2017-11-21 Finance Minutes - Laserfiche WebLink

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Finance Committee Minutes November2l, 2017 C. Ordinance: Financing Public Safety Plan Public Works Shops Facility Staff is seeking Council approval of an ordinance to authorize issuance of one or more series of limited tax obligation (LTGO) bonds in the aggregate principal amount not to exceed $20,000,000 to finance the acquisition of land and construction of the Public Works shops facility included in the Public Safety Plan. The Council authorized the acquisition of parcels to site the facility on November 6, 2017. Because the amount and timing of funds needed has a degree of certainty, this ordinance was prepared for adoption now so that the City would have the financing tools in place. In addition, it was prepared to include the greatest level of flexibility, including the option for short-term financing. Staff distributed a new info memo that corrects an error and shows that the debt service will be under what was budgeted by about half. The ordinance will be valid for one year. Chair Seal asked about how the Council would be kept informed or provide necessary approvals throughout the whole purchase process, as some may be concerned this ordinance would serve as a blank check. Ms. Gregory pointed out that on page 54, Section 12(3)(4) the ordinance provides that the Council must receive a report describing the final terms of the Bonds sold pursuant to the Sale document. The Council would also remain closely involved through consideration and potential approval of the purchase and sale agreement for the property. The disclosure document could also be provided to the Council as the transaction proceeds. The Committee expressed support for the ordinance being in place and providing flexibility for future financing decisions. UNANIMOUS APPROVAL. FORWARD TO NOVEMBER 27, 2017 COMMITTEE OF THE WHOLE. D. Commercial Parking Tax Legislation Staff is seeking Council approval of an ordinance to amend Tukwila Municipal Code 3.48 to increase the commercial parking tax from 5% to 15% and impose a late penalty of 10% per month. The commercial parking tax was established in 1998 and has not been updated since then. An increase to 15% will make the rate comparable to tax rates in surrounding jurisdictions. There are currently nine parking facilities in Tukwila that charge customers and are therefore subject to this tax. Parking tax revenues are restricted to transportation projects. UNANIMOUS APPROVAL. FORWARD TO NOVEMBER 27, 2017 COMMITTEE OF THE WHOLE. E. Resolution: Equity Policy Staff is seeking Council approval of a resolution that would adopt an equity policy for the City. The policy was written by an ad hoc employee committee, then further refined and approved by the Equity and Social Justice Commission. Since the Committee was last briefed, staff presented the draft to other staff in all departments. As a result of that, "gender identity" was added to the list of individuals and groups deserving of equity in Section 1. In section IV.5, "contractors" was added to the list of groups who will receive an equity toolkit from the City. The Equity and Social Justice Commission approved these two changes as well. UNANIMOUS APPROVAL. FORWARD TO NOVEMBER 27, 2017 COMMITTEE OF THE WHOLE. There was consensus to consider the ESRI Enterprise License Agreement as the next order of business. F. Enterprise License Agreement: GIS Mapping Software Staff is seeking Council approval of a two-year agreement with Environmental Systems Research Institute, Inc. (ESRI) in the amount not to exceed $55,000 for a GIS enterprise license. Currently there is one staff member assigned to GIS and this licensing agreement will provide