Wards 1 & 8 NPA — Burlington, VT
Date: 2021-10-13
Time: 19:00

Wards 1 & 8 Neighborhood Planning Assembly (NPA)
 Agenda
 October 13, 2021
 In-person at YMCA, 298 College Street
 And Zoom online
 Please click the link below to join the webinar:
 https://us02web.zoom.us/j/84036123619
 Or Telephone:
 Dial (for higher quality, dial a number based on your current location):
 US: +1 929 205 6099
 Webinar ID: 840 3612 3619
 International numbers available: https://us02web.zoom.us/u/kcyOP2ULai

 YouTube:
 YouTube Livestream: NPA Wards 1&8 Playlist, click on upcoming/next meeting:
 https://youtube.com/playlist?list=PLljLFn4BZd2Pa3H8l30gy_gZ3NL6orXcN
  Note: This is for live streaming purposes only. Ward residents should intend to participate via
 Zoom or in-person if they wish to speak or vote.

Facilitator: Hannah King Zoom Host: Kirsten Wilson, CEDO Minutes: Tom Derenthal

6:30 - 6:45 p.m. Zoom line open to call in (see below if you have problems)

6:45 (Formal start to the meeting) Announcements & Introductions

6:47 Speak-out

6:55 City Council Report and Questions/Answers

7:20 School Board Commissioners Report and Questions/Answers (BHS location options)

7:35 Ward 8 Steering Committee election (Keith Pillsbury, nominee)

7:40 Ad Hoc Redistricting Committee Update and Input - Richard Hillyard (Ward 1) & Anne
 Breña (Ward 8)

8:25 Net Zero Bond - Darren Springer, BED

8:40 Localvore coupons gifts - giveaways to two attendees

8:45 Adjourn
  If you have any difficulties accessing the meeting before, during or after, please feel free to
 contact Jonathan Chapple-Sokol at (802.777.3521; leave a message if no answer) or
chapplesokol.npasc@gmail.com and he will walk you through the process, and troubleshoot any
 issues. Want to watch the meeting but not be in direct attendance? Watch on Channel 17
YouTube. You will be able to watch the livestream, without logging into the Zoom. And, if you’re
 unable to tune in during the
 Wednesday meeting you can access the recording there, too!
 https://www.youtube.com/playlist?list=PLljLFn4BZd2Pa3H8l30gy_gZ3NL6orXcN

 NPA Steering Committee
 Tom Derenthal (Ward 1) tomd.npa@gmail.com,
 Carol Livingston (Ward 1) carol.livingston1951@gmail.com,
 Jonathan Chapple-Sokol (Ward 1) chapplesokol.npasc@gmail.com,
 Hannah King (Ward 8) kinghannah190@gmail.com
About Burlington Electric Department (BED)
 Burlington’s municipal electric utility
  Public Power since 1905
  118 employees, including the McNeil Generating Station
  Third-largest electric utility in Vermont
 21,000+ customers
  17,282 residential, 3,983 commercial and industrial
  5,500-6,000 residential accounts turn over each year
 Electricity facts:
  Summer peak: ~65 MW; Annual energy Use: ~330,000 MWH
  McNeil is the largest energy producer in Vermont with Vermont Yankee
 Retirement
  100% of power from renewable generation as of 2014
  No rate increase from 2009-2021; statewide average retail price of electricity
 increased approximately 21% during that time
 2
BED Revenue Bond Basics

 Authorized under City Charter § 3-421 and General Bond Resolution adopted by Board of Electric
 Commissioners in 1981
 Requires approval of a majority of Burlington voters
 Payable solely from BED rates and revenues, not City General Fund or property taxes
 An obligation only of BED, not of the City (does not affect City’s debt ratio or policy)
 BED has used issued revenue bonds several times since 1981 – for McNeil Generating Station
 construction, initial Energy Efficiency funding, AMI/Smart Grid infrastructure, purchasing Winooski
 One hydroelectric facility, and other purposes
Net Zero Energy Revenue Bond Concept

