This authorizes the issuance of debt to finance the construction of expansion for the Yakima Convention Center and to refinance existing debt providing debt service savings over the remaining payments. The attached memo details the savings of about $1.6 million over remaining years of the existing debt issues.
The convention center enjoys an established operational track record; some successful, recurring conferences have outgrown the facility and more continue to do so. Lodging Tax and Public Facilities District revenues which are restricted to tourism and tourism-related facilities can be used to pay for expansion. Issuance of debt further secures the 1% portion of Lodging Tax which the city receives which would cease when convention center debt is extinguished. |