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City f Tukwila <br />Allan Ekberg, Mayor <br />TO: Finance & Safety Committee <br />CC: Mayor Ekberg <br />FROM: Peggy McCarthy, Finance Director <br />DATE: April 12'2017 <br />SUBJECT: 2017-2018 Capital Funding Plan <br />ISSUE <br />Discuss the 2017- 2018 capital funding plan. <br />BACKGROUND <br />As documented in the 2017-2018 Biennial Budget and the 2017-2022 Capital Improvement Plan, limited <br />tax general obligation (LTGO)bondissuancesonap|annedtohe|pfinmncethe42'mAveSond53rdAveS <br />Residential Street projects and the Public Works shope, which are part of the Public Safety Plan. <br />Additionally, the T|B Redevelopment three-year bond anticipation note matures on December 1, 2017. <br />Should developer proceeds not be received to pay off this debt as originally p|anned, o refinancing or <br />repayment from other sources may be considered. A summary of capital funding needs follows: <br />DISCUSSION <br />An $8.4 million bond sale to finance the City's portion of the reokdando| street projects is being considered <br />for issuance this summer. The bid award for the 42ndAve S project is schedu|ed for May 2O17with <br />construction beginning inJune 2O17. The bid award for the 53nd Ave S project issohedu|edfor8epbember <br />with construction beginning in September. <br />As the December 1, 2017 maturity date nears for the TIB Redevelopment bond anticipation note, options <br />for payoff or refinancing will be discussed and an action plan determined. <br />Fund <br />Project <br />Funding <br />2017 <br />2018 <br />TOTAL <br />Funding <br />Description <br />Needed <br />Budget <br />Budget <br />Source <br />1 <br />Residential Streets, <br />Fund 103 <br />42nd Ave S <br />July <br />$4.6 <br />million <br />$1.8 <br />million <br />$6.4 <br />million <br />LTGO <br />— <br />million <br />million <br />million <br />$8.4 <br />LTGO <br />3 <br />Total Residential Streets, Fund 103 <br />I <br />I <br />million <br />combined issue <br />Land sale <br />Urban Renewal, <br />TIB bond <br />$2.25 <br />$2.25 <br />proceeds or <br />4 <br />Fund 302 <br />anticipation <br />December <br />million <br />million <br />LTGO <br />notes <br />refinancing <br />Public Safety Plan, <br />Public <br />$6.15 <br />$23.3 <br />$295 <br />Fund 306 <br />Shops <br />million <br />million <br />million <br />DISCUSSION <br />An $8.4 million bond sale to finance the City's portion of the reokdando| street projects is being considered <br />for issuance this summer. The bid award for the 42ndAve S project is schedu|ed for May 2O17with <br />construction beginning inJune 2O17. The bid award for the 53nd Ave S project issohedu|edfor8epbember <br />with construction beginning in September. <br />As the December 1, 2017 maturity date nears for the TIB Redevelopment bond anticipation note, options <br />for payoff or refinancing will be discussed and an action plan determined. <br />