• Builds on Prior Energy Efficiency Bond – BED’s $11.3 million revenue bond for
 energy efficiency in 1990 jumpstarted our energy efficiency investments. Net Zero
 Energy Revenue Bond continues that foundational investment strategy.
• Permits Additional Progress Toward Net Zero Energy Goal – The proposed
 revenue bond frees up BED’s GO Bonds to permit increased investment in
 customer incentives to accelerate progress toward Burlington 2030 Net Zero
 Energy goal.
• Supports Investment in BED Infrastructure – The Revenue Bond would also fund
 upgrades, maintenance and continued reliability of BED distribution system and
 grid, technology systems, and renewable energy plants in a manner that is fiscally
 responsible for ratepayers. Some of the infrastructure support is needed for
 upgrades to serve increasing loads from electrification.
 4
$20 Million Net Zero Energy Revenue Bond Proposal
 • Grid Investments: reliability and Net Zero Energy system upgrade
 projects
 • Technology System Investments: replace aging software, enable new
 dynamic rate and load control options
 • Renewable Generation: maintain existing renewable plants, convert GT
 to run on biodiesel instead of oil
 • Net Zero Energy Capital Investments: new EV charging stations, demand
 response technologies




 5
BED Net Zero Energy Revenue Bond Proposal – Funding Breakdown By Category




*FY25 projects include full year funding, although the revenue bond would run through only half of FY25, which is why
the project category totals for that year, if added up, are double the $2,603,190 figure represented in the FY25 total line.




 6
Double Strategic Electrification (Tier 3) Incentive Funding FY23-25

• Continue Green Stimulus – Per PUC Order BED can keep Green Stimulus level incentives for
 heat pumps, EVs, through at least end of 2023.
• Support Faster Progress Toward Net Zero Energy Goal – Funding for adoption rate double
 state Renewable Energy Standard compliance level. Incremental GHG reduction beyond
 business as usual of 47,000 tons lifetime, equivalent to nearly 100,000 barrels of oil
 consumed.
• Use a Portion of Existing BED GO-Backed Annual Bonds – Projected $5.3 million of
 investment during this three-year period. The projects that these GO bond funds would
 normally be applied to have been included in the revenue bond proposal.




 7
8
FY23 Projected Rate Pressure to Reach 110 Days Cash On Hand
(assuming full funding of capital projects and Net Zero Energy initiatives)


 Financing Option Projected Rate
 Pressure FY23
 Without Revenue Bond +23.7%

 With Revenue Bond +4.9%
Existing Revenue Bond Debt Service Schedule
 In terms of existing revenue bond debt service, BED’s 2014B revenue bond, which has had average annual debt
 service payments of $684,000, will mature in 2025.

 Current Ten Year BED Revenue Bond Debt Service (without new $20 million Net Zero Energy Revenue Bond)
 Fiscal Year Principal Interest Total Payment
 2021 $1,745,000 $846,033 $2,591,033
 2022 $1,810,000 $784,164 $2,594,164
 2023 $1,850,000 $723,984 $2,573,984
 2024 $1,935,000 $655,429 $2,590,429
 2025 $2,000,000 $575,046 $2,575,046
 2026 $1,395,000 $505,926 $1,900,926
 2027 $1,445,000 $450,719 $1,895,719
 2028 $1,505,000 $394,789 $1,899,789
 2029 $1,565,000 $335,354 $1,900,354
 2030 $1,620,000 $272,504 $1,892,504
 2031 $1,685,000 $205,180 $1,890,180
 $18,555,000 $5,749,128 $24,304,128
 10
Net Zero Energy Revenue Bond Debt Service Schedule

