HomeMy WebLinkAbout05-19-2014 PUBLIC WORKS COMMITTEE AGENDA MODIFICATION , Dani Daskam
City Clerk
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c►rYOf _�- . Interoffice Memorandum
Engineering DiVision
WASHINGTON
To: Public Works Committee
From: Ingrid Gaub, Assistant Director of Engineering Services/CityEngineer
CC: Mayor
City Clerk
Councilmembers
Kevin Snyder, Director Community Development& Public Works Department
Jacob Sweeting, Assistant City Engineer
Doug Lien, Economic Development Manager
Date: May 19, 2014
Re: Agenda Modification for the May 19, 2014 Meeting
This modification transmits the following agenda item(s): .
111: DISCUSSION ITEMS
F. Resolution No. 5072* (Lien)
A Resolution of the City Council of the City of Aubum, Washington, Approving
the Action of the Washington Economic Development Finance Authority in,
Issuing Non-Recourse Revenue Bonds to Finance and Economic Development
Facility for Use by Orion Industries, and Providing for Other Matters Properly
Relating Thereto
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AGENDA BILL APPROVAL FORM
� WASHINGTON
Agenda Subject: Dafe:
Resolution No. 5072 May 19, 2014
Department Attachments: Budget lmpact:
Public Works RaBa�uoo Ho.saix $0
Administrative Recommendation:
City Council adopt:Resolution No. 5072
Background$ummary:
The Washington Economic DevelopmenY Finance Authonty (WEDFA) is an independent.
agency within the executive branch of state govemment. WEDFA was created by the
legislature to act as a financial conduit to businesses through the issuance of nonrecourse
revenue bonds.
The WEDFA, through its Resolution No. W-2014-6, has taken action toward the issuance of
nonrecourse revenue bonds in the amount of$9,500,000.00, the proceeds of which would be
loaned to Orion Industries to finance the costs of constructing, acgui�ing; and equipping a
facility at 1590 A Street NE in Aubum to provide job training and job placement services (in part
through aerospace manufacturing and call center operatiansj for individuals with disabilities
and other significant barriers to employment.
It is a requirement of the WEDFA that the local jurisdiction in which the facility is iocated
approve the project and the issuance of the bonds.
Councilmember: Osborne Staff: Lien
Meeting Date: May19, 2014
AUBURN ' MORE THAN YOU IMAGINED
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RESOLUTION NO. 5 0 7 2
A RESOLUTION OF THE CITY COUNCIL. OF THE CITY OF ��
AUBURN, WASFIINGTON, APPROVING THE ACTION OF
THE WASHINGTON ECONOMIC DEVELOPMENT FINANCE �
AUTHORITY IN ISSUING NON-RECOURSE REVENUE
... _ . .....
BONDS TO FINANCE AN ECON�MIC DEVELOPMENT
FACILITY FOR USE BY ORION INDU3TRIES, AND
PROVIDING FOR OTHER MATTERS PROPERLY
RELATING THERETO '
WHEREAB, on April 18, 2014, the Washington Economic Developmerrt
Finance Huthoiity (°WEDFA'� unanimously approved and adopbed its Resotifion �
I
No. W Z014-6, a copy of which is att�hed hereto, marked as Exhbit A. and
incorporated herein by this referenoe; and
WHEREAS, said Resolu6on No. 1N-2U148 provided for the issuance.of nen-
recourse revenue bonds, the proceeds of which wrould be loaned � the Orion
Indiishies, a 50T (c)(3) non-for-profit corporation, or its affiliates for the purpose of
•co�cting,. acquiring and equipping a fadlity locabed at 1590 A Street N.E.,.
Au6um, WastiiruJton, to provide jo�traming and job-placemeM servic�s, in part
through aerospacemanufaduring and call cerrteroperatio�; and
WHEREAS, among the job-traming and job-placemerrt •services to be
piiovidded by Orion Industries would be services for indiViduals w'ifh disabilities and
other signficerd bartiers to emp[oymerrt; and
WHEREAS, the activities and servic�s of the Project as described in•said
Resolution No. W-2014-6 are authorized by fhe Emnomic Develapment Fnarrc�
Authority Act of 1989, R.C:W.Tide 43, Chapter 1.63, as amended (the"Act'�; and
Resolution:No.5072
May 14, 2014 �
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WHEREAS, it is the policy of WEDFA not to issue revenue bonds exoapt
upon ihe 8PPnoval af the oounty� ciiY ar town witl�m.whose planni.n9 Jurisdie6on the
proposed industrial development faality lies; and
WHEREAS, fhe Orion .Indusfies site and the Project as desad�ed in said
Resolutlon No.W 20146 are located within the boundaries of Aubum,W�hington.
