HomeMy WebLinkAbout2245 ResolutionCI
/ 1
,
Char es D Kilbury, ayor
ATTEST ° APPRO S TO FORM
Leland B. Kerr
City Attorney
Catherine D. Seaman, Deputy City Clerk
RESOLUTION NO a
A RESOLUTION increasing the City's share of the final construction
budget for TRAC
WHEREAS, Franklin County and the City of Pasco entered into an interlocal agreement
and a financing lease in May, 1994, providing for the financing and operation of the Trade
Recreation and Agriculture Center (TRAC), and
WHEREAS, the TRAC interlocal agreement and financing lease obligate the City to pay
50% of the debt service schedule associated with the issuance of $2 4 million Commissioner
Bonds by Franklin County, and 50% of not more than $100,000 increase m construction costs,
without further written approval of the City of Pasco City Council, and
WHEREAS, the final construction cost ascribed to the TRAC facility exceeded committed
revenues by $147,623 and Franklin County has requested, after the fact, that the City pay to the
County 50% ($73,811) in cash, and
WHEREAS, the City Council notes it is obligated to pay no more than $50,000 of the
construction cost overrun, and that such additional obligation should be fulfilled by way of an
increase in the City's share of the Commissioner Bond debt service already established by
Franklin County, and
WHEREAS, the City Council desires to reaffirm it's commitment to maintain a good
working relationship with Franklin County and acknowledges the apparent financial concerns of
Franklin County, and
WHEREAS, the City Council expects future actions by Franklin County to reflect similar
consideration of the City and demonstrate a mutual desire to maintain a good working
relationship benefiting both parties, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO RESOLVE AS
FOLLOWS
Section 1 That the City of Pasco's share of the TRAC construction cost be and is hereby
adjusted to a total of $1,273,811
Section 2 That portion of the City's obligation as adjusted hereinabove in excess of the
$1,200,000 debt service obligation provided under the terms of the financing lease will be paid to
Franklin County in cash within thirty (30) calendar days from the date of this resolution
PASSED by the City Council of the City of Pasco at a regular meeting this 15th day of
April, 1996
11, 111,11
of County (ommissioner%
IN COUNTY
h Fourth tkveraue
nshingt on ti13,301
509) 515-3535
Oft) 34-,541-773
- I4
Fred II. nowen
Iiiithrigeinent Director
S.aIIN Mckenzie
Ementi r
Se. t re_txtr)
Nlitr‘W Ithesrvi
Clerk To The Donna
INie% at 3 ( oricrurn
Distrie t 1
Kathleen "4,ue" Pittner
District 2
1-eitol.. II- litr.trt
i
IL u
1 ( I WA- Co\ \lx.,dr,,.!
P -
Pct` ..0 Q t)1 (1'
, lc
I rt.,1
_ r‘j1 (-n '-'(-k ( (:.ra
.),
I r
,rorr
pry nc c
- -LT
,:7-) S
nreadable
Original RT. JR \ qTRI ( I IO 111 DC, I_ I
,
• -,, in_ th rru i - Tuit , 1/4.1 I Lnu, Sio".:17, 01 V, c arc
I'-'.
V JPT, d" .
1 3 ,1 ,hi %,)u - c:- T,or ii \\ ohm the e>151.111L1
, d•'- I jr. -1. I -1, -.7
t'r V \\,z're planninu to
"1 lflL 1,,- our it LI 1 \ r n
It tIL. LOP C1-..J .1 1 in 1,1 Lurn_rit ;LT Pro` kit tlit enh inLernent dollars for
the :tun ) run Th, I P. flab' our -uf,..L1 ,--stio, \\ oulo or Or L .stet a to resol\ L tins
1 P. 11.11.2L. ( (nitrol of th( I R. \C Facilit\ o tht_ IM.C1-10C3i
mrocn pertains to LOct merrUr 107 our intormatton d folltm
I he fit Lornyls,iortc -_ r-11'n c ttL, ,o1.2 ItLrops'iniln\
luthoritn skitil ru ,PLLI to LO aciit hut iht „\,roi-e of that
,o ,norib, shah be , ("IS 'skill `k -ITI t Pe pro % '110^,, of 'Iv: "\clreerntent Decisions
