2017-10-17 Finance Minutes - Laserfiche WebLink

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City of Tukwila City Council Finance Committee FINANCE COMMITTEE Meeting Minutes October 17, 2017 - 5:30 p.m. - Hazelnut Conference Room, City Hall Councilmembers: Thomas McLeod, Acting Chair; Dennis Robertson, Kathy Hougardy Staff: David Cline, Jay Wittwer, Peggy McCarthy, Vicky Carlsen, Leon Richardson, Laurel Humphrey Guests: Deanna Gregory, Pacifica Law Group; Duncan Brown, PFM Financial Advisors LLC; Colin Donahue, PFM Asset Management LLC CALL TO ORDER: Committee Chair Seal called the meeting to order at 5:30 p.m. I. PRESENTATIONS II. BUSINESS AGENDA A. Grant Acceptance: National Criminal History Improvement Staff is seeking Council approval of a grant acceptance agreement with the Washington State Patrol to accept grant funding in the amount of $77,426.10 for continuation of the Disposition Research Specialist position. This position corrects errors caused by incompatibilities with the SCORE facility record system, and since the grant was first awarded last year, has corrected over 2,780 dispositions. The funding requires a 10% match of $8,602.90. Chair Seal suggested that Mayor Ekberg bring up the system incompatibility issue with the SCORE Board. UNANIMOUS APPROVAL. FORWARD TO OCTOBER 23, 2017 SPECIAL CONSENT AGENDA. B. Ordinance: Urban Renewal Debt Refinancing Staff is seeking Council approval of an ordinance that would authorize the sale of up to $2.35 million in a limited tax general obligation bond to refinance the city's outstanding Limited Tax General Obligation Bond Anticipation Note, 2014 for the urban renewal project. It was previously anticipated that the note would be paid from proceeds of the sale of the property, but this has not yet occurred. The interest rate on this new bond will range from 2.6 to 3.0 over its five-year life, and may be prepaid at any time with no penalty. Cashmere Valley Bank offered the most favorable terms of seven responding banks. The Council earlier gave staff direction to work with Healthpoint on the potential development of the property and this five-yeartermwill allow that work to continue. UNANIMOUS APPROVAL. FORWARD TO OCTOBER 23, 2017 COMMITTEE OF THE WHOLE.