion has been

11:05seconded by council member Jones. It has

11:07been moved and properly seconded the

11:08bill number 260691

11:11be reported from this committee with the

11:12favorable recommendation and further

11:14move that the rules of council be

11:15suspended as to permit first reading of

11:17this bill at the next session of

11:19council. All those in favor of the

11:20motion will indicate by stating I I. All

11:23those opposed the eyes have it and the

11:26motion carries. Bill number 260691

11:29will be reported from this committee

11:30with a favorable recommendation notating

11:32that the rules of council be suspended

11:34as to permit first reading of this bill

11:36at the next session of council.

11:40Seeing no further business before the

11:41committee on finance this morning. Thank

11:44you all so much for being here and this

11:45concludes the committee on finance for

11:47today. Thank you very much for your

11:49attendance and for your participation.

11:50Have a great day.

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