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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.. 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( (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