HomeMy WebLinkAbout2003-005 Yakima County Interlocal Agreement re: Sundome (Agplex) ORDINANCE NO 2003 -05
AN ORDINANCE of the City of Yakima, Washington, authorizing the City
Manager to enter into or extend an inter -local agreement with Yakima County
regarding financmg improvements to the Sundome
WHEREAS, m 1987 the City of Yakima, Washington (the "City ") and Yakima County
(the "County ") entered into an interlocal agreement (the Agplex Modification of Convention
Center Agreement) pursuant to which the City agreed to contribute to the debt service of bonds
issued by the County for the Sundome project; which agreement was modified m 1989; and
WHEREAS, the County has determined that certain modifications to the Sundome should
be made, including increased seating capacity, to ensure that the Sundome will contmue to attract
tourists to the area and the County expects to issue debt to finance these improvements; and
WHEREAS, the City has been using revenues from business licenses and real estate
excise taxes to finance the City's share of debt service on the original bonds and the City and
County expect to structure the City's payment of its share of debt service on the new debt to
begin in 2010 when the existing debt is paid, by continuing business license fees at least at their
1987 rates, not reducmg them per intent of Ordmance No 3060, until the new debt is paid,
NOW, THEREFORE, BE IT ORDAINED BY the City of Yakima, Washington, as
follows:
Section 1 Approval of Agreement. The City Manager is hereby authorized to
negotiate with the County an amendment to the Agplex Center Agreement or enter mto a new
interlocal agreement with the County pursuant to which the City would agree to pledge up to
$150,000 annually for the years 2010 through 2025 from business hcense and real estate excise
tax revenue for the repayment of a mmimum of one million one hundred thousand of principal to
-1- K119406189010NMNWMN 030XM
be provided by the County to finance improvements to the Sundome. The City Manager and
City Clerk are authorized to execute the new agreement or amendment to the existing agreement.
Section 2 Security In order to repay its obligations to the County, the City shall
continue to levy the business license fees at rates established m 1987 by Ordinance No 3060,
together with other legally available funds to pay the City's obligations under the agreement.
Once the City's has made its payments to the County, the 50% increase m Business license fees
established by Ordmance No 3060 shall be eliminated.
Section 3 Prior Acts. All acts taken pursuant to the authority of this ordinance but
prior to its effective date are hereby ratified and confirmed.
Section 4 Effective Date. This ordinance shall be effective 30 days after its passage,
approval and publication as provided by law
PASSED by the City Council of the City of Yakima, Washington at a regular meeting thereof,
held this 4th day of February, 2003
CITY OF YAKIMA, WASHINGTON
7 Mary Place
Mayor
ATTEST
cgs-
City Clerk
APPROVED AS TO FORM.
City Attorney
Publication Date 2 -7 -2003
Effective Date: 3 -9 -2003
-2- K:\1 9 4 06 499 01 01NMMNMN O30XM
Post Office Box 1490 • www yakirna.org
EA'E R L IMA `_• 10 North Ninth Street, Yakima WA 98907
TEL. 509/248 2021 • FAX 509/248.0601
CHAMBER of COMMERCE
E MAIL. chamber @vakima.or,
January 28, 2001
Mayor Mary Place
City Council City of Yakima
129 North 2nd Street
Yakima WA 98901
Dear Mayor Place and Members of the City Council,
In 1987, the community had a rare opportunity to create a major new facility with the creation of the Sun Dome
The challenge was in obtaining the local match to couple with the state grant. The chamber held a meeting of all
the parties who would be involved m the local financing package The city determined the only way they could
find their share of monies was to raise the business license fee by 50% They asked for the chamber's support on
this proposal. We surveyed our members and found that, of those responding, over 88% were in favor of this
approach if it was only used for this purpose The Chamber Board of Directors, therefore, endorsed this
proposal.
