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Home My WebLink AboutILA - Franklin County TRAC Facility Addendum 1 to TRAC Funding AgreementFRANKLIN COUNTY RESOLUTION NO. L-2() I H- ` Rq BEFORE THE BOARD OF COMMISSIONERS, FRANKLIN COUNTY, WASHINGTON RE: APPROVING ADDENDUM NO.1 TO THE INTERLOCAL COOPERATION AGREEMENT BETWEEN THE CITY OF PASCO AND FRANKLIN COUNTY, WASHINGTON, REGARDING THE FINANCING, ACQUISITION AND OWNERSHIP OF A MULTI-PURPOSE ARENA AND EXHIBITION FACILITY (TRAC), AMENDING RESOLUTION 94-126 WHEREAS, the Franklin County Commissioners have identified a need to establish a standard format for the provision of operating funds and the repayment of same regarding the annual ongoing operation of TRAC; and WHEREAS, the Board of Franklin County Commissioners also wishes to establish clarification that the City of Pasco and Franklin County will each pay 50% of any Operating Costs that exceed revenues from operation of the TRAC Facility in any calendar year, and WHEREAS, the Board of Commissioners constitutes the legislative authority of Franklin County and deems this to be in the best interest of Franklin County; NOW, THEREFORE, BE IT RESOLVED the Franklin County Board of Commissioners hereby approves the attached Addendum No. 1 to the Interlocal Cooperation Agreement between the City of Pasco and Franklin County, Washington, regarding the financing, acquisition and ownership of a Multi-purpose Arena and Exhibition Facility (TRAC), amending Resolution 94-126. APPROVED this 3d day of December, 2014 Attest: G Clerk to e Board Original: Franklin County, City of Pasco, TRAC Copies: Franklin County Accounting Dept. BOARD OF COUNTY COMMISSIONERS FRANKLIN COUNTY, WASHINGTON Chair Chair Pro Tem Member ADDENDUM NO.1 INTERLOCAL COOPERATION AGREEMENT BETWEEN THE CITY OF PASCO AND FRANKLIN COUNTY, WASHINGTON, REGARDING THE FINANCING, ACQUISITION AND OWNERSHIP OF A MULTI-PURPOSE ARENA AND EXHIBITION FACILITY (TRAC) THIS ADDENDUM NO. 1 is entered into 3rd day of December, 2014, by and between the the parties to the Interlocal Cooperation Agreement between the City of Pasco and Franklin County, Washington, regarding the financing, acquisition and ownership of a multi-purpose arena and exhibition facility dated the 24th day of May, 1994. IN CONSIDERATION of the mutual covenants contained herein, shall be and hereby is amended to read as follows: Section 1. Section 8.4, Payment of Operating Costs, shall be and hereby is amended and shall read as follows: A. The Parties covenant they will each pay 50% of any Operating Costs that exceed Revenues from operation of the TRAC Facility in any calendar year. If any Party advances funds for the other Party, such funds shall bear interest at the rate paid by the State of Washington local government investment pool. Each Party reserves the right to determine the source of such payment. B. In order to meet the cash flow demands of the Operating Costs, the Cash Flow Reserve Fund is created to provide for continuing availability for payment of the Operating Costs as provided in Section A above. The Cash Flow Reserve Fund shall be held and administrated by the County. On or before January 1, 2015, the City and the County shall each deposit into the Cash Flow Reserve Fund the sum of $100,000.00 which shall be used for the purpose of meeting operating costs during those periods when there is not sufficient operating revenue to meet the Operating Costs as they mature. Application of these funds to meet operating costs shall be equally borne between the City and the County. The Cash Flow Reserve Fund shall be replenished from operating revenues on or before December 31 of each operating year during the term of this Agreement. Any disbursements from this Fund, other than as provided above, shall be refunded to the City and the County on an equal basis. a�j/y-'WV Addendum No. 1 to Interlocal Agreement Between City and County - 1 Section 2. All remaining terms and conditions of the Interlocal Agreement shall remain in full force and effect. DATED this � day of December, 2014. 163161 CITY OF PASCO, a Municipal Corporation of the State of Washington D e Zabell, City Mwfager APPROVED AS TO FORM: Leland B. Kerr, City Attorney CK818m1x FRANKLIN CONTY, a Political Subdivision of the State of Washington Robe Ert Koch, Chairman Brad Peck, Chair Pro Tem Ri Miller, Member ATTEST BY: Clerk of MBoard APPROVED AS TO FORM: Shawn Sant, Prosecuting Attorney for Franklin County 1 By: D rosecuting Attorney Addendum No. 1 to Interlocal Agreement Between City and County - 2 STATE OF WASHINGTON ) ss County of Franklin ) On the I day of 2014, before me, the undersigned, a Notary Public, in and for the State of Washington, duly commissioned and sworn, personally appeared DAVE ZABELL, to me know to be the City Manager of the City of Pasco, a Municipal Corporation of the State of Washington, who executed the foregoing instrument and acknowledged the said instrument to be the free and voluntary act and deed of said City, for the uses and purposes there mentioned, and on oath stated that said person was authorized to execute the said instrument for said City. WITNESS my hand and official seal hereto affixed the day and year in this certificate above wr, b -10100101A Z N K 'op, �i ��\ EadTae9 N e: C' 2v s Z �.� 5' S' •. * i Printe Name: Gie- =. Notary Public in and for the State of Washington a. Q y '�� Residing at: I n rw r * * My Commission Expires: 1 tP I111O11��`` STATE OF WASHINGTON ) ss County of Franklin ) On the 3 day of bece*4tr , 2014, before me, the undersigned, a Notary Public, in and for the State of Washington, duly commissioned and sworn, personally appeared ROBERT E. KOCH, to me known to be the Chairman of the Board of Franklin County Commissioners, and BRAD PECK, to me known to be a Chair Pro -Tem of the Board of County Commissioners, and RICK MILLER, to me known to be a Member of the Board of County Commissioners, a political subdivision of the State of Washington, who executed the foregoing instrument and acknowledged the said instrument to be the free and voluntary act and deed of said political subdivision of the State of Washington, for the uses and purposes there mentioned, and on oath stated that said persons were authorized to execute the said instrument for Franklin County, Washington. WITNESS my hand and official seal hereto affixed the day and year in this certificate above written. �,\CHERS�1j4h �i "PSR u,, I,,Printed -;&%X �d N e: C' 2v s = C) on '',2 ' i Y 4 0 Notary Public in and fo the State of Washington =, =s = .' u (0 C Residing at: o'� 'P'j* ^= ' 'C6` My Commission Expires: /7 y -1 (o P0) `r'4TE OF Addendum No. 1 to Interlocal Agreement Between City and County - 3 111111\\\\\��` "�oiy-�8