HomeMy WebLinkAboutCity Council Committees - Public Facilities District Board - 10/30/2008 •
KNT SPECIAL MEETING
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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 Project 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 4t"
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
f 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.
s' Brenda Jacober CMC
City Clerk
Kent Special Events Center Public Facilities District (PFD)
Sales Tax Revenues
As of September 30, 2008
Month Sales Tax Revenue
March 68,928.08
April 64,340.03
May 77,107.07
June 72,061.77
3uly 73,138.12
August 82,904.41
September 61,870.79
500,350.27
KENT SPECIAL EVENTS CENTER
PUBLIC FACILITIES DISTRICT FUND (PFD)
as of September 30, 2008
2008 YTD
REVENUES
Sales & Use Tax 500,350
Interest - Sales Tax 1,335
Interest - Investments 489,494
Proprietary Gains 1,182,127
Proceeds-Sales Tax Bonds 53,150,000
Proceeds-Revenue Bonds 10,130,000
TOTAL REVENUES 65,453,306
EXPENDITURES
Debt & Financial Services 78,250
Legal Services 100,000
Other Insurance 1,148,620
Intergovernmental Services-Transfer from PFD to City 48,617,408
Printshop Charges 3,316
Debt Issuance Costs 272,104
TOTAL EXPENDITURES 50,219,698
CHANGE IN FUND 15,233,608
EVENTS CENTER CAPITAL PROJECT
as of September 30, 2008
2008 YTD
REVENUES
Intergovernmental Services-Transfer from PFD to City 48,617,408
Interest - Investments 135
Transfers In 50,000
TOTAL REVENUES 48,667,543
EXPENDITURES
Supplies 4,162
Services 48,530,688
Capital Outlay 132,998
TOTAL EXPENDITURES 48,667,848
CHANGE IN FUND (305)
KENT EVENTS CENTER
PUBLIC FACILITIES DISTRICT
Thursday, October 30, 2008, 3:30 p.m.
Project Overview and Update— Brad Tong /SOJ
Overview of Project Budget
• $84.5 M adjusted Project Budget, approved by City Council as of July 2008. E-�
Of$84.5 M Project Budget, 79% ($62.3 M) is spent.
&P �F
• Of$66.8 M adjusted Construction Budget, approximately 81%($54.4 M) is spent.
• Of$5.2 M adjusted Mitigation & Financing Budget, 100% is spent or committed to be spent.
(for details, consult B.Wolters on Mitigation and B. Nachlinger on Financing)
• Construction contingencies within the original budget is spent or anticipated to be spent—
toward design &construction coordination, bid buyout results and unanticipated conditions in
the field or fabrication, to maintain the aggressive schedule and make-up for construction
schedule challenges.
Overview of Project Schedule
Construction commenced onsite in August 2007.
• 14 months of construction completed of the 16-month construction schedule.
• Contractual completion date(Beneficial Use) is January 11, 2009.
• Contractor EARLY COMPLETION DATE commitment of Jan. 2, 2009, is being maintained. A
community Opening Event is planned for Jan. 2, 2009. A change order to reflect early
completion will be drafted for execution.
• Contractor's Substantial Completion date (occupancy) is 7 days behind its Dec. 11, 2008 date;
however its Jan. 2, 2009 committed date for Beneficial Use is on target.
• All team members(Owner, Proj. Mgr., Contractor, Design Team) continue to work nonstop to
maintain schedule, deploying schedule recovery plans every week to meet this commitment.
Current Status of Construction
• Critical path activities include: Club Lounge and James St. Plaza completion, testing &
balancing of HVAC and design coordination-driven electrical work.
• Other major construction activities include: exterior mirrored soffit, bi-fold doors, all interior
finishes, HVAC testing and balancing, seating installation, landscaping, plaza construction.
• Owner's separate contractor activities include: scoreboard installation (late Oct), Owner's
FF&E procurement(delivery late Nov), all food service equipment procurement in progress.
Status of Design
• Early design packages were issued to initiate major early lead-time packages on steel,
concrete, mechanical and electrical disciplines ahead of architecture, material finishes and
specialties
• Major scopes of design were largely completed in December 2007.
• Full coordination of all disciplines progressed through Spring of 2008 during subcontractor
buyout.
• Design for Suites & Club Lounge and Exterior Plaza fronting James Street are essentially
completed. Construction procurement is in progress with much attention to schedule
and constructability details &coordination.
• Design for new ShoWare logos at the Facility has commenced; new logos and sponsor
name are being introduced into signage package.
• Savor kitchen &concessionaire equipment has been fully specified. Infrastructure work plan
for coordination and implementation/delivery schedule has been submitted. FF&E equipment
is being procured at this time.