All parties in 1987 had a vision of what the Sun Dome would mean long term for this community The
economic contribution it has made has met those expectations and more. The recent Yakima Valley Visitor and
Convention Bureau annual activity report shows a sizable amount of the events listed were held at the Sun
Dome We now have a professional sports team which is unknown for a community our size and has placed our
name throughout the United States Another major activity we have gained economic benefit from is the high
school athletic activities of 1A and 2A basketball tournaments along with volley ball tournaments It is
estimated the economic contribution to the community from Sun Dome activities exceeds $10 million annually
Needless to say, we have found a gem for our economic development needs in the community and must work
hard to maintain the viability of this facility
We are now sixteen years from the time we met to get the project going and have a new need before us which is
the expansion of the facility We need this expansion to retain the above mentioned activities It has been
proposed that the city's contribution to the expansion effort might come through the extension of the 1987
business license increase which expires in 2006 Our executive committee has reviewed this concept and fully
concurs with the extension of the increase as long as it continues to be used only for this sole purpose. We feel
the history shows this has been a solid return on the investment for our community We urge you to support the
funding request from the Central Washington State Fair Board.
Sincerely,
/0)/3i- &7(--4 -A1/744—
Don Jo an Gary Webster
Chairman of the Board President / CEO
elgiW
Central Washington • -
' AVE
January 30, 2003
City of Yakima
Yakima City Council
129 N 2nd Street
Yakima WA 98901
Dear Members of the Yakima City Council
The SunDome is a multipurpose domed facility located on the Central
Washington State Fairgrounds and is in need of expansion to accommodate a
variety of activities and sporting events.
Architectural drawings have been rendered by Loofburrow Architects of Yakima,
Washington, which envision the total expansion of the SunDome facility to be
accomplished in three phases, namely Phase I, Phase II, and Phase III
The proposed Phase I expansion consists generally of adding a two story
addition to the north end of the existing SunDome structure, increasing the
seating capacity by means of permanent seating, and adding additional shower/
changing rooms The two -story addition will add 16,000 sq ft. of space, four (4)
additional locker rooms, and two team dressing rooms The permanent seating
capacity for a single basketball court setting will go from 5, 200 to 7,030
To date we have received $1 25 million from the State and a commitment of
$200,000 from the City of Union Gap Combined with our request from the City
of Yakima for $1 1 million, we will be able to complete Phase I
Respectfully submitted,
CENTRAL WASHINGTON FAIR ASSOCIATION
'>; 4
CURTIS KIN ,CHAIRMAN
BOARD OF DIRECTORS
�yIPSNINGT
:lp Yf Ju l
1892 MO "" rA P O Box 1381 ® Yakima, Washington 98907
g f ' ` Telephone (509) 248 -7160 • Fax (509) 248 -8093
( 7y ". Y A K I M A V A L L E Y
Visit our website at www fairfun.com
) *(INA,VA Email. cwsf @fairfun.com HOME OF THE OBE
Sample
Debt Service Amortization Schedule
Note:
The amortization schedule on the opposite page is for illustrative
purposes only It is not to be mistaken for the actual debt nor the
actual repayment schedule of the final funding agreement for the
financing of the Sundome Expansion project. Since the County
owns the Sundome, they will determine the actual financial
instrument best suited to them for obtaining the needed funds
This amortization schedule was prepared by the City's Investment
Banker's to provide the City with one financing option for
obtaining the needed funding for the Sundome expansion
conditioned on the terms and constraints of the City's fiscal
position and the City's ability to make debt service payments
If Council passes this ordinance, this amortization schedule,
although enclosed here for illustrative purposes only, will be
utilized by the City as the basis for establishing terms and
conditions included in the Inter -local agreement to be executed
with the County
\ \ISNT\Users \ranson \Council Agenda Items \2003 Council Agenda Items \02 -04 -03 Sun Dome Expan. - Amortz Sched Dis-
claimer.doc
Uy,"18 /UL U8 Ltl t'HA LUbbt$ L J1I 11Lt; nn �'`' " Lm
BOND DEBT SERVICE R)
Cit of Yakima ,� �J f
SOP L City of Yakima Serial Bonds 2002
ONLY Dated Date 12/01/2002
Delivery Date 12/01/2002
Annual
Period Compounded Debt Debt
Ending Principal Coupon Interest Interest Service Service
12/01/2002 - _ _ _ -
06/01/2003 -
_ _
12/01/2003 - - - ®
06/01/2004 - - _ - FOR ® c u S sI ®1'19 - 06/01/2004 _ _ S PL _ PURP OSES ONLY
0��01/2 ^ ^5 dNl
12/01/2005 - -
06/01/2006 - ONLY _
-
_ 12/01/2006 - - -
06/01/2007 - - _
12/01/2007 - - _ _ _ - -
06/01/2008 - - - _ - _
12/01/2008 - - _ _ _
06/01/2009 - - - _ _
12/01/2009 - - -
- - _
06/01/2010 - -
12/01/2010 110,127 00 3.900% - 39,873.00 150,000 150,000
06/01/2011 - -
12/01/2011 105,022.50 4 000% - 44,977.50 150,000 150,000
06/01/2012 - -
12/01/2012 99,960.00 4 100% - 50,040.00 150,000 150,000
06/01/2013 -
12/01/2013 94,956.00 4.200% - 55,044 00 150,000 150,000
06/01/2014 - -
12/01/2014 89,499 00 4.350% - 60,501.00 150,000 150,000
06/01/2015 - -
12/01/2015 84,108.00 4.500% - 65,892.00 150,000 150,000
06/01/2016 - -
12/01/2016 78,813 00 4 650% - 71 187 00 150,000 150,000
06/01/2017 - -
12/01/2017 74 176.50 4 750% - 75,823.50 150,000 150 000
06/01/2018 " - -
12/01/2018 69,678 00 4.850% - 80,322.00 150,000 150 000
06/01/2019 -
12/01/2019 65,325.00 4 950% - 84 675 00 150,000 150,000
06/01/2020 -
12/01/2020 61,125.00 5 050% - 88,875 00 150,000 150 000
06/01/2021
12/01/2021 57,082.50 5 150% - 92,917.50 150,000 150,000
06/01/2022 -
12/01/2022 53,205 00 5.250% - 96,795 00 150,000 150,000
06/01/2023 -
12/01/2023 50,004 00 5.300% - 99,996.00 150,000 150,000
06/01/2024 -
12/01/2024 46,950 00 5.350% - 103,050 00 150,000 150,000
06/01/2025 - -
12/01/2025 44,535 00 5 350% - 105,465 00 150,000 150,000
1,184,566.50 0 1,215 433.50 2,400,000 2,400 000
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TW STORY ADDITION
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AGPLEX MODIFICATION
OF CONVENTION CENTER AGREEMENT
1
This modified agreement, executed this OA day of 7imoyik
198 , by and between the County of Yakima, a municipal corporation, herein-
after called the County and the City of Yakima, ? municipal corporation,
hereinafter called the City,
WITNESSETH
WHEREAS, RCW 67 28 120 authorizes contracts between cities and counties
for the joint financing of acquisition, construction, maintenance and operation
of public stadium facilities and /or convention center facilities, and,
WHEREAS, the parties hereto entered into such an agreement on May 12,
1975 entitled "Agreement for Joint Acquisition of Convention Center" (herein-
after referred to as the 1975 Agreement) for the purpose of jointly financing
the acquisition, construction, maintenance and operation of the Yakima Con-
vention Center facilities (including building and parking lot) as authorized in
said RCW 67 28 120, and,
WHEREAS, said agreement calls for remittance by the County to the City
of all proceeds of the County's Accommodations Tax levy derived from within
the incorporated limits of the City, throughout the life of said agreement, and
for use by the City of said County remittances for purposes of capital, main-
tenance and operation costs of the stadium and /or convention center facilities,
including cost of debt service on bonds for such faciLities, and,
WHEREAS, contemporaneous with the 1975 Agreement, the City issued two
series of bonds (Yakima Convention Center general obligation bonds and LTD
Pavilion Parking general obligation bonds) pursuant to authority of RCW
67 28 150, to which the sums remitted to the City by the County from its levy
were pledged, and,
WHEREAS, these County levy proceeds have increased over time since
1975, so that they now exceed the amount needed or spent by the City to
meet the obligations on the above - mentioned bonds, and the City has, to
date, accumulated a :reserve fund from such levy surpluses sufficient to
satisfy all remaining obligations on said bonds, based on current rates of
interest and existing payment schedules, and,
WHEREAS, Washington Laws of 1987, Chapter 483, Sec 1, and RCW
67 28 180(2)(b) as amended thereby., allows such surpluses to be spent in
