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9 <br />Purpose of Review <br />Johnson Consulting was retained by the Washington State Department of Commerce <br />(“Commerce”) to provide an independent financial feasibility review of the proposed formation <br />of the Kittitas County PFD. <br />This report has been prepared pursuant to RCW 36.100.025. As enacted by the 2012 <br />Washington State Legislature, RCW 36.100.025 states that: <br />1. An independent financial feasibility review under this section is required to be performed <br />prior to any of the following events: <br />a. The formation of a public facilities district under this chapter; <br />b. The issuance of any indebtedness, excluding the issuance of obligations to refund or <br />replace such indebtedness, by a public facilities district under this chapter; or <br />c.The long-term lease, purchase, or development of a facility under this chapter. <br />2.The independent financial feasibility review required by this section must be conducted by <br />the department of commerce through the municipal research and services center under <br />RCW 43.110.030 or under a contract with another entity under the authority of RCW <br />43.110.080. The review must examine the potential costs to be incurred by the public facility <br />[facilities] district and the adequacy of revenues or expected revenues to meet those costs. <br />The cost of the independent financial feasibility review must be borne by the public facility <br />[facilities] district or the local government proposing to form a public facility [facilities] district. <br />3.The independent financial feasibility review, upon completion, must be a public document <br />and must be submitted to the governor, the state treasurer, the state auditor, the public <br />facility [facilities] district and participating local political subdivisions, and appropriate <br />committees of the legislature. <br />The intent of this independent financial feasibility review is to provide Commerce, Kittitas <br />County and other project partners with an impartial assessment of potential costs to be <br />incurred by the PFD and the adequacy of revenues or expected revenues to meet those costs.