City of Kent Monthly Budget Report
` ! NT KENT EVENTS CENTER
Life to Date Costs
os q,'t aber 27,20(18(reconciled w/(OK acctg J.P.thru 9130)
BudgetRevised
Budget Corrunitte
7/15/08
ArchiteclureBngineering(LMN) $ 4,072,229.00 $ 4,503,719.00 $ 4,456,401.00 $ 4,290,912.18 $ 165,488.82
Other A/E Consultants WC TC $ $ 28 510.00 $ 27 470.00 $ 8 509.20 $ 18,960.80
Sub-TOTALI$ 4,072,229.00 $ 4,532,229.00 $ 4,483,871.00 $ 4 299 421.38 $ 184 449.62
ie
Project Management(SO.n $ 975,975.00 $ 1,035,975.00 $ 1,035,975.00 $ 878,123.47 $ 157,851.53
Testing/Inspections(Shannon&Wilson) $ 214,025.00 $ 15Q 000.00 $ 141,005.90 $ 127,716.57 $ 13,289.33
Testing/lnspections(Mayes) $ - $ 172,025.00 $ 165,202,00 $ 165,124.73 $ 77.27
Permit Review(Aegis) $ $ 14,100.00 $ 14,100.00 $ 6,378.75 $ 7,721.25
Testing/Inspections-Roofing Wetherholt $ $ 36,000.00 $ 23 000.00 $ 19,811.98 $ 3,188.02
Sub-TOTAL $ 1,190,000.00 $ 1,408,100.00 $ 1,379,282.90 $ 1,197,155.50 $ 182 127.40
GC/CM Pre-Consuuction(incl.WSST) $ 217,800.00 $ 272,250.00 $ 272,250.00 $ 272,250.00 $
GC/CM Construction met.WSST $ 63,558,533.00 $ 66,563,727.00 $ 66,211,989.62 11 $ 54,105,647.21 $ 12,106,342.41
Sub-TOTAL $ 63 776 33.00 $ 66 835 977.00 $ 66 484 39.62 $ 54 77 89711 $ 12 106 42.41
Operations Consultant $ 100,000.00 $ 100,184.00 $ 100,183.93 $ 100,183.93 $
Feasibility(B&D,Baldwin) $ 85,000.00 $ 85,000.00 $ 85,000.00 $ 84,805.04 $ 194.96
Outside Legal(Foster Pepper) $ 250,000.00 $ 250,000.00 $ 250 000.00 $ 246,262.67 $ 3,737.33
PR/Community Outreach $ 120,000.00 $ 120,000.00 $ 120,000.00 $ 110,197.96 $ 9,802.04
EIS&Transp(Bitunen Heffi'on) $ 160,000.00 $ 246,250.00 $ 246,250.62 $ 246,250.62 $
Lobbyist/External Fundraising $ 85,000.00 $ 85,000.00 $ 85,000.00 $ 45,000.00 $ 40,000.00
Survey(Baseline) $ 1Q 000.00 $ 10,000.00 $ 10,000.00 $ 1,718.92 $ 8,281.18
Geotechnical/Soils(S&W Piles) $ 75,000.00 $ 185,000.00 $ 185,000.00 $ 183,244.22 $ 1,755.78
Wetlands Delineation(Legal&Scientist) $ 30,000.00 $ 30,000.00 $ 30,000.00 $ 26,646.71 $ 3,353.29
Travel/Misc/Reimburseables $ 30,000.00 $ 85,000.00 $ 93,124.22 $ 93,124.22 $ -
Builders Risk Insurance $ 125,000.00 $ 211,000.00 $ 210 980.60 $ 210,980.60 $
Owner's Permits/Entitiements $ 200,000.00 $ 395,000.00 $ 390,874.14 $ 390,874.14 $
Site Utility Connections/Fees(incl PSE/Potelco) $ 100,000.00 $ 100,000.00 $ 100,000.00 $ 26,504.61 $ 73,495.39
Commissioning(EEI) $ 100,000.00 $ 100,000.00 $ 96,424,00 $ 51,147.10 $ 45,276.90
FF&E(incl WSST) $ 3,000,000.00 $ 4,400,000.00 $ 4,400,000.00 $ 25,000.00 $ 4,375,000.00
Naming Rights $ $ 13,822.00 $ 13,821.48 $ 13,821.48 $
Owner's LEED Costs $ - $ 153,000.00 $ 153,000.00 $ 100,238.41 $ 52,761.59
Owner's Separate Cost Estimating $ $ 40,000.00 $ 40,000.00 $ 20,000.00 $ 20,000.00
Special Services(LMN) $ 261,372.00 $ 288,372.00 $ 266,896.78 $ 266,896.78 $
Reimbursables LMN $ 100,000.00 $ 125,000.00 $ 118,000.00 $ 116,346.12 $ 1,653.88
Sub-TOTAL $ 4 H31 72.00 $ 7 022 628.00 $ 6 994 555.77 $ 2 59 43.43 $ 4 635 12.34
Mitigation Costs $ 2,112,000.00 $ 2,112,000.00 000 00 8 $ 2,712,000.00
Financing Costs $ 2,600,000.00 $ 2,600,000.00 ?60000000 $ $ 2,600,000.00
Additional Mitigation $ $ $
Sub-TOTAL $ 4,712,000.00 $ 4,712,000.00 $ 4,712,000.00 $ $ 4,712,000.0
Al located for Anticipated Contracts $ $ c 4S .`lSd.'1 $ $ 456,984.71
Contingency $ $ $ $
Sub-TOTAL $ $ 456 984.71 $ $ 456 984.71
PROJECT TOTAL COSTS $ 78,581,934.00 $ 84 510,934.00 $ 84,510 934.00 $ 62 233 717.52 $ 22 277,216.48
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