counties of other than class AA for county -owned facilities for agricultural
promotion, and,
WHEREAS, Yakima County, not being a class AA county, intends to
issue bonds for and construct and operate a multipurpose agricultural trade
and convention facility of approximately 80,000 gross square feet on the
Central Washington Fairgrounds, which facility shall be referred to herein-
after as the Agplex, and,
WHEREAS, the City expects to derive significant economic benefit from
such agricultural trade and convention facility if constructed, now, therefore,
The parties, by their respective legislative authorities, herewith modify
their 1975 Agreement as follows
I All sums due from the County to the City under the 1975 Agreement
and remitted by the Department of Revenue to the County on or before Decem-
ber 31, 1987, shall be remitted by the County to the City by January 1,
1988 On or before January 1, 1988, the County shall pay the City the
additional slim of $140, 000
II From and after January 1, 1988, the County shall be relieved of
any obligation to pay Accommodations Tax revenues to the City under the 1975
Agreement, so long as those funds that would otherwise have been due the
City under the 1975 Agreement are applied first to the costs (including bond
debt) of acquisition, construction and operation of the Agplex building herein -
above described
III Commencing with the issuance of the County Bonds (described in
this paragraph) and continuing until the twentieth anniversary thereof, the
City shall pay the County periodic amounts equal to 78% of the cost (including
principal and interest) of retiring such Bonds (or any bonds issued to refund
such Bonds) to be issued by the County under the authority of RCW 67 28 150
in the total principal amount of One Million Dollars ($1,000,000 00), the term
of which Bonds shall be twenty (20) years These payments by the City
shall be construed to consist of semi - annual payments of both principal and
interest required to amortize, over the term of the County Bonds, the princi-
pal amount of $780,000 The timing of these payments shall be determined by
the bond redemption schedule, with each payment to be made 30 days prior to
the due date for each successive installment of interest and /or principal on
the Bonds The Bonds referred to herein are yet to be issued and may
exceed the total principal amount of One Million Dollars They are not to be
confused with those bonds issued by the County for Agplex on October 13,
1987 In the event that the County issues more than One Million Dollars of
these Bonds, the City's payment obligations shall be based on the first million
dollars of bonds so issued
IV The City also agrees to include the Agplex within the coverage of
its real property casualty insurance policy and name the County as an addil
tional insured therein, if and so long as the County so elects, PROVIDED 1
the County pays the marginal cost of such added coverage
V In consideration of the covenants of the City herein, The County
agrees to construct and use its best efforts to operate the Agplex The
County agrees that if the Agplex as hereinabove described is not operational
on or before January 1, 1993, the City's obligations hereunder shall be deemed
satisfied and payments by the City to the County hereunder shall permanently
cease, AND
VI The County agrees in the event the Agplex is damaged or destroyed
by fire, to restore the Agplex to operational condition within three yearp of
the fire, excl}.iding periods of delay caused by litWat.ion if ar}y
VII If the Agplex ceases to be operational due to any casualty or other
cause outside the County's control, other than fire, the County will use its
best efforts to re- construct or repair the Agplex and to resume the operation
thereof No such cessation of the County's operation of the Agplex shall
relieve the City of any payment obligations hereunder, HOWEVER, if the
Agplex ceases to operate through voluntary action or decision of Yakima
County, then the City's obligations hereunder shall be deemed satisfied and
payments by the City to the County hereunder shall cease
YAKIMA COUNTY COMMISSIONERS
4 1:7
CHAIRMAN
ATTEST BARBARA HILL
Clerk of/ he Board
/ '! MEMBER
B !Cr ..l � _ i1. � : /J.044..jf
e • uty Clerk .
