2020-08-10-minutes-public-works-study-session

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KITTITAS COUNTY DEPARTMENT OF PUBLIC WORKS PUBLIC WORKS — BOARD OF COUNTY COMNIISSIONERS STUDY SESSION STAFF REPORT STUDY SESSION DATE: August 10, 2020 TOPIC: Council of Governments Consideration of Paying Off Shady Brook Bond Debt and COVID 19 Economic Recovery Committee ACTION REQUESTED: Direct Staff LEAD STAFF: Mark R. Cook RECOMMENDATION: Direct staff immediately solicit the Chamber of Commerce and Centerfase for desired 2021 Public Facilities funding effective January 01, 2021. BRIEFING SUMMARY: • Recently the Council of Governments recommended that no early bond debt payment be done using 2021 distressed county sales and use tax funding, • The COG also recommended delaying the call for public facility projects until February 2021. • Following COG's recommendation on late project call is expected to adversely impact economic development activities conducted by the Chamber and by Centerfuse. • Hire Infuse Strategy, LLC supporting COG's economic recovery committee. BACKGROUND: Early retirement of Shady Brook bond debt is estimated at saving the Public Facilities (PF) Fund $259,000. At the time of staff s desire engaging the COG o early debt retirement, the enabling legislation was thought to expire in 2023. It appears the legislation will now run to 2032. At a special meeting held on July 29, 7.020 the COG met discussing the hiring of a consultant supporting desired economic recovery planning resulting from the pandemic. DISCUSSION: Early Shady Brook bond debt retirement is not supported by COG. PW intends on continued debt service annually using the PF Fund until the debt is retired in 2032. Following COG's recommendation for delaying project call until 02/2021 will adversely impact the Chamber and Centerfuse. PW understands that their operating budgets begin January 1 of each year. PW suggests funding an appropriate level for these two Page 1 of 4 PUBLIC WORKS BOARD OF COUNTY COAMSSIONERS WORK SESSION STAFF REPORT