NQW, THEREFORE; THE CITY' COUNCIL OF THE CITY OF AUBURN,
KING COUNTY, WASHINGTON, HEREBY RESOLVES �follows:
S�ion 1• Pursuant.to the reguest of WEDFA, the Aubum City Counal
does hereby approve the issuance of non-recourse revenue bonds by WEDFA, for
U�e.purposes.p►ovided in U�e Act; in acxordanoe with the following:
o The Bonds shall be issued in ihe aggregabe principal sum of`notc to
exceed$9,5Q0,000 pursuaM to a Resolution of 1NEDFA.
o The proceeds of the Bonds shell be lent to Orion Industries, pa�suartt
to a loan agreemerrt or o4her appropriate fmanang agreemerrt, and used for
the purpase of acquiring;.. rehabUitating and equipping the Projed �
descxibed in said Resolutron No. W 2014$, induding the rreoessary
appurtenanoes, locatied within the boundaries of the Ciry oi Aubum and bo
paY oerlain cxsts of is,auaru�e of tl�e Bonds.
o The Bonds shall not constitute an obligation of ,the S'tate of
Washington or of the City of Aubum, and no tax funds or revenues of the
SffiLe of WashingUon or of the City of fwtitim shall be used to pay the
principal or irrterest on the Bonds. Neither the.faith and cred'R nor arry ta�dng
power of the Smte of Weshington.orof the Ciiy of Aubum shall be pletlged to
pay the prirtapal or ir�ereat on 1he Bonds.
S ion 2. The Cily of Aubum fuAher hereby approves.the issuance af
Resolution No. 5072
May 14,2014
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Bonds by WEDFA for the purpase of finanang the Projed as descr�ed in said
R�otution No. W-20146, as a gualfied project under the Ack Provided tliat such
approval shall not waive any aF fhe pertniiting requirements applicable to said
Project.
Sec�on 3•. This Resolution is irrtended to constitube approval aF U�e
issuance of revenue bonds within the meaning of the poliq of the Washington
Er�nomic Development Fnance Authority.
'on 4. The Mayor is heretiy authorized to implement su�
administrative procedures as may be ne�r�r to carry out the directives of this
leg�lation.
Section 5. This Resolution shall be in fuq forae and effect upon passage
arM signatures hereon.
Dated and Signed this day of , 2014.
CfTY OF AUBURN
NANCY BACKUS, MAYOR
ATTEST:
Danielle E. Daskam, City CIeAc
APPROVED AS TO FORM:
�e B. Hei , ity Attomey
Resolutlen No.5072
May 14,2014
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EXNI8IT•a•
x�sow�rrorrxo.waoia� � ;�
a araor.vnox oi+ x� wa.smmv�TOx rcoxon�c nEVS,or�rrr
FIIRANC@ AVfSORiTY TASIIHG OFFIGIAL ACPION TOWARD THE
_.. ._ .. ....._. ... .
ISSITANCB OF NOHItB:COURSE ECONO�lIC DEVE40PN�'1VT' REVENUE '
BOND3 II�T ONB OR MORE.SF.S�S IlV A MA�►4IIM AMOI4�IT MOT 'PO
���. �r�A00 APID ADTHORIZII�TG T� . .
. E7ffiCOTIOTi OB ANT •
II11DF.l1�TCATIOTi AND CO�TBATlOP AGB�iT HY AlYD
BETWEffi�I T� WAS�PiGTON ECOIVOIVIIC DEVELOPII�N'P FINANG�
AUfHORiTY AND ORiON 1NDUSI'R� Olt 1T9.AFFi[JATFJS.9UOC�OR
ORAfiSif�I3(�e°Comps�").
• � �VFffiREAS. the Wa�iagtoa F�omic.Develop�edt Pm�ce AukLaaty (t5e
�'� �$ �9�8� � �8 �19 ad'8s S�e of Waal�on
�d and em�poweed by tha provi�oaa of RC9i+Che�tee 43.163 (colleeSvelY.tbe.