MEMBER
ATTEST CITY OF YAKIMA
B
Yal1i4a City pTeI'l City l anagpr
CONT 1 -M
City Resolution No D -5404
City Contract #87 -48,,
RESOLUTION NO D -5404
A RESOLUTION authorizing the City Manager to exP0"rA An ___-
ment with Yakima County modifying the City /County
Agreement For Joint Acquisition Of Convention
Center
WHEREAS, RCW 67 28 120 authorizes contracts between
cities and counties for the joint financing of acquisition,
construction, maintenance and operation of public stadium
facilities and /or convention center facilities, and
WHEREAS, Yakima County and the City of Yakima entered
into such an agreement on May 12, 1975 entitled "Agreement For
Joint Acquisition Of Convention Center" (hereinafter referred
to as the 1975 Agreement) for the purpose of jointly financing
the acquisition, construction, maintenance and operation of
the Yakima Convention Center facilities (including building
and parking lot) as authorized in said RCW 67 28 120, and
WHEREAS, said agreement calls for remittance by the
County to the City of all proceeds of the County's Accommoda-
tions Tax levy derived from within the incorporated limits of
the City, throughout the life of said agreement, and for use
by the City of said County remittances for purposes of capi-
tal, maintenance and operation costs of the stadium and /or
convention' center facilities, including cost of debt service
on bonds for such facilities, and
WHEREAS, contemporaneous with the 1975 Agreement, the
City issued two series of bonds (Yakima Convention Center
general obligation bonds and LTD Pavilion Parking general
obligation bonds) pursuant to authority of RCW 67 28 150, to
which sums remitted to the City by the County from its levy
were pledged, and
WHEREAS, these County levy proceeds have increased over
time since 1975, so that they now exceed the amount needed or
spent by the City to meet the obligations on the above -
mentioned bonds, and the City has, to date, accumulated a
reserve fund from such levy surpluses sufficient to satisfy
CONVCENT RES /G6
all remaining obligations on said bonds, based on current
rates of interest and existing payment schedules, and
WHEREAS, Washington Laws of 1987, Chapter 383, Section 1,
and RCW 67 28 180(2)(b) as amended thereby, allows such
surpluses to be spent in counties of other than class AA for
county —owned facilities for agricultural promotion, and
WHEREAS, Yakima County, not being a class AA county,
intends to issue bonds for and construct and operate a
multipurpose agricultural trade and convention facility of
approximately 80,000 gross square feet on the Central
Washington Fairgrounds, which facility shall be referred to
hereinafter as the Agplex, and
WHEREAS, the City expects to derive significant economic
benefit from such agricultural trade and convention facility
if constructed, and
WHEREAS, the City Council deems it to be in the best
interests of the City of Yakima to execute an agreement
entitled "Agplex Modification Of Convention Center Agreement"
the original of which is attached hereto and incorporated
herein, now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA
The City Manager and the City Clerk of the City of Yakima
are hereby authorized and directed to execute the attached and
incorporated agreement entitled, "Agplex Modification Of
Convention Center Agreement"
ADOPTED BY THE CITY COUNCIL this 3 day of November,
1987
% HENRY BEAUCHAMP
Mayor
ATTEST
/s/ KAREN J ROBERTS
City Clerk
Certified to be a t lie and correct copy of the
original filed is ery office
CONVCENT RES /G6 ? CITY CLERK
By �'1 �„ Deputy
0 BOARD OF , CO UNTY COMMISSIONERS
ROOM 416 COUNTY COURTHOUSE, YAIUMA, WA. 98901
509 575 - 4111
- /a k r m a FAX 509 -575 -4071
-I - -- - County- -- - - -- - -- -- - -- - - -- ----- --- - - --
December 28, 1989
City of Yakima
129 North 1st Street
Yakima, Washington 98901
Attention: Karen S. Roberts, City Clerk
RE: SECOND AGPLEX MODIFICATION OF CONVENTION CENTER AGREEMENT
Dear Karen:
Enclosed is your original signed of the Second Agplex Modification
of Convention Center Agreement which was signed by the Board of
Yakima County Commissioners on December 26, 1989.
