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City f Tukwila <br />INFORMATIONALAllan Ekberg, Mayor <br />U��U�n�������0� <br />n�n�~n�n��n�x�«u�����u�m <br />TO: Finance Committee <br />FROM: Peggy McCarthy, Finance Director <br />CC: Mayor Ekber <br />DATE: June 25, 2018 <br />SUBJECT: Finance the Public Works Shops portion of the Public Safety Plan <br />ISSUE <br />Review the Schedule of Events for issuance of up to $20 million limited tax general obligation bonds <br />for the acquisition of property and construction of improvements for new Public Works shops, <br />pursuant the Public Safety Plan. <br />BACKGROUND <br />On December 4, 2017, the City Council approved bond ordinance 2559 for the issuance of up to $20 <br />million of limited tax general obligation (LTGO) bonds for financing the acquisition of property for the <br />Public Works shops and to pay for improvements and associated costs. In February 2018 through <br />May 2018, the City Council Finance Committee reviewed and considered several financing options <br />and pjectscopoa|ba/nativeoforthePub|icSahah/P|an.indudingthePub|ioVVorkaahopa.0nJune <br />11, 2018, a City Council workshop was held to discuss the selected financing options and scope <br />a|ternahves, and at the regular City Council meeting on June 18, 2018, the City Council authorized <br />the administration to move forward with the Public Safety Plan scenario referred to as D-20. Under <br />this scenario, $30 million is appropriated for Public Works shops property acquisition and <br />impruvementa, with financing to be accomplished through limited tax general obligation bonds with <br />maximum terms of 20 years. <br />DISCUSSION <br />The City is in the process of acquiring three parcels to site the new Public Works Shops. Through <br />May 2018, $7.4 million has been expended on behalf of the Public Works shop project,indudingo <br />February deposit to the court under the eminent domain laws. On May 25, 2018. the court entered <br />an order adjudicating the issue of public use and necessity allowing property acquisition to move <br />forward. The bond proceeds will be used to complete the property purchases, reimburse the City for <br />project expenditures previously innurred, and construct Public Works shops improvements. The <br />bond sale isscheduled for July 31.2018and the bond closing for August 14.2O18. <br />RECOMMENDATION <br />For information only <br />ATTACHMENTS <br />47 <br />