HomeMy WebLinkAboutCity Council Committees - Public Facilities Distict Board - 05/29/2008 SPECIAL MEETING
of the
CITY OF KENT SPECIAL EVENTS CENTER
PUBLIC FACILITIES DISTRICT
Wednesday, May 29, 2008, 3:30 p.m.
I. Call to Order
a. Introductions—All
b. Approval of Minutes of the February 20th, 2008, Special
Meeting - Motion.
II. Project Overview and Update - Ben Wolters, Brad Tong
a. Overview of Project Budget
b. Overview of Project Schedule
c. Current Status of Construction
d. Status of Design
III. Operator Update - Tim Higgins
IV. Sales and Marketing Update - Colin Campbell
V. Finance Report - Bob Nachlinger
a. Financial Update
b. Review of State Sales Tax Revenues
VI. Action Items - Tom Brubaker
a. Setting regular meeting, time
b. Boardmember Terms: amend by-laws to confirm
VII. Other Business
VIII. Executive Session
IX. Adjourn
•
KENT or . Public Facilities District
w.n� .
February 20, 2008
Board Members Present: Chair Mike Miller, Vice-Chair Greg Haffner,
Secretary Lew Sellers, Randall Smith, and Cass Prindle.
Others Present: Bond Counsel Hugh Spitzer, Finance Director Bob
Nachlinger, Economic Development Director Ben Wolters, Piper Jaffrey
Representative Jane Towery, and Administrative Assistant Julie Pulliam.
I. Cali to Order
a. Introductions. Miller called the meeting to order 4:00 p.m.,
and Introductions were made.
b. Approval of Minutes. Sellers moved to approve the minutes of
the special meeting of November 20, 2007, Smith seconded and the
motion carried.
II. Project Overview and Update
a. Overview of Project Budget. Wolters noted that 25% of the
construction budget has been expended, and that concrete
risers arrived today,
b. Overview of Project Schedule. Wolters said the project is on
schedule and opening is expected during the first week in A
C. Current Status of Construction. Wolters said placement of the
last major piece of steel, or "topping out", should take place in
early April.
d. Update on Operator Selection Wolters noted that SMG has
been selected as the operator and outlined some of their
projects. It was noted that they will open an office in Kent
after the contract is approved in March.
e. Status of Design and Marketing. Wolters stated that six 12-seat
suites are under contract and three more are being considered.
He noted that advertising in the concourse has been secured,
and that the City and the Thunderbirds are working with three
national companies regarding naming rights. It was noted that
the Interior design will be solidified within the next 45-60 days.
Public Facilities District February 20, 2008
Page Two
III. Finance Report
a. Financial Update. Nachlinger noted that representatives from
Standard & Poor's have visited and were taken on a tour of the
businesses in the city.
b. Review of Bond Rating. Nachlinger announced that after the
tour and review of the financials, Standard & Poor's issued a
bond rating of AA-.
C. Review of Bond Sale. Nachlinger explained that $10,130,000 of
taxable bonds and $53,150,000 of tax exempt bonds have been
sold, which combined came in at a net interest cost of 4.97%.
He added that the arbitrage yield is S.04%, and clarified that
the deposit to the construction fund will be $61,400,000.
Nachlinger then answered questions regarding the possibility of
losses due to sales tax rate flexibility.
IV. Action Items
a. Contingent Loan and Support Agreement. Nachlinger explained
that the Underwriters Council expressed concern about the lack
of a notice provision in the interlocal agreement relating to
notification to the city in the event of a shortage of debt service
funds. He explained that the notice provision is not currently
necessary, but may be in the future. Sellers moved to approve
Resolution No. 2008-1 confirming approval and authorizing the
execution and delivery of a contingent loan and support
agreement and related documents and authorizing certain other
actions in connection therewith. Haffner seconded. Sellers
moved to amend the motion by correcting a grammatical error
in the title of the resolution. Haffner seconded and the motion
to amend carried. The main motion then carried as amended.
b. Sales Tax Bonds. Hugh Spitzer explained that the proposed
resolution contains the actual maturity amounts, interest rates,
and standard provisions requested by the bond insurer, and
authorizes the Chair to sign the purchase agreement from Piper
Jaffrey, Lehman Brothers and Wachovia. Sellers moved to
approve Resolution No. 2008-2 providing for the issuance of
sales tax bonds. Smith seconded and the motion carried.