Should you require any additional information regarding this
please contact Mr. John Staffen, Deputy Prosecuting Attorney at
(509) 454 -5374.
Sincer- y,
, I
S ' 'a E. Hinojosa
De•• y Clerk of the Board
SEH sh
Enclosure
cc. Yakima County Auditor's Office
Central Washington State Fairgrounds
John Staffen, Deputy Prosecuting Attorney
John Vanek, City Attorney
Richard Raab, Project Manager
* District One * District Two * District Three
Alex Demo Graham Tollefson Charles J Klar,ch
Ch air in an
) RESOLUTION NO. D - 5664
A RESOLUTION authorizing execution of a Second Agplex Modifi-
cation of Convention Center Agreement
WHEREAS, RCW 67 28 120 authorizes contracts between
cities and counties for the joint financing of acquisition,
construction, maintenance, and operation of public stadium
facilities and /or convention center facilities such as the
Agplex Sundome project now under construction by Yakima Coun-
ty; and
WHEREAS, on November 11, 1987, the City Council autho-
rized the execution of an agreement between the City and the
County [Agplex Modification of Convention Center Agreement)
wherein the City agreed to contribute to the debt service of
the Sundome Agplex project; and
WHEREAS, since entering into that agreement, the costs of
the Agplex Sundome project have substantially increased due to
unforeseen expenses; and
WHEREAS, the County has requested the City to increase
its contributions to the Agplex Sundome project and the City
expects to derive benefit from the construction and operation
of the Agplex Sundome, now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA
The City Manager and City Clerk are hereby authorized and
directed to execute the attached and incorporated Second
Agplex Modification of Convention Center Agreement
ADOPTED BY THE CITY COUNCIL this 19th day of December
1989
S /Patricia A Berndt
Mayor
ATTEST
S /Karen S Roberts
City Clerk
6 e4 he
.IL oc
/ / 1
Tres / agplex)
SECOND AGPLEX MODIFICATION OF
t ) CONVENTION CENTER AGREEMENT
WHEREAS, the City of Yakima [City] and Yakima County [County]
on November 3, 1987 pursuant to RCW 67 28 120 entered into the
Agplex Modification of the Convention Center Agreement (Agreement]
wherein the City obligated itself to assist the County in financing
of the Agplex; and
WHEREAS, since entering into said Agreement, the cost of the
Agplex project has substantially increased due to unforeseen ex-
penses, and
WHEREAS, the County has requested the City to increase its
contributions to the Agplex and the City expects to derive benefit
from the construction and operation of Agplex, now, therefore,
THE CITY AND THE COUNTY HEREBY MUTUALLY AGREE TO MODIFY SAID
AGREEMENT TO READ AS FOLLOWS
The parties agree to add an additional Section VII to said
Agreement which follows
Section VII Commencing with the issuance of County Bonds
[described in this paragraph] and continuing until the 20th
anniversary thereof in 2009, the City shall pay the County
annual amounts of seventy -five thousand dollars [$75,000] to
retire such Bonds for any bonds issued to refund such Bonds]
issued by the County under the authority of RCW 67.28.150.
These payments by the City shall consist of semiannual pay-
ments The timing for payment of the City's semiannual obli-
gation shall be determined by the Debt Service Schedule, a
true copy of which is attached and incorporated herein as
Exhibit "A ", with each payment to be made thirty [30) days
prior to the due date for each successive installment of in-
terest and /or principal on the Bonds Payments shall commence
thirty [30] days prior to May 1, 1990 and the final payment
shall be due thirty [30] days prior to November 1, 2009
For purposes of the City limited obligation debt capacity the
City will recognize long -term debt on its records of seven
hundred eighty -one thousand, five hundred and seventeen dol-
lars and eighty-seven cents [$781,517 87] These payments by
the City have been calculated and shall be construed to con-
sist of semiannual payments of both principal and interest
required to amortize, over the term of the County Bonds, the
principal amount of seven hundred eighty -one thousand, five
hundred and seventeen dollars and eighty -seven cents
($781,517 87] The Bonds referred to in this section are not
to be confused with those Bonds issued by the Count+ for
Agplex on October 13, 1987 or Bonds otherwise authorized by
the Agplex Modification of Convention Center Agreement The
City's payment obligation shall be no more than the seventy -
five thousand dollars [$75,000] annually for twenty [20] years
or one million, five hundred thousand dollars
($1,500,000 00) under this section The County shall apply
all funds remitted by the City under this section only for the
retirement of principal and interest on the County Bonds
referred to in this section
With the exception of the addition of Paragraph VII to the
Agplex Modification of Convention Center Agreement, the provisions
of said Agreement shall remain in full force and effect
- 1 -
(agr / agplex)
�
This Second NT�dification of Convention `C J
enter Agreement is
executed this 19th day of Decanber , 1989, by and between
the County of Yakima, a municipal corporation, and the City of
Yakima, a municipal corporation.