"AC� to iasue aon�aase�ocona�ic davelop�nt.cnvenne bomda for�e piapqae of
c�j�ing i�o effi�t ilie aoas�uc6on of'aapaove� aod the aeqmsition of peraonel
P�P�+��P�'+a�a'o�a8 cap�a] su#able for use bY�U`��9,eod to loen�s
moneys wvenn�yozconveoientto ca�y oirt itv powas�]adx Ac�md
�. ��6S a 501(cX3)non-forpmfrt cmpate�on,Les mfmmed
tl�e Ivma fLat k is e�'�ting ec4ufrinB�d eqmpp�g a�cfltty ahieh is to
Pw�;aeiob-�mn8 aoa.iobPtac�saevtoes('m P����8
aod caQ eeatu epee�oas)fcr iadivid�ls�vith dive��Titiea�d other eiguf[ceat.limrias
. m a�14Yment(the"Pwjaot'7,as more fttl��desc�bad'm F.zLtbit A�achtd haeto md
inooapo�ted huem et�e mta d�'m�brt A.Laeto 6t+�ub�.Washington(iLe
. "site'�,aIt of w�iCh:me lao�wi&�tl�e xmoo�el I�.s o�f ine smu of wa�,
' ' aad 9x�bes:�equeaDed the Is�to is�e aomxomae eeoao�e devalop�t
sevmue bonds(t1�e"8mda")m ams�mm emo�mt aae Eo wcoced$9.500.�8��t m
1he Ad end to loea the paocedds c�ike Bonds m tbe Ca�yto Saaoco the Pmjaot and
WFIFREAS, �e'Issuer'e staff Las InSomxd 9m Issuar 9� ag�c�t em$
�ions with the Compmy oocimed �sior w 9u Iasuer'a approval of mgamg �
semiaanml a�iadsemlive c�s eod�the lsck of such fms wae a signifieerit.eompanaat
a�tho�iaaisw3t38ie C.amzpam�y,ead
� WfIF.RBASt a £offi of sgeemeot de�gn�ed av m "Ind�cation �d
C�p�sa6i�.!l�ent°Les baa piePaz�d settin8£orth the respeedve a�mea��d
mdeemhing of.thaIesuer and the Compeny w�hee�ect to the Bmds aod the Psojecfi ma
,
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, WHERF.AS. it is considaed aecese�y end d�able for tha best mtereat of d�e'
' Issiier that tLe Imdemni5eetion aad Cam�aa A�ame�be m�eawed for end an 9�e
beLalfoftLe Jasua;and
WF�REAS, the Inde�ificaflon aad Co�� Agrammt xequues ttie
Compazry to pay all masonable aad n�y cosb utcaried by the Tamror ia connediaa
. � . with the Bonda mdlor ia conmcCOn vuith tLe Proja�md .
Wf�REAS, the Lcneer fiada that tLe.Projeot wn�iArtes the develop�at eod
improvemmt af eooaomic developmmt fecilieias.acder the Act;md
WF�RBAS, it is inten�ed tLat this �latioa shall cons6hrta a derlffisflon.of
official ;�ot w ze;nib„ese rrojxx«paoaitiaes witlun a�e meening of sec4'ons l,la3-
(�(T)(aX�end 1.150•2 of thrPedaal7ncome Tax Regulations.
NOW TF�ORE, be•rt resolved by @u Wesbicgtoa Eoo�mic Devdop�eat
Fiaaace Avthorrty as follows:
$g�pg,],, ft is herd�y dGammed tLat (�the mqu�uon.um�aron aad .
mmv�lle4on of the Pmjcd and-rts ope�am es�xaaomic dav�doPmmt�ty;(b)�e
� iav�mnx o€the bomda ofthe L4soa m o�or more aales md ia emarim�mm emo�mtmt m ..
aca�S93�OA00.to 5asnoe cosfis of the Pmj«x.aach Wml eo�ts ro ba Sm�ed by�e
Bonda �y e+timeted m he ap�o�ely �.50D.000; �d (c) etro a�uii� �d
delivery of eue6 wmcacm aud agea�ts with�e Issuer as am nece.uaey to provide fm�
the paymmt by tfie Issner of emoimb auffc'►mt to AeY��flL'�.��Y,
and futeiwt on the Bends, together w�Rh cerlam eosb 'of the Iawa, will all be m.
tiatheranaoftLeAct
�,$, Subject to 9a conditio�tisted in Sation 3 bdow,iac(ndiag such
other comditiams as m the jnd$iamt of the:Ixnc ead bond coimsel s[e�ery to mssuie
the validity oftha Boads and the taa-mtlempt,ortaxable atattre ofthe Bonds,it is tlie inteot
of the Issua m praeeed toa�rd the iss�ieooe md aelr o�f the Booda p�aent to the
provEsione of the A�x. Nothiug in 6ris�solntion shall be wnatr�ud es k�lly biwdiag ffie
7esuerto s�harizo.issue,or sell the Bonds.
$�$� The au�oii�tios�.isamnce.aad sale of the Bonds by the Lgsu�r ax
subjax to the Sollowing condiGiam�.
(a) the CamPa�'shall Lave'eaased to be iasimd an�avocable leUaoferedit(the
"Letta of(Yedit") by an mvestmmt:�ade �ated oommaeial bmk;-aeceptable to tbe
��m�°t;�a«o�c�au s�,��n�e�aw�y�oa�aie�o�
` �nn��a�a���me^�o�a���.�.
n�a r�. ffi � � ;� a�a m n cex r�o.soi<a�, o� �
�s�l buye�,ia each csse aoceprtahk w ihe rssu�.to��e purchaoe ofthe H�d�
I .