Public Facilities District February 20, 2008
Page Three
C. Revenue Bonds. Spitzer provided a brief explanation of the
resolution, and Haffner moved to approve Resolution No. 2008-
3 providing for the issuance of revenue bonds. Sellers seconded
and the motion carried.
V. Other Business
a. Regular Meeting Time. After a brief discussion, Haffner moved
to set the last Thursday of every other month at 3:30 p,m. as
the date and time for regular meetings, beginning March 27,
2008. Sellers seconded and the motion carried.
VI. Executive Session
No Executive Session was held.
VII. Adjournment
Sellers moved to adjourn at 5:02 p.m. Smith seconded and the
motion carried.
Brenda Jacober, CIVIC
City Clerk
i
Tim Higgins is a 30 year industry veteran. Tim started his career in Buffalo,
NY. in 1978, working for the city of Buffalo, and the NHL Buffalo Sabres, at
the Buffalo Memorial Auditorium. Later he was appointed to oversee the
opening of Pilot Field in 1988 an AAA 20,000 seat baseball park and home of
the Buffalo Bison.
In 1996 SMG hired Tim to assist with the opening and subsequent operation
of the Tampa Bay Ice Palace, home to the NHL Tampa Bay Lightning. Tim
assisted with the opening of the Nationwide Arena home of the NHL
Columbus Blue Jackets and later in 2001 he was appointed Assistant General
Manager.
Tim left SMG in 2005 to open the Stockton Arena, in Stockton CA. as
General Manager of a 10,000 seat ECHL and Arena Football facility. After
Stockton, Tim joined Global Spectrum as General Manager at San Jose State
University's Spartan Stadium 2006.
Now in 2008 Tim Higgins has rejoined with SMG and accepted the position as
the new General Manager for the Kent Events Center.
Sales and Marketing Update
1) Review of sales philosophy — less is more
2) Review of Advertising inventory
a. Sales Update
3) Suite Sales Update
4) Club Seat Sales Update
5) Thunderbirds Sales Update.
FP
? W iy Z� O O �'p;H o Lyp
2 H 91 g" y
off W zzyy t a z � q� 7CY� kq yy
on9fH/+nO
El,N Vy y i --{ ? o 9+ Z
[n 0°°0 (� a ®
O o
N [� p
444UTTT
v m o 9L8 Z ��
90 o
N �
a o o ti
g
N t5. 49 69 69 w is ssf ss ss tsAAS cs M y .�
� H
O
i y y
G El � 8 5'
tlCt
f1 T O R ° '�' O f\ �•',{� Cy. g n' k' �c �' q 1� "Z+•
8'
Ol
oq
JAr
w
yy �
e• � m � F S
gg ^
ell odd s s
I
N ,., ,.. ..,- r+.-� o 0 0 0 0 0 0 0 o h .- I-- i-• �-+ o 0 0 o n
O �O oO �t � UAw Nr• ObCO JD\ UAw N r+ td bCo �1U A w Ne-+ Ob O. Uw � O
• e� o �a'2 �, o p h E Ik 6' 8 w o 'yr. ❑ 2 "
pf
so 2
W�J v b V� o o. .Ornp��1 pop J A �l P,f� o+c�1 a. to Vn�P,��.J1 }maw .ApP u� r-+ U .• o rn �� � �
;GJ
N
Wbp R O " m ❑
O O t8 N tb
OO
'l.i a e o Yn co o x q n
w toil rn A W woo ? A N f� a. rn w p 9
A oJA V ' W � oNi Q .PNw OW � U
oo r�
Yn 'fin oo u e Ao 'f� u Yn Y.+
tJit J U �o N A b N � J+ b N w 00 b O N O Y y y� z O
O A
Hp to W w . m
A
$ ww rnw �i' o uxm„ o o �' ki
w J o.tJ .N. o �o p "P J o J a J in 1n Y� m m o a
�p u b b W •P W J A J W W tT W J+ A W N V .P O• Q, lA V V .I+
W q lA O J O A V J `D N b N A rn Nro N tT w 4+ ,[3
.1 •O O m O A �+ b A W �+ � FO w o g � - t'ry�
0 0 0 o w o o a o u o o u u u J o u o u i+1
N O P w N r� MO O �t O� ? �+ �N• e-+ SSSS���� qgb- 5a�
[n VJ N VJ C ywp� pGp C O .