CITY OE YAKIMA YAKIMA COUNTY COMMISSIONERS
City M A Chair � AFi
Richard A Zai ais, Jr
ember
ATTEST p ��
r' \wt � _N�1�CL� Ma
City Clerk
Karen S Roberts, C64C ATTEST./ /y
• A Co Clerk /a "f/_ , 8'
City Contract No 89- (p ` ' .0 / �XP
Resolution D -5664
- 2 -
(agr /agplex)
• BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No . G
For Meeting Of 02/04/2003
ITEM TITLE Ordinance authorizing the City Manager to (a) execute an inter -local agreement
with Yakima County to finance Phase I of the Sundome expansion project and (b) extend the
collection of the additional 50% Business License Fees authorized by City Council Ordinance #
3060 in 1987 until the new debt is paid in full, approximately 2025
SUBMITTED BY Finance Department
CONTACT PERSON /TELEPHONE Rita Anson, Finance Director (#575-60704
Tim Jen , reasury Services Officer ( #575 -6070)
SUMMARY EXPLANATION c
Background, Yakima County issued General Obligation Bonds In November 1987 and November
1989 for the purpose of constructing the "Yakima County Agplex" (Sundome) The City of Yakima
agreed to pay a portion of the County's debt service on each of these bond issues by entering into
two inter -local agreements with the County; such agreements are authorized by RCW 67 28 120
Concurrent with these agreements, the City Council passed Ordinance # 3060, which raised
Business License fees by fifty percent, to finance the majority of the City's portion of debt service
payments on these bonds (At that time, City Council stated their intention to eliminate the
increase in the business license fees when the Sundome bonds were paid off) The City pays the
County approximately $150,000 annually; the bonds will retire in 2007 and 2009 The City is
utilizing revenues from both Business License fees and Real Estate Excise Tax to make the
annual payments to the County
Continued
Resolution _ Ordinance _X_ Other (Specify)
—
Contract Mail to (name and address)
Phone
Funding Source Business Licens ees and Real Estate Excise Tax Revenues
APPROVED FOR SUBMITTAL �-�� %-,
City Manager
STAFF RECOMMENDATION Pass Ordinance see page 3 for detailed list of recommendations
BOARD /COMMISSION RECOMMENDATION Council Economic Development Committee
recommended (a) the City participate in the Sundome project expansion, (b) staff's financing
option as proposed herein and (c) that these two proposals be sent to the full Council for
consideration
COUNCIL ACTION Ordinance passed. ORDINANCE NO. 2003 -05
• Page 2/3
Note: the County has refunded both of the original bonds twice since they were initially
issued. The City's debt service payment obligation to the County likely should have been
reduced at that time The City has requested an accounting from the County of the change in
the debt service payments on these bonds and the related impacts this would have on the
City's obligation to the County The City has not yet received this information, however, the
County has stated that they believe that the difference in total . debt service payments owed to
the County over the term of these agreements may be reduced by approximately $30,000 on
the first (1987) bond issue and that there would be no change on the second (1989) bond
issue The City's finance department has requested legal counsel to review the inter -local
agreements and provide a legal opinion regarding whether or not a reduction in the debt
service of the 1989 bond would result in a debt service payment reduction to the City The
County has stated that they will provide the City with detailed information regarding any
changes in the terms and conditions of the refunded bond issues within the next week or so
When received, staff will review this information and advise Council regarding our
assessment of the City's liability and any overpayments that may have been made
Present: The Board of the Central Washington Fair Association has determined that certain
modifications are necessary to the Sundome to ensure its viability as a desirable amateur sports
venue into the future. The first phase of the plan includes a two story addition, increasing the
seating capacity from 5,200 to 7,030 and adding additional shower /changing rooms The
additional seating capacity is needed to satisfy various sports tournament sponsors in order to
retain this tourism for the community (For more information on the Phase I project description,
refer to the letter from the Central Washington Fair Association, enclosed.)
