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04-02-2024 Council Packet - RegularCITY OF �. Fe deral Way Centered on Opportunity CITY COUNCIL REGULAR MEETING AGENDA **AMENDED AGENDA** City Hall - Council Chambers* April 2, 2024 - 6:30 p.m. CALL MEETING TO ORDER 2. PLEDGE OF ALLEGIANCE 3. CEREMONIES & RECOGNITION a. Proclamation: Financial Literacy Month — April 2024 b. Proclamation: Sexual Assault Awareness Month — April 2024 c. Certificate of Recognition: Jace Johnson as Young Malcom in X.- The Life and Times of Malrnm X 4. MAYOR'S EMERGING ISSUES AND REPORT • Airport Expansion Master Plan Public Process Update — Bill Vadino, Policy Advisor • Recent Events: Korean Quarterly Meeting (3/21); Diaper Drive at Twin Lakes Fred Meyer (3/23); Young Life Camp Fundraiser (3/23); Lions 70 Years of Service (3/23); Highline Forum (3/27), St. Francis Hospital New Family Birth Center Grand Opening (3/28) • Upcoming Events: Federal Way Little League Jamboree (4/20); Parks Appreciation Day (4/20) 5. PUBLIC COMMENT RULES: In accordance with State Law, the City of Federal Way prohibits any testimony regarding any campaign for election or promotion of, or opposition to, any ballot proposition during the public comment. Council Rules prohibit any personal, impertinent, threatening or slanderous remarks, and no speaker may convey or donate their time for speaking to another speaker. All individual comments are limited to 3 minutes each. The City Council may amend this agenda and take action on items not currently listed. Regular Meetings are recorded and televised on Government Access Channel 21 and viewable on FW YouTube. For more information, or to view agenda materials and access public comment sign-up options, please visit www.citvoffederalway.com. To request accommodations or assisted listening devices, please contact the City Clerk prior to the meeting. *Remote attendance available via Zoom meeting code: 363 503 282 and passcode: 738163; or https://cityoffederalway.zoom.us/j/363503282?pwd=VmlocGOrd FVyTURaQnIL)RUIQOTQ4ZzO9 The Mayor may interrupt any speaker whose comments continue too long, relate negatively to others, disparage people based on race, national origin, gender, sexual orientation or other protected status, or are otherwise unconducive to a civil meeting. The Mayor has the authority to preserve order at all meetings of the Council, and to cause the removal of any person from any meeting for disorderly conduct. 6. COUNCIL COMMITTEE AND REGIONAL COMMITTEE REPORTS • Parks/Recreation/Human Services/Public Safety Committee (PRHSPS) • Land Use/Transportation Committee (LUTC) • Finance, Economic Development Regional Affairs Committee (FEDRAC) • Lodging Tax Advisory Committee (LTAC) • Regional Committees Report • Council President Report 7. CONSENT AGENDA Items listed below have been previously reviewed in their entirety by a Council Committee of three members and brought before full Council for approval; all items are enacted by one motion. Individual items may be removed by a Councilmember for separate discussion and subsequent motion. a. Minutes: March 19, 2024 Special and Regular Meetings b. Monthly Financial Report — February 2024 c. AP Vouchers for 02/17/2024 thru 03/15/2024 and Payroll Vouchers 02/01/2024 thru 02/29/2024 d. Washington State Criminal Justice Training Commission Teacher Administrator Coach Officer Interagency Agreement 8. PUBLIC HEARING a. Ordinance: Town Center 3 (TC-3) Development Agreement • Presentation: Keith Niven, Community Development Director • Public Comment — 3 minutes each Action on this ordinance will occur later in the agenda 9. COUNCIL BUSINESS a. ADDED ITEM: Youth Commission Appointments b. ADDED ITEM: North Lake Management District Advisory Committee Appointments c. ADDED ITEM: Historic Landmarks Commission Appointment The City Council may amend this agenda and take action on items not currently listed. Regular Meetings are recorded and televised on Government Access Channel 21 and viewable on FW YouTube. For more information, or to view agenda materials and access public comment sign-up options, please visit www.citvoffederalway.com. To request accommodations or assisted listening devices, please contact the City Clerk prior to the meeting. *Remote attendance available via Zoom meeting code: 363 503 282 and passcode: 738163; or https://cityoffederalway.zoom.us/j/363503282?pwd=VmlocGOrd FVyTURaQnIL)RUIQOTQ4Zz09 10. ORDINANCE First Reading a. Council Bill #876/Authorizing the Execution of the Town Center 3 (TC-3) Development Agreement AN ORDINANCE OF THE CITY OF FEDERAL WAY, WASHINGTON, RELATING TO ENTERING INTO A DEVELOPMENT AGREEMENT WITH TRENT DEVELOPMENT INC. FOR THE TC-3 PROPERTIES PURSUANT TO THE PROVISIONS OF CHAPTER 19.85 FEDERAL WAY REVISED CODE. Public Comment — 3 minutes each b. Council Bill #877/Tax Increment Financing AN ORDINANCE OF THE CITY OF FEDERAL WAY, WASHINGTON, DESIGNATING THE DOWNTOWN TAX INCREMