HomeMy WebLinkAboutR-1995-065 Memorandum of Understanding•
•
t
A RESOLUTION
RESOLUTION NO. R-95 6 5
authorizing the City Manager and City Clerk of the City of Yakima
to execute a Memorandum of Understanding and Intent Between
the City, the County and the Airport and authorizing the City
Manager and the City Finance Director to perform such actions as
are necessary to fulfill the commitments undertaken by the City
in the Memorandum of Understanding and Intent.
WHEREAS, the City of Yakima and Yakima County jointly own the Yakima Air
Terminal and intend to assist the Yakima Air Terminal and the Yakima Air Terminal
Board (referred to collectively below as the "Airport") meet certain needs in order
that, in due course, the Airport shall become generally fiscally self-sufficient; and
WHEREAS, the Airport has requested City and County assistance in several different
matters, and
WHEREAS, the City believes it is in the best interests of the City and the County and
the Airport that the assistance described the attached Memorandum of Understanding
and Intent be provided to the Airport; and
WHEREAS, the City Manager and Finance Director can prudently and efficiently
perform such actions as are necessary to fulfill the commitments undertaken by the
City in the attached Memorandum of Understanding and Intent;
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 Memorandum of Understanding and Intent Between the City of Yakima,
Yakima County and the Yakima Air Terminal Board, and the City Manager and the
City Finance Director are authorized to perform such actions as are necessary to
fulfill the commitments undertaken by the City in the Memorandum of
Understanding and Intent.
ADOPTED BY THE CITY COUNCIL this asday of 5�� �� , 1995
Mayor
ATTEST
Acct—„v i ..�
City Clerk
lap/airport:/memo/underst2.res 4/21/95 1.26 PM
MEMORANDUM OF UNDERSTANDING AND INTENT
BETWEEN
THE CITY OF YAKIMA
YAKIMA COUNTY
THE YAKIMA AIR TERMINAL BOARD
WHEREAS, the City of Yakima (referred to below as the "City") and Yakima County
(referred to below as the "County") jointly own the Yakima Air Terminal and intend
to assist the Yakima Air Terminal and the Yakima Air Terminal Board (referred to
collectively below as the "Airport") meet certain needs in order that, in due course,
the Airport shall become generally fiscally self-sufficient; and
WHEREAS, the Airport has requested City and County assistance in several different
matters; and
WHEREAS, the City and the County believe it is in the best interests of the City and
the County and the Airport that the assistance described below be provided to the
Airport,
NOW, THEREFORE, the City and the County and the Airport agree to and commit
themselves to the following as their agreed mutual understanding and intentions:
I. AIRPORT PROPERTY AND BOILER AND MACHINERY INSURANCE
The Airport's current Property and Boiler and Machinery insurance policy expires
on May 1, 1995. Because the City is an owner of the Airport, Airport property, boilers
and machinery can be included in existing City insurance coverage. Furthermore,
substantial savings can be achieved by so including the pertinent Airport property.
The City and County are willing, on a 50/50 basis, to assist the Airport by sharing
both: 1) the cost of adding Airport Property and Boiler and Machinery insurance
coverage to the City's policy for the period May 1, 1995 to April 30, 1996, and 2) the
costs of any deductible payable as a result of Airport losses under this coverage. This
assistance shall be renewable up to two additional years, after annual review. The
City shall fund the cost of premiums and any deductible from the City's Insurance
Risk Management Fund. Payments from the County to the City for its share of
premiums and any deductible shall be paid into the City's Insurance Risk
Management Fund. All parties intend that, as soon as feasible, the Airport shall fund
the cost of Airport Property and Boiler and Machinery insurance coverage from
Airport revenues, although this coverage may be included in the policy for the City
or County. The City and the County and the Airport shall revisit the issue of Airport
Property and Boiler and Machinery insurance coverage before the end of the three
year period which begins May 1, 1995.
II. LEGAL SERVICES FOR THE AIRPORT
The Airport involves a wide variety of activities and consequently requires
substantial legal services. For the balance of 1995, the City and County are willing to
assist the Airport meet it's need for legal services by making City and County staff
attorneys available to the Airport, insofar as City and County staff attorneys are able
to accommodate Airport legal services needs into their regular City and County
lap/airport:memo/underst2 4/21/95 4:57 PM
CITY/COUNTY/AIRPORT •
MEMORANDUM OF UNDERSTANDING -- Page 1
workloads. In consideration of this assistance, the Airport intends to fully fund the
cost of it's legal services needs in 1996 and subsequent years.
III. AIRPORT RUNWAY 9/27 REHABILITATION LOAN
Substantial federal funding assistance may become available for Airport runway
9/27 rehabilitation. Such funding would require local match funding of $200,000 -
$300,000, depending on project costs as they would be determined by contractors' bids
to perform the necessary work. The Airport requests that the City and County assist
the Airport by assuring the Airport of a loan of such funds as may be required for
the local match, in the event federal assistance becomes established. Within several
months, the Airport will begin collecting Passenger Facilities Charges which,
possibly in combination with other revenues, will enable the Airport to repay any
loan at a rate of at least $10,000 per month. The City and County, on a 50/50 shared
basis, are willing to assure the Airport of a loan of up to $300,000, to be repaid at the
rate of at least $10,000 per month for principal and interest, with interest calculated
at the market rate on the date of any loan based on the current portfolio of the entity
which actually funds the loan, and without penalty for early repayment.
