2018-04-17 Finance Minutes - Laserfiche WebLink

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City of Tukwila City Council Finance Committee FINANCE COMMITTEE Meeting Minutes April 17, 2018 5:30 p.m. Hazelnut Conference Room, City Hall Councilmembers: , Chair; Dennis Robertson, Kate Kruller Staff: Peggy McCarthy, Vicky Carlsen, Laura Crandall, Jay Wittwer, Brandon Miles, Gail Labanara, Rachel Bianchi, Bruce Linton, Laurel Humphrey CALL TO ORDER: Committee Chair Quinn called the meeting to order at 5:30 p.m. I.PRESENTATIONS II.BUSINESS AGENDA Ordinance: Limited Tax General Obligation Bonds A. Staff is seeking Council approval of an ordinance that would amend Ordinance 2559, which authorized issuance of up to $20 million of limited tax general obligation (LTGO) bonds for financing property acquisition for the Public Works shops and to pay for soft costs through mid- 2019. This amendment would allow for bond maturities up to thirty years and set the expiration One financing option for the Public Safety Plan extends the $20 million LTGO bond payment to thirty years from the original twenty-year period, which could save the City between $264,000 and $356,000 depending on whether interest only payments are made during the construction period, which is a common practice. . Passage of this ordinance would provide the flexibility for either 20 or 30 years. The bond sale is currently scheduled for May 17, 2018. The Committee indicated support for the flexibility to choose the term, but agreed that decision is part of the larger recommendation on Public Safety Plan financing which will not occur until late May or June. Since the May 17, 2018 sale date does not provide enough time for a holistic decision, the Committee asked staff to work with Bond Counsel to revise the schedule to show an alternative that accommodates this timeline. Chair Quinn asked that the memo be updated to call attention that the bond sale is contingent on the Council decision on Public Safety Plan financing. UNANIMOUS APPROVAL. FORWARD TO APRIL 23, 2018 COMMITTEE OF THE WHOLE. Fire and Parks Impact Fees B. Staff is seeking Council approval of a package of legislation to update Fire and Impact Fees for the City. The City contracted with Berk Consulting to obtain a comprehensive study of growth, capital plans and facilities, level of service standards and more to develop a maximum allowable impact fee for residential and commercial/non-residential properties. These fees were then compared with the fees of neighboring jurisdictions to assess regional competitiveness and affordability. Staff recommends reducing the fees proposed by the Berk study by 40% to bring