I, Pa9e i a�t
� '� ��; •� � � g� q � 6 � � � .� � �
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TI� OHLYOAT[ONS OF TF� ISSUER FffitB[JNDHlL SAALL NOT BE
DEEMED TO BE A DEBT,LIAHII.ITY,OBLIQATlONT,OR PL8DCf8 OF TFffi FAI7H
AND CRfiD1T OF Tf�.STATE OF WA�!lCi1'OPi.OF ANY`M�]1VIC'8Ai1TY.OR
OF ANY'MUNIC�'AL CORPO&11TON, QTIASI MU1ViC�AL CORPOItA2ION..
SUBDNLSIQI�OR.ACiEKCYOF TS8:9TATB OF WASEIDJJ(3T01�OB 1�O PLEDCiB
ANY OR ALL OF THE FATtIi A1�ID QtIDTf OF�ANY OF Tf�SE ENTfi�3..
A�1�['R T� STATE OF WASfIDV(iTON. TFffi ISS[JER. ANY Mi1NiGjPAI.Ti'Y:.
OR ANY OTt�& Mt1NIC�AL OORPORATI02� QUASI MUAI[C�AL
(�RpOiLpIiON,SUBDQVL4ION,08 A�1!iCY OF TFI6 STAIS OF WASE@iGDON
13 OBLICfATBD TO PAY TT�PRIIJCBAL OFL'[F� II�11'BRHS`[' TF1�R80N. ld0
TAX FUNDS UR (�pVERUiNffi�R'AI. RSVENUS MAY BE USFD TO PAY T�
PRINCIPAL OR Il�'CEREST TF�13. i�LTFIER.ANY QR ALL QF'T�FATRi
AIQD CRF.DIT NOR THE TAI�iQ•POWBR OF FF� STATS OF WASF�iI}T�I,
TFIE ISSUER ¢ ANY, OR ANY MIINIF.IPAL •CORPORAIION. QiJASI
MONIC�AL CO1tPORATION, StJBDIVLSION, OR AI�iCY TEffitE�OF LS
PLSDOED TO Tf� PAYNffiVT UF THE P1tII�IG�AL OR OF TF� II�EST 013
TF�BO7�ID3.
�g,Q, TLis Resolutlon shefl be e�tivo after its edoption.
ADOPTFTF.D by the Waslmogoa F.conomic Devdop�t Finamoe P,�rity tms
18th day ofApa�7,TA14.
WASHIN(3TON ECONOMUC DBVELOPIutENT FINANCE AUTHORTfY
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ERB�ITA
. DESCRBTTIONOF.PROIBCTANDSTPE
The PmJ� �1 oomsist oF � aequiricg and eqni�ppioB a �citity of
�y iqo.000�e rea:�a�ua�a��m a�e 3oan�os�a
jolrptaoe� sayie�± Cm_P� !�� � � e"d eell aeaoer
opa�ioffi}Sor�dividimla with di�ili�ev md otha s�ifiemff 6mmas to e�ploy�t,
• m:ad�aram to. �d i�wsm. The pnijoct is loea4d et 1590 A Sheet NE.;A�!�,
WsaLmgtdm.
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� L � �, ��r oY �e w�o4n:� n�a�a �
At�i►Y(i�reaia ceuedt�ie'7ssaet'�.DO BRREB1f CER�JFY:.
1. 17iet tha aCacbed Resolurionl�to:W 2014-6(�ane�►ealled Nm°�iqsP�ntioa").�atae
�d a�arlso�q of a cntolution 6ffl�d L49uG Ss$nell9 e8opm�d et 8�teaiel meat�g dt'tlne
Js�Grlmkd amtho 18thday ofApti�,2014,end.du�y�aw�ded•mmpafficG
2. Thah eaid m�ag was dn[y e�v�md held m all aspeo2s in aaamdmna with 1aw.
�pid,to t�s3�ot m4mnpdb974vPBU¢t�m 1i9-1aves of't�e�d�m a�1 ProPc.nopce of
' s�kh me�O6 ws9 giveh:that a�4kdti+�was.prq4�t�ut the aw�+8 and a
k�ms�cimt mmtbet ofmanbcrs oftbe Wesfimgbon 8aonomie Devde�mart PSdadee
AtitOiqclp�ttibeet i4 tl�a paaPes:ma¢ona�"�tf tfie adapdon.Af&e"RCSOittCluo,'�t al1 otbee
' ,�andpadceedirigvmddmt.tot5epmbpet�onaftl�eRrsolu�abaveYaen •
f1uI7 5�. omaed w, �d atha�wis�o�; �d thet I���o aoxnhe
��D. �
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IN'oVIFDF683�RE0F�ILeyeheta�tASSt�y'2�andWislBfhdeYvFAImLZd14. •
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