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HomeMy WebLinkAbout2024.09.17 PPFD MinutesPasco Public Facilities District Board MINUTES 4:00 PM - Tuesday, September 17, 2024; Pasco City Hall, Council Chambers & GoToWebinar WELCOME, CALL TO ORDER, AND ROLL CALL Pasco Public Facilities District (PPFD) President Morrissette welcomed members of the audience and called the meeting to order at 4:00 PM. Board Members Present: President Mark Morrissette, Vice President Marie Gillespie, Secretary/Treasurer Caroline Bowdish, Board Member Leonard Dietrich, and Board Member Spencer Jilek Board Staff Present: PPFD Executive Director Matt Watkins City Council & Staff Present: City Attorney Eric Ferguson, Senior Accountant Veronica Perez, Parks & Recreation Director Jesse Rice, and City Clerk Debby Barham APPROVAL OF MINUTES Approve PPFD Board August 2024 Meeting Minutes MOTION: Mr. Dietrich moved to approve the PPFD Board minutes from the August 27, 2024, meeting. Seconded by Dr. Jilek. Motion carried unanimously. CLAIMS APPROVAL Approval of PPFD Monthly Accounts Payable Claims Ms. Bowdish arrived to the meeting at 4:03 PM. Ms. Perez provided a brief overview of the August 2024 PPFD Accounts Payable document. MOTION: Dr. Jilek moved to approve the August 2024 PPFD claims (accounts payable) in the amount of $291,672.11. Seconded by Mr. Dietrich. Motion carried unanimously. FINANCIAL REPORT August 2024 Balance Sheet, Budget Performance Report and Local Page 1 of 5 Tax Distribution Report Ms. Perez provided a brief report on the PPFD financial reports. REPORTS FROM COMMITTEES Design & Construction Committee Ms. Gillespie provided a report from the Design & Construction Committee noting that the Committee was in the process of updating various features located both inside and outside the facility. Audit & Finance Committee Mr. Morrissette distributed a document to the PPFD Board that included his thoughts as he read through the proposed Bond Resolution. He commented on his understanding of the Bond Resolution and the amount of funding that can be borrowed through the Bond. Mr. Morrissette asked Marc Greenough to further explain the bonding requirements related to protecting the PPFD Board members from liability. Scott Bauer also spoke about the repayment of the Bond. Lynnwood Visit Mr. Morrissette and Mr. Dietrich provided a brief recap of the visit to the aquatics facility located in Lynnwood, Washington. Mr. Morrissette distributed another document to the PPFD Board, which included a list of questions he gave to Mr. Watkins before the PPFD delegation traveled to the aquatics facility located in Blue Springs, Missouri. The document was updated to include answers provided from the aquatic facilities located in both Blue Springs, Missouri and Lynnwood, Washington. NEW BUSINESS Resolution - Approval of Bonding Resolution Mr. Greenough, Attorney and Principal with Foster Garvey, provided a brief overview of the proposed PPFD Bonding for the construction of the aquatics facility. The PPFD Board, Mr. Greenough, and staff continued to discuss the proposed resolution approving the issuance of the bonding. Page 2 of 5 MOTION: Ms. Bowdish moved to approve Resolution No. 2024-09 relating to contracting indebtedness; providing for the issuance, sale, and delivery of sales tax bonds to provide funds to pay or reimburse the payment of the cost of acquiring, constructing, and equipping an aquatic center, to fund a debt service reserve, and to pay costs of issuance and sale of the bonds; fixing certain terms and. covenants of the bonds; and providing for other related matters. Seconded by Dr. Jilek. Motion carried unanimously. Question Related to Bond Issuance Mr. Bauer, Financial Advisor with Northwest Municipal Advisors, spoke about the possibility of not utilizing a debt service reserve fund (DSRF) of about $3.3M, as it is not needed for the bond issuance. He offered two options and requested that the PPFD Board determine which option they prefer. The options Mr. Bauer presented were: Baseline: $47M to the Construction Fund and $3.3M to the DSRF Option A: $47M to the Construction Fund and $0 to the DSRF Option B: $50M to the Construction Fund and $0 to the DSRF The PPFD Board and staff discussed the aquatics facility, its current budget, design, betterments list and how adding an addition $3M to the construction budget would enhance the aquatics facility. The PPFD Board concurred to move forward with Option B for the issuance of the bonds. MOTION: Dr. Jilek moved to approve Option B ($50M to the Construction Fund and $0 to the DSRF) contingent on there note being a Debt Service Reserve Fund requirement. Seconded by Mr. Dietrich. Motion carried unanimously. Resolution - Approval of Contracting for Personal Service Providers Policy (Veronica Perez) Ms. Perez provided a brief overview and purpose of the proposed Contracting for Personal Service Providers Policy. She recommended the PPFD Board approve the proposed policy. Mr. Ferguson discussed Revised Code of Washington (RCW) requirements relate to PPFD policies. He noted that there was an incorrect RCW reference in the proposed resolution under the second whereas and that is will be changed from RCW 36.100.180 to RCW 35.57.070. He asked that the motion include "as amended." MOTION: Dr. Jilek moved to approve Resolution No. 2024-10, as amended, to adopt the Contracting with Personal Service Providers Page 3 of 5 Policy. Seconded by Mr. Dietrich. Motion carried unanimously. Resolution - Adopt US Bank as the PPFD Financial Institution Ms. Perez explained that since the City of Pasco is the fiscal agent for the PPFD, it seems appropriate that the PPFD open a bank account with US Bank, the same financial institution that the City of Pasco uses. MOTION: Dr. Jilek moved to approve Resolution No. 2024-11, to adopt US Bank as its financial institution, the same bank uses the City of Pasco, Washington, which is the fiscal agent for the Pasco Public Facilities District. Seconded by Ms. Bowdish. Motion carried unanimously. OTHER BUSINESS PPFD Executive Director Report Mr. Watkins thanked the PPFD Board members for visiting other aquatic facilities. He announced that the purchase of the 13-acre property has been finalized. He reported on the status of the Washington State Financial Review. He provided an update on the PPFD Ambassadors. Lastly, he announced that the Pasco City Council has asked for an update on the status of the PPFD activities; that presentation is scheduled for October 15th. Owner's Representative Report (Heath Gardner) Mr. Gardner reported on the aquatics facility design progress. He also briefly discussed the status of the budget and noted that the project is still on schedule to break ground before the end of 2024. Pasco Operations and Maintenance (Jesse Rice) Mr. Rice provided a brief update on amending the Interlocal Agreement between the City of Pasco and the PPFD. He also provided a recap of a recent meeting he attended with the Parks and Recreation Boards from the Cities of Richland and Kennewick. The next PPFD Board Meeting is scheduled for Tuesday, October 22, 2024 EXECUTIVE SESSION The PPFD Board adjourned into Executive Session at 5:41 PM for 15 minutes, returning at 6:01 PM, to hold a discussion with legal counsel about current or potential litigation per RCW 42.30.110(1)(i) with the Page 4 of 5 PPFD Executive Director, Pasco Senior Accountant, and the City Attorney. President Morrissette called the meeting back to order at 6:02 PM. ADJOURNMENT There being no further business, the meeting was adjourned at 6:02 pm. PASSED AND APPROVED THIS, sr -DAY OF OWc�� , 201, APPROVED: Mark Morriss6tte, President Debra Barham, MMC Page 5 of 5