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HomeMy WebLinkAboutCity Council Committees - Public Facilities District Board - 04/21/2016KENT W'M. þnwu1 2Øøt7 Public Facilities District Board Special Meeting Minutes April 21, 2016 @ 4 p.m. ShoWare Center 625 James Street Boardmembers present: Mike Miller (via telephone), Lew Sellers, and Jeff Piecewicz, Randall Smith (arrived at 4:30 p.m.) Others present: City of Kent Finance Director (Board Treasurer) Aaron BeMiller, City of Kent City Attorney Tom Brubaker, City of Kent Economic and Community Development Director Ben Wolters, City of Kent City Clerk (Board Secretary) Ronald F. Moore, Bill Tomkin, Foster Pepper LLC, and Deanna Gregory, Pacifica Law Group, Josh Holmes Director of Operations, Arletta Voter, Josh Hart, Director of Marketing I. Call to Order. The meeting was called to order by Chair Miller at 4 p.m. II. Election of 2016 Public Facilities District Board Officers. Lew Sellers moved to nominate Mike Miller as Chair, seconded by Jeff Piecewicz. Motion carried 3-0. Lew Sellers moved to nominate Jeff Piecewicz as Vice Chair, seconded by Mike Miller. Motion carried 3-O. Jeff Piecewicz moved to nominate Lew Sellers as Secretary, seconded by Mike Miller. Motion carried 3-O. III. Introductions. - All attendees introduced themselves. IV. New Business. A Resolution of the Board of Directors of the Public Facilities District authorizino the redemption of certain sales tax bonds and the execution of an interlocal financinq aoreement between the Public Facilities District and the City of Kent. Deanna Gregory, Pacifica Law Group, on behalf of the City highlighted the bond and Mike Tomkin, Foster Pepper LLC, on behalf of the Public Facilities District continued a brief explanation of the bond. Vice Chair Piecewicz verified the process of the bond and Gregory explained how the process works. Tomkin communicated that on behalf of the Public Facilities District (PFD) the bond documents are in line, Gregory communicated that the preliminary statement concerning the City's bonds will go out to potential investors next week. Public Facilities District Board Special Meeting Minutes April 21, 2016 Chair Miller confirmed with Gregory that when the City's bonds are issued the PFD Bonds will no longer be outstanding. They will be fully provided for by the City's escrow. Secretary Sellers moved to adopt Resolution 2O16-1, a Resolution of the Board of Directors of the Public Facilities District authorizing the redemption of certain sales tax bonds and the execution of an interlocal financing agreement between the Public Facilities District and the City of Kent, seconded by Vice Chair Piecewicz. Motion carried 3-0. V. Aporoval of the Soecial Meetino Minutes of Januarv 28, 2O16 and Februarv 18, 2O16. Secretary Sellers moved to approve the special meeting minutes of January 28r 2016 and February 18, 20l-6, seconded by Chair Miller. Motion carried 3-O. VL Finance Reoorts a. City of Kent - Aaron BeMiller highlighted the City's financial reports. He presented the PFD Fund spreadsheet and the ShoWare Center Operating Fund calculations. He discussed the lifecycle funds and noted that those funds are utilized for maintenance, Wolters communicated that those funds are used for things like carpeting, seats, and things that wear out over time related to the facility. This is the reserve for fixing items that are deemed to be capital items, he noted. BeMiller continued and discussed the PFD Fund. He noted that $3.88 million in total expenditures was paid. He communicated that $830,283 was the most the ShoWare Center collected in sales taxes since it has been open. Secretary Sellers verified with Wolters that the predícted amount of sales tax was about $750,000. b. ShoWare Center - Arletta Voter, ShoWare Center Finance Director communicated that in Q1 2015 the net income was $11,596 and in Q1 2016 was $168,045, Piecewicz verified with Tim Higgins, General Manager that this year is going to be a productive year and there are a couple of very big events coming. Voter continued and highlighted spreadsheets showing direct event income, operating expenses, and utilities over the past 7 years. Voter noted that the audit took place and there were no findings or even suggestions, 2 4r Public Facilities District Board Special Meeting Minutes April 21, 2016 VII. Ooerations Update. Jason Holmes, ShoWare Center Director of Operations communicated that the lighting is going in and a large scale painting project is beginning, The energy lines on the plaza and the entire building will be painted, he said. He also noted that preventative maintenance will begin in July and that the facility has been working with Homeland Security on threat detection. He concluded that there will be a site assessment visit in early May by the Washington State Department of Public Health. Vice Chair Piecewicz verified that working with Homeland Security allows for the facílity to be better secured and Holmes replied that staff went through full facility walkthroughs with them and were given recommendations on what areas to improve. He added that it did open up some communication lines to Public Works. Vice Chair Piecewicz confirmed that concert events can't utilize the lights in the ShoWare and the lighting is only for sports lighting. Boardmember Smith inquired about solar panels and Higgins confirmed that there is no financial return for them here in the Northwest. Holmes communicated that the ShoWare is a case study for LED lighting and the industry is waiting to see how they do here. Vice Chair Piecewicz confirmed that the LEDs are measured in the number of hours they are on. VIII. Marketino Update. Josh Hart, ShoWare Marketing Director communicated that attendance is up 40,000 from last year due to having 20 more events and an increase in Thunderbirds attendance. He also stated that the Tacoma Stars have had good attendance. He stated that the Thunderbirds are in the Western Conference Championships and they play on Tuesday and Wednesday. He also added that the Tacoma Stars made their playoffs. He noted that there was a Bustos Media, Banda MS Hispanic show that sold 6,300 tickets and attendance at the worship events has also been strong. Meeting adjourned at 5:00 p Ronald F. M City Clerk , MMC ta'fv M'Yu{ û,h 1/'4 3 /ú,M17