HomeMy WebLinkAbout03-008 AGENDA BILL
BREMERTON CITY COUNCIL ~ a]
1. SUBJECT: FOR AGENDA: 1/~03
CONFERENCE CENTER BOND ISSUE 0RD I NANCE ORIGINATING DEPT: Economic Development
~ Read ing) ORIGINATOR: Gary Sexton
~'t_E.O~rxd ~t~ i/~3gL~/Do, ~'~(o DATE SUBMITTED: 1/9/03
2. CLEARANCF~: (Comment on back if necessary) 3. EXHIBITS:
GARY SEX~O~I, Econo .migDeve~pn)~t Director -ORDINANCE NO. ~' ZI~
~II / - ~.~ ~.~ ~ ' ~ '
// FISC~fL & BUDGET CHAIRMAN APPROVED FOR SUBMITTAL:
COUNCIL PRESIDENT
~ oP"ERAT~NS CHAIRMAN
ENDORSEMENT ~ ~
MAYOR ~
CITY ATTORN
4. SUMMARY STATEMENT AND REQUIREMENT FOR COUNCIL ACTION:
Council action and approval is required for adoption of the proposed ordinance
authorizing the ~ssuance of revenue bonds in the sum of $11,750,000.00, and the
execution of related agreements for the Conference Center Parking Garag~laza.
5. RECOMMENDATION:
January 29: Move to pass Bond Ordinance No~ ~i~g//$ on second reading.
6. RESPONSIBLE OFFICIAL:
Director of Economic Development
ENFORCEMENT OFFICIAL:
Director of Economic Development
EXPIRATION DATE: fda
REVIEW DATE: fda
7. NOTICE OF ACTION:
PULLED [] TABLED [] APPROVED [] DISAPPROVED [] AMENDED [] DATE:
COUNCIL DIRECTIVE:
S. AGENDA BILL NO.:
2. CLEARANCE COMMENTS (cont.):
4. SUMMARY STATEMENT (cont.):
The Parking Garage, Conference Center and Plaza Hotel Restaurant,
office space and retail space is a project partnership of cost
splitting and construction including funding from Kitsap Transit, the
Kitsap County Public Facilities District, the City of Bremerton and
OPUS Northwest. The majority of the City funding contribution will be
through a 25 year variable rate demand bond, supported initially by a
Bank of America letter of credit, gross parking revenues in the sum of
$6,750,000.00 and the balance of $5,000,000.00 from the long term
general obligation.
5. IMPACT ON NON-PASSAGE:
Non passage would result in breach of contract and failure to proceed
with the Conference Center Project.
6. IMPACT ON STAFFING, BUDGETS, FACILITIES, EQUIPMENT OR OTHER RESOURCES
There will be no additional staffing and budget resources beyond those
already budgeted.
7. RESEARCH SOURCES