| | | | | | | | BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT |
| | | | | | | | Item No. 6.I.
For Meeting of: February 18, 2020 |
| | | | | | | | | ITEM TITLE: | Ordinance authorizing the issuance of a Limited Tax General Obligation and Refunding Bond related to the construction of convention center expansion (Second Reading) | | SUBMITTED BY: | Steve Groom, Director of Finance and Budget |
| SUMMARY EXPLANATION: | | 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. The City Council received a detailed presentation on this item at its February 4, 2020 meeting. |
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| | | | | | | | | ITEM BUDGETED: | Yes | | STRATEGIC PRIORITY: | Economic Development |
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| | | | | | | | APPROVED FOR SUBMITTAL BY THE CITY MANAGER
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| | | | | | | | | RECOMMENDATION: | | Pass Ordinance. |
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