HomeMy WebLinkAboutCity Council Meeting - Council Workshop - Agenda - 02/17/1998 Kent, Washington
February 17 , 1998
A workshop on the Public Development Authority for the Saturday
Market Building was held at 5: 30 p.m. Councilmembers present:
Amodt, Brotherton, Clark, Epperly, Orr and Woods. Approximately
15 people were at the meeting.
Council President Orr noted that the City Council has approved
the formation of a Public Development Authority for the Saturday
Market Building.
Pete Curran outlined the history of the project to this point and
explained how the process will work. He noted that the use of a
Public Development Authority would give the City the power to
recover the asset and regain control if desired.
Chuck Turner distributed copies of a financial chart and
displayed a model of the project. He explained the financial
aspects and said opening will most likely be in the spring of
1999. He stated that in the worst case scenario, the total debt
service would be just under $44 , 000 per year.
Curran and Turner then answered questions from Council regarding
financial forecasting, staffing requirements, rental and
registration fees, occupancy, management, taxes and vendor
criteria. Turner agreed to provide information on performance
over the past three years. Brotherton and Woods spoke in support
of the project.
Orr thanked Curran and Turner for their presentation, and noted
that questions could be asked at the Council meeting of March 3rd
or in advance.
The meeting then adjourned at 6: 30 p.m.
Brenda Jacober, CMC
City Clerk