DATED this32CtUclay of , 1995.
ATTEST:
City Clerk
,!O 5-4
DATED this 4 day of , 1995.
CITY OF YAKIMA
By:
• • • • •
Des Zais
City Manager
By:
YAKIMA AIR TERMINAL BOARD
hwti
•••••
lap/airport:memo/underst2 4/21/95 4:57 PM
CITY/COUNTY/AIRPORT
MEMORANDUM OF UNDERSTANDING -- Page 2
ennis Byam
Chairman
DATED thi2 day of
, 1995.
COMMISSIONERS
BEI'I IE ING
Chair
ATTEST: Clerk of the Board
W H. FLOWER
Commissioner
APPROVED:
Deputy Prosecuting Attorney
• • • • •
lap/airport:memo/underst2 4/21/95 4:57 PM
CITY/COUNTY/AIRPORT
MEMORANDUM OF UNDERSTANDING -- Page 3
BOARD OF YAKIMA COUNTY COMMISSIONERS
IN THE MAI TBR OF APPROVING LOAN
TO THE YAXIMA INTERNATIONAL
AIRPORT FOR REHABILITATE RUNWAY
9/27
RESOLUTION NO. 441-1995
WHEREAS, the City of Yakima and Yakima County jointly own the Yakima Air Terminal and
intend to assist the Yakima Air Terminal and the Yakima Air Terminal Board meet certain needs in order
that , in due course the Airport shall become generally fiscally self-sufficient; and,
WHEREAS, substantial federal funding assistance may become available for Airport Runway
9/27 Rehabilitation and such funding would require local match funding; and,
WHEREAS, the Airport requests that the City and County assist the Airport by assuring the
Airport a loan in the amount of $80,000.00 each; and,
WHEREAS, the City and County on May 2, 1995, jointly approved a Memorandum of
Understanding and Intent between the City of Yakima, Yakima County and the Yakima Air Terminal
Board to approve such as request ; and,
WHEREAS, the Board feels it in the best interests that said funds should come from the General
Fund in the form of a loan, inclusive of principal and interest as described in Exhibit A, attached hereto
and incorporated; now, therefore,
BE IT HEREBY RESOLVED by the Board of Yakima County Commissioners that a loan in the
amount of $80,000.00 shall be granted to the Yakima Air Terminal Board to be repaid in monthly
payments of at least $5,000.00, interest to be calculated by the Yakima County Treasurer at 6% per
annuum on the unpaid balance as per Exhibit A, attached hereto and incorporated in this resolution.
That said loan shall come from the General Fund as recommended by the Yakima County Auditor's
Office.
BE IT FURTHER RESOLVED that theYakima County Auditor's Office and Yakima County
Treasurer's Office shall implement this resolution effective immediately.
Done this 29th day of August 1995.
A est: .ylviaE i 'nodosa
of the Board
William H. Flower, Commissioner
Constitutes the Board of County
Commissioners for Yakima County,
Washington
Amortization Table
LOAN DATA
Loan amount:
Annual interest rate:
Term in years:
Payments per year:
First payment due:
PERIODIC PAYMENT
$80,000.00
6.00%
1.333333333 (16/12)
12
10/1/95
Loan to Yakima Airport Board
TABLE DATA
Table starts at date:
or at payment number: 1
Entered payment:
Calculated payment:
CALCULATIONS
$5,000.00 The table uses the calculated periodic payment amount
$5,215.15 unless you enter a value for "Entered payment".
Use payment of: $5,000.00
1st payment in table: 1
Table
Beginning balance at payment 1:
Cumulative interest prior to payment 1:
80, 000.00
0.00
No.
Payment
Date
Beginning
Balance
Interest
Principal
Ending
Balance
Cumulative
Interest
1
10/1/95
80,000.00
400.00
4,600.00
75,400.00
400.00
2
11/1/95
75,400.00
377.00
4,623.00
70,777.00
777.00
3
12/1/95
70,777.00
353.89
4,646.12
66,130.89
1,130.89
4
1/1/96
66,130.89
330.65
4,669.35
61,461.54
1,461.54
5
2/1/96
61,461.54
307.31
4,692.69
56,768.85
1,768.85
6
3/1/96
56,768.85
283.84
4,716.16
52,052.69
2,052.69
7
4/1/96
52,052.69
260.26
4,739.74
47,312.95
2,312.95
8
5/1/96
47,312.95
236.56
4,763.44
42,549.52
2,549.52
9
6/1/96
42,549.52
212.75
4,787.25
37,762.27
2,762.27
10
7/1/96
37,762.27
188.81
4,811.19
32,951.08
2,951.08
11
8/1/96
32,951.08
164.76
4,835.24
28,115.83
3,115.83
12
9/1/96
28,115.83
140.58
4,859.42
23,256.41
3,256.41
13
10/1/96
23,256.41
116.28
4,883.72
18,372.70
3,372.70
14
11/1/96
18,372.70
91.86
4,908.14
13,464.56
3,464.56
15
12/1/96
13,464.56
67.32
4,932.68
8,531.88
3,531.88
16
1/1/97
8,531.88
42.66
4,957.34
3,574.54
3,574.54
C:I1XLFILESIAMORTIZEIAIRPORT.XLS