To date the Fair Association has received $1.25 million from the State, a commitment of $200,000
from the City of Union Gap, and has asked the City of Yakima to contribute $1 1 Million for
Phase I of the project. (The County has not been asked to contribute to Phase I of the project;
however, they are being asked to provide significant funding for Phases II & III, the City is not
being asked to contribute to the final two phases of the project.)
The only viable option available to the City to raise the requested funds is to borrow the money
and utilize the same revenues currently used to make debt service payments on the existing bonds
to repay the new loan. This can be done by structuring the new debt so that no payments are due
on the loan until after 2009, when the existing bonds will be paid off The City would then
continue to utilize general fund revenues from Business License fees and Real Estate Excise Tax
for debt service payments on the new loan. The City would need to continue Business License
rates as authorized in 1987, past the original intended sunset in 2009, until the new debt is fully
paid, estimated to be 2025 This extension has been discussed with and is supported by business
leaders in the community, as evidenced by the letter of support received from the Greater Yakima
Chamber of Commerce, enclosed.
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Page 3/3
In consideration of the significant contribution the City has and continues to make in support of
the Sundome facility; the competitive issues between the Sundome (owned by the County) and
the Convention Center (owned by the City) and in the interest of accountabihty and stewardship
of public funds, staff recommends the formation of a Sundome Oversight Committee The
Oversight Committee would be made up of representatives from the City of Yakima, the City of
Union Gap, The County, the Fair Board and the Visitors and Convention Bureau. The Oversight
Committee would represent a broad base of community interests relative to use of the Sundome
and attracting tourism to the area.
The attached Ordinance, if passed by Council, would authorize the City Manager to execute an
inter -local agreement with the County in which the County agrees to provide a minimum of $1 1
million in principal in 2003 for the expansion of the Sundome and the City agrees to repay the
County the principal, interest and related debt issuance costs in an amount not to exceed $150,000
annually for 16 years, payments not to begin prior to 2010
• The bonding and related debt service assumptions that form the underlying structure for
this financial analysis have been reviewed and are supported by the City's Investment
Bankers, Seattle Northwest Securities, Inc., based on current market conditions
• The $1 1 million is to be utilized solely for the expansion of the Sundome as defined in the
letter from the Central Washington Fair Association, enclosed.
• Note Since the Sundome is owned by the County, the City may not issue bonds for its
expansion. The County would need to provide funding for the expansion and the City
would enter into an agreement to repay the County via annual debt service payments to
the County The new agreement will require the County to notify the City of any
changes in the structure or payment /amortization schedule of the financial instruments
utilized to finance the project expansion.
Staff Recommendations:
1 Execute an Inter -local agreement with the County for the financing and repayment of
Phase I of the Sundome expansion project
2. Extend the Collection of the additional 50% Business License Fee past the original
sunset date of 2009 through the year 2025
3 Establish a Sundome Oversight Committee
4. Complete the City's legal and financial review of the Inter -local agreements and the
terms and conditions of the refinanced Sundome Bonds and negotiate a reduction in the
aggregate debt service payments to the County
Enclosed for Council's Review:
1 Ordinance (prepared by Preston, Gates & Ellis, LLP)
2. Letter from the Greater Yakima Chamber of Commerce regarding extension of the
Business License Fees
3 Letter from the Central Washington Fair Association regarding project description
4. Sample Amortization Schedule for expansion financing
5 Sun Dome Expansion Project Diagrams
6 Copy of the 1987 and 1989 Inter -Local Agreements between the City and the County
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