c 2 o z
na
rON-
r SJ 8 G ro
u o
d
pp � �
C N J
n
3 a v� o�'o r •� O
.'�Qi `.�ppp, �`JO V�i OJ �U�pi w q �J O A oo ,�J J Po � W ✓py Rl O
m
"� ? Y V a Off➢ V� O 7-'C^i 17
O w W O N � •D O O i � i � N O
a A j b
O
o
I R [yam
V ryy
(d (�
!may
1t�N r •0 00 J O � O� o +1 �n 1» � [n 1-� �.�...11
U �-• A o �•' w e voi o o � i J i � � z N
N N O o o b o O IA O O w O O O O
N O /1
o e e e ex e\°\° e e o e\\' w o
o
J
HO b1 W W N
�o G oo w N �1 J+ N Y.� •I.i ".p � h' F' p
o O N a g � W A rn
J J O J J U tyn o U I�i m
KENT SPECIAL EVENTS CENTER
PUBLIC FACILITIES DISTRICT FUND
as of April 30,2008
2008 YTD
REVENUES
Sales&Use Tax 133,268
Interest-Sales Tax 278
Interest-Investments 215,674
Proprietary Gains 1,182.127
Proceeds-Sales Tax Bonds 63,150.000
Proceeds-Revenue Bonds 10,130,000
TOTAL REVENUES 64,811,347
EXPENDITURES
Debt&Financial Services 78,250
Legal Services 100,000
Otherinsurance 1,148,620
Intergovernmental Services-Transfer from PFD to City 29,741,161
Printshop Charges 3,316
Debt Issuance Costs 272,104
TOTAL EXPENDITURES 31,343,461
CHANGE IN FUND 33,467,896
00
0
0
N
N
N
Zi
a
W o LL
a
a N � =O.
� o 0
w Z
x � a
U �
v� a
E� 00
C)
0
U N
U
O Q Q
^1� 2 O
LL
� C
aj 0 U
Z O
O
U)
Q
o
o
N
2
Q
..� LL
z
w z
U ( o
CA oU)
E N Q
z
x
w
off z
� z 2 Z
.. o
a.