it! um , 10 ltn „1-14,1L. ii i Lonctruc t ino o oton L 4rl.L.1C 1 InLI sin fl the
(1 ,4 Of Tr< AC .‘1C)cl (100 or mon_ at, ColISICI.R...1 to n r alor titc",10r1S
ii \ inade Bo,tro (Oil 01110 r tne prior
n I III, LIT\ LP 01, iorni oi 7. (11110,1 ( `1C1 1 conscrit
'1 1'1 1 not he unr,-1 onan" \\Ithhel ,-1
I do rt.l le the tliCki v h o tr th 0()(1 There has not been
du, on hur,2 thdt intrta ,Lo thc h 111.2 1 (W ()00 nut a rmc ot -srm,11 Lhanges and
acIslruort ,, that added up to LI -I,. Si 1 7 02, oo errun
n readab i e
Origin a l i
d
11,1 0 is 1,"
Aft - Gun Crutchfield
4pril 4 1096
Page '
(11.1 1 t..1 '11. Oh _ I I ,(1111‘.. 1110111'111 Ulu lI LW MIT Lit lit...St
) , ) ) 1
l "\ I I
F1'_2 I It
(. 0 1 1 1 N 5.1 11 I I' t I ,
Eli
.1 ', "-iri I I ( it -
" ook._ 1)-'1
-
TRAC CONSTRUCTION - SHARED REVENUES EXPENDITURES
"7 /71./96
BUDGETED
REVISED
BUDGET County City Shared
REVENUE
State of Washington - Grant
Unlimited Bond Fund
Limited Bond Fund
52,800 000 00
53 900 000 00
52,900 000 00
S2 786 200 00
53 900,000 00
52 900,000 00 (5500 000 00) a
$2,786 200 00
53 900 000 00
52 400 000 00
Bond Issuance SO 00 S5S 145 70 $5814570
Interest on Bonas SO 00 5199 599 61 ($10 395 81) b $189,203 80
Interfund Loan - Interest Pvmt SO 00 $1,594 89 $1 594 89
Blue Print Deposit SO 00 $3 375 00 $3 375 00
TOTAL REVENUE $9,600,000 00 $9,848 915 20 $9,338,519 39
EXPENDITURES
Advertising $100,000 00 60 00 SO 00
Miscellaneous $400 000 00 $000 SO 00
Rodeo Drive $250 000 00 $0 00 SO 00
Total Contingency $750,000 00 $0 00 $0 00
Supplies SI 434 00 5462 93 5462 93
Construction Manager - Joe $51,000 00 558,170 51 - S58 170 51
Construction Manner - Leader SO 00 $14,787 50 S14 787 50
Architect & Engineers $550 000 00 $518 953 30 (S54 000 00) c $564 953 30
Attorney 550,000 00 525,474 78 $25 474 78
Misc Professional Services 550,000 00 $11 340 09 $11 340 09
Communication $500 00 5557 11 $55711
Travel $500 00 5574 42 $574 42
Advertising $3 500 00 $2,556 42 52,556 42
Misc $40,000 00 515 398 63 515,398 63
Levermer
Contract Costs S7,523 041 00 57 677 558 00 S7 677 558 00
Add Sales Tax 50 00 £598 919 52 5598 919 52
Total - Levermer $7 523 041 00 S8 276 477 52 S8 276,477 52
Transtate $530 025 00 5763 601 97 (5365 690 16) d ($120 000 00) e $277 911 81
Rodeo Dirt and Site Preo $50 000 00 583 368 60 583,368 60
Kitchen Devon SO 00 523,658 86 $23 658 86
Water Bill $0 00 554,380 17 554,380 17
Clean-Up $0 00 $10 000 00 510,000 00
Carpet - Control Room/Office $0 00 5381 86 $381 86
Telephone Wiring for Office $0 00 $55244 $55244
Interior Construction 50 00 $1045552 $10 455 52
Interior Painting - -- - s000 $2 975 96 52 975 96
Bond Issuance Costs SO 00 546,380 95 $46,380 95
Bond Maintenance Fees $000 $146 10 $146 10
Line of Credit Pymt of Interest $000 $5 176 92 55,176 92
SUB -TOTAL EXPENDITUR $8,850,000 00 $10,025,832 56 ($365,690 16) ($174,000 00) $9,486,142 40
TOTAL EXPENDITURES $9,600 000 00 $10,025,832 56 ($365,690 16) ($174,000 00) $9,486,142 40
AMOUNT SHARED BY BOTH
COUNTY AND CITY ($147,623 01)
CITY (50%) $73,811 51
COUNTY (50%) $73,811 51
Notes:
(a) Franklin County General Obligation Bonas
(b) SHARED INTEREST CALCULATION
Total Bond Interest Earnea 1994 and 1995 $199 599 61
Bond Proceeds proviaed by County $500,000 00
Total Bona Proceeas $9,600 000 00
Percentage ot Bond Proceeds - County 5 21%
Bond Interest Earned - County $10 395 81
($199,599 61"5 21%)
Bond Interest Shared by County and City $189 203 80
(c) City of Pasco aaditional Rust Engineering for oft site work
(d) Franklin County off site work, Rodeo Drive and Convention Place South
(e) City of Pasco water and sewer line installation