  $20 Million Net Zero Energy Revenue Bond Pro Forma Debt Service Schedule for Next Ten Years
 Fiscal Year Principal* Interest** Total Payment
 2022 $0 $0 $0
 2023 $0 $418,333 $418,333
 2024 $0 $502,000 $502,000
 2025 $0 $502,000 $502,000
 2026 $0 $502,000 $502,000
 2027 $0 $502,000 $502,000
 2028 $1,114,518 $488,013 $1,602,530
 2029 $1,142,492 $459,687 $1,602,179
 2030 $1,171,169 $430,651 $1,601,819
 2031 $1,200,565 $400,886 $1,601,451
 5-Year Total $4,628,743 $4,205,570 $8,834,313
  * Principal payments would be deferred for 5 years.
  ** Assumes interest rate of 2.51%. Actual interest rate to be determined upon bond issuance. 11
Debt Service Capacity

• Maturity Savings: $684,000 of existing Revenue Bond annual debt service will mature
 starting in 2026. That capacity is available to support principal repayment on Net Zero
 Energy Revenue Bonds.

• Strategic Electrification Revenue Return: BED projects average incremental net revenues
 of $467,000 FY25-32 from the doubling of customer incentives from FY23-25.

• Total net revenues from strategic electrification projects FY23-25 will support approx. 40%
 of the combined debt service on the portion of the GO Bonds used for electrification and
 the Net Zero Energy Revenue Bonds.
 Neighborhood Planning Assembly Minutes
 NPA: Wards Wards Wards Ward Ward
 (choose one) 1&8 2&3 4&7 5 6

 Date of Assembly: 10/13/21 Start Time: (Commence): 6:50 PM
 Location: YMCA Studio B, 298 College St and Zoom
 Finish Time: (Adjourn): 8:41 PM
 Note taker: Tom Derenthal Please send these official minutes to: Phet Keomanyvanh
Steering Committee Members in Attendance:
Hannah King (Ward 8), Carol Livingston (Ward 1), and Tom Derenthal (Ward 1)
Discussion Topics Actions Taken / Decisions
• 6:45 Announcements & Introductions Made
• 6:47 Speak-out • Hannah King
• 6:55 City Council Report and Questions/Answers nominated Keith
• 7:20 School Board Commissioners Report and Questions/Answers (BHS Pillsbury for the Ward
 location options) 8 NPA Steering
• 7:35 Ward 8 Steering Committee election (Keith Pillsbury, nominee) Committee. Anne
• 7:40 Ad Hoc Redistricting Committee Update and Input - Richard Hillyard Breña seconded this
 (Ward 1) & Anne Breña (Ward 8) motion.
• 8:25 Net Zero Bond - Darren Springer, BED • Keith Pillsbury elected
• 8:40 Localvore coupons gifts - giveaways to two attendees as new Ward 8 NPA
 SC member.
• 8:45 Adjourn

Attendance:

Zoom Attendees:
 Barbara Headrick Fletcher Pratt Kathy Olwell Sandy Wynne
 Darren Springer Jack Hanson Linda R. Sophie Quest
 Emily Stebbins-Wheelock Jean Hopkins Maddy Posig Zoraya Hightower, City Councilor

In-Person Attendees:
 Anne Breña Chris Haessly Keith Pillsbury Richard Hillyard
 Carol Livingston  Ethan Fellows, CEDO Kirsten Wilson, CEDO Sharyl Green
 Caryn Long Hannah King Lisa Bridge Tom Derenthal
 Charlie G., CCTV Jim Cohen Peter Lackowski

Agenda Items and Actions:

Announcements & Introductions

Speak-out

City Council Report and Questions/Answers

School Board Commissioners Report and Questions/Answers (BHS location options)
Ward 8 Steering Committee election (Keith Pillsbury, nominee)
• Hannah King nominated Keith Pillsbury for the Ward 8 NPA Steering Committee. Anne Breña seconded
  this motion.
 o Vote: 4 Ayes and 3 abstensions by Ward 8 NPA members. Motion passes and Keith Pillsbury is
 elected as new Ward 8 NPA SC member.

Ad Hoc Redistricting Committee Update and Input - Richard Hillyard (Ward 1) & Anne Breña (Ward 8)

Net Zero Bond - Darren Springer, BED

Localvore coupons gifts - giveaways to two attendees
• Raffle winners for this meeting are: Sharyl Green and Lisa Bridge.



Meeting adjourned at 8:41 PM.