2018-06-11-minutes-public-works-study-session

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H. Assets Distribution —The JOACC shall meet as necessary to consider a recommended distribution of assets agreement. The JOACC recommendation shall include, at a minimum, the following: 1. Inventory analysis — The JOACC shall inventory all assets which are considered to be necessary to include in ajoint operating agreement. The inventory shall include a full description of the asset including its type, size (if necessary), location(s). current owner, age, expected life/replacement, annual maintenance costs, replacement cost and current appraised value. 2. Asset assignment —Develop a matrix to make recommendations for what assets will be owned/controlled by which entity. Include a narrative as to how any asset transfer (if any) will take place and how compensation will be provided if necessary. 3. Future asset acquisition — Draft a policy for how future asset acquisition decisions will be made. 4. Dissolution distribution — Draft a policy for asset distribution upon dissolution of the joint operating agreement. Financial Strategy Recommendation — The JOACC shall meet as necessary to develop a comprehensive financial strategy for operating Bowers Field Airport under a joint operating agreement. The recommendation shall include policies and procedures for budget development, approval, and amendment. It shall also include policies and procedures for approving and implementing fee schedules, lease rates, and other revenue strategies. The financial strategy development shall be based on the following principles: 1. Enterprise fund — The Bowers Field Airport facility will operate as an enterprise fund. All revenue generated by the lands and operations of the facility will remain with the facility. 2. Industrial park generated revenue — All revenue generated by the industrial park lands of the airport in excess of the costs of maintenance and operations of those lands and associated marketing costs, will be utilized in maintaining and enhancing aviation operations at Bowers Field Airport. 3. Sustainability —The agreed-upon financial plan will include strategies that generate revenue from the airport and industrial park operations. when combined with existing grants and any other revenue -generating opportunities not related to the general fund of Kittitas County, sufficient to maintain the day-to-day operations and maintenance requirements and to fund necessary capital improvement needs of the facility. This may include reconsideration of existing and/or creation of new fees, lease rates, and any and/or new airport use payments. This may also include renegotiation of existing contracts.