U
w
z
c n
w y z
,„
a.. o
K City of Kent Monthly Budget Report
KENT EVENTS CENTER
Life to Date Costs
( as of May 28,2008(recorrerleA it/COK acctg JP. ......l 4/30)
Remaining
project Life to Date
Budget Committed
I
Are(utecrare/Iingineering(LMN) $ 4,072,229.00 $ 4,084,O6L00 $ 4,034,587.37 $ 49,473.63
Sub-TOTAL $ 4,072,229.00 $ 4,084,061.0011 $ 4,034,587.3711 $ 49,473.63 11
Project Management(S01) 1 $ 975,975.00 $ 976,769.00 $ 684,895.99 $ 291,873.01
Testing/hrspections(Shannon&Wilson) $ 214,025.00 S 138,174.00 $ 121,900.23 $ 16,273.77
Testing/Inspectiors(Mayes) $ - $ 152,202.00 $ 107,665.23 $ 44,536.77
Testing/Inspections-Roofmg(Wetberbolt) $ $ 23,000.00 $ 1,220.60 $ 21,779.40 -
Sub-TOTALI $ 1,190,000.00 $ 1,290 145.00 $ 915,682.05 $ 374 462.95
GC/CM Pre-Construction(incl.WSST) $ 217,800.00 $ 272,250.00 $ 272,250.00 $ -
GC/CM Construction(incl.WSST) $ 63,558,533.00 1 $ 63,915,696.00 $ 31,431,206.21 $ 32,484,4 99.79
Sub-TOTAL $ 63,776,333.00 $ 64,187,946.00 $ 31,703,456.21 $ 32 484 489.79
I
Operations Consultant $ 100,000.00 $ 100,000.00 $ 89,683.93 $ 10,316.07
Feasibility(B&D,Baldwin) $ 85,000.00 $ 85,000.00 $ 84,805.04 $ 194.96
Outside Legal(Foster Pepper) $ 2505000.00 $ 250,000.00 $ 242,333.67 $ 7,666.33
PR/Community Outreach $ 120,000.00 $ 120,000.00 $ 110,197.96 $ 9,802.04
EIS&Tramp(Blunren/Heffron) $ 160,000.00 $ 243,531.87 $ 243,531.87 $ -
Lobbyist/External Fundraising $ 85,000.00 $ 85,000.00 $ 45,000.00 $ 40,000.00
Survey(Baseline) $ 105000.00 $ 10,000.00 $ 1,718.82 $ 8,281.18
Gcotechnical/Soils(S&W Piles) $ 75,000.00 $ 185,000.00 $ 176,777.79 $ 8,222.21
Wetlands Delineation(Legal&Scientist) $ 30,000.00 $ 30,000,00 $ 26,646.71 $ 3,353.29
Travel/Misc/Reimbmseables $ 30,000.00 $ 79,463.99 $ 79,463.99 $ 0.00
Builders Risk Insurance $ 125,000.00 $ 210,980.60 $ 210,980.60 $ -
Ovner'sPermits/Entitlements $ 200,000.00 $ 387,991.14 $ 387,991.14 $ 0.00
Site Utility Connections/Fees(inet PSE/Potelco) $ 100,000.00 $ 100,000.00 $ 14,278.97 $ 85,721.03
Commissioning(EEI) $ 100,000.00 $ 83,774.00 $ 29,518.73 $ 54,255.27
FF&E(incI WSST) $ 3,000,000.00 $ 3,000,000.00 $ 25,000.00 $ 2,975,000.00
MISCELLANEOUS NON_BUDGETED $ - $ 13,033.98 $ 13,033.98 $ -
Owner's LEED Costs $ - $ 153,000.00 $ 85,998.38 $ 67,001.62
Dimes Separate Cost Estimating $ - $ 40,000.00 $ 20,000.00 $ 20,000.00
Special Services(LMN) $ 261,372.00 1611,0 00 $ - $ 261,372.00
Reimbmsables(LMN) $ IOQ,000.00 S 17,,d.S er.lO $ 113,456.18 $ -
Sub-TOTAL $ 4,831,372.00 $ 5,551,603.76 $ 2,000,417.76 $ 3,551,186.00
Mitigation Coals $ 2,112,000.00 t,111,000.00 $ - $ 2,112,000.00
Financing Costs $ 2,60Q000.00 „ 1,60)wx.w) $ - $ 2,60Q000.00
Additional Mitigation $ $ $
Sub-TOTAL $ 4,712,000.00 $ 3,468,178.24 $ - $ 4,712,000.00
I
Contin enc $ - $ $
Sub-TOTAL $ $ $ $ -
PROJECT TOTAL COSTS $ 78,581,934.00 $ 78,581,934.00 $ 38,654,143.39 $ 41,171,612.37
. ._._.49