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HomeMy WebLinkAboutCity Council Committees - Public Facilities Distict Board - 10/30/2008 (3) • KENT SPECIAL MEETING WA5F11 NOTO N Public Facilities District October 30, 2008 3:30 p.m. Board Members Present: Chair Mike Miller, Randall Smith and Cass Prindle. Others Present: Ben Wolters, Bob Nachlinger, Tim Higgins, Brad Tong, Tom Brubaker, Colin Campbell, and Administrative Assistant Julie Pulliam. I. Call to Order a. Approval of Minutes. Prindle moved to approve the minutes of September 25, 2008. Smith seconded and the motion carried. II. Proiect Overview and Update a. Overview of Protect Budget, Brad Tong noted that 79% of the project budget has been spent, and 81% of the construction budget has been spent. • b. Overview of Project Schedule. Wolters said the project is on time and will open in sixty-five days. Tong said the contractor's January 2, 2009, committed date for beneficial use is on target. C. Current Status of Construction. Wolters noted that lights are being installed, the seats are all in, the scoreboard is being assembled, and the plan is to move SMG and the Thunderbirds into their offices in early December. He said he hopes to have the contract with ShoWare for naming rights ready for approval at the November 18, 2008, Council meeting. He noted that a protest was received from Ticketmaster, and said furniture, fixtures and equipment issues are proceeding at a rapid pace, as are King County Health Department permits. Tong outlined the status of critical path activities, other major construction activities, and the owner's contractor activities. d. Status of Design. Brad Tong noted that design for the suites, club lounges and exterior plaza fronting James Street are essentially completed, and that construction procurement is in progress. He added that design for the new ShoWare logos has commenced and has been incorporated into some elements of the signage package. At Wolters' request, Tong explained contingencies and overtime relating to the incentive bonus in the GCCM contract. Upon Miller's question regarding a backup plan, Higgins noted that two of the concession stands are grills and two rely on the kitchen. III. Operator Update Tim Higgins noted that he has recently hired a Food and Beverage Director and a Director of Finance, and is close to a decision on security and Public Facilities District October 30, 2008 Page Two housekeeping companies. He explained the upcoming job fair and said family shows are being lined up. IV. Sales and Marketing Update a. Thunderbirds. Colin Campbell noted that overall sales continue to do well, including club seats and suites, and that sponsorships are also going well. He said he has meetings set up with pop and beer companies, but that they are not spending as much in sports as they used to. He noted that additional inventory is being added, and that the final number of seats is 6,138. V. Finance Report a. Financial Update. Bob Nachlinger noted that interest rates went up after the City Council authorized a $5.3 million bond issue for completion of the Events Center, but that action during a window of opportunity resulted in sale of all the bonds. He said closing will be on November 4cn b. Review of State Sales Tax Revenues. Nachlinger noted that the total sales tax as of September 30, 2008, has been slightly over $500,000, but • explained that the streamlined sales tax was implemented in July, which resulted in sales tax for the City being down over 20%, since it is now based on the point of distribution rather than the point of sale. He noted that under certain conditions the tax rate can be amended from .033 up to .037, and that next fall he intends to ask that the rate which comes to the Public Facilities District be amended. It was clarified that the rate will not be retroactive, and that until that time, there will be no additional revenue. VI. Other Business a. December Meeting Date and Location. At Ben Wolters' suggestion as a milestone for this group, all agreed to hold the next meeting on December 18, 2008, in the Conference Room at the Events Center at 3:30 p.m. Wolters said he will provide Board members with a list of events prior to the opening. VII. Adiournment The meeting adjourned at 4:40 p.m. 7eyBrenda Jacob CMC City Clerk 40