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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 />Tlris repoft 5as been preparecJ 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 feasibitity review under this section rs 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 pubtic facitities 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 feasibitity review required by this section must be conducted by <br />the department of commerce through the municipal research and seruices center under <br />RCW 49.110.030 or under a contract with another entity under the authority of RCW <br />43.110.080. The review must examine the potenlral cosfs to be incurred by the publicfacility <br />[facilities] district and the adequacy of revenues or expected revenues to meet those cosfs. <br />The cost of the independent financiat feasibitity review must be borne by the public facility <br />ffacitities] district or the tocal 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 />facitity [facilities] district and participating locat potitical 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. <br />jiti ilis0li <br />'.1!1.,;ir'l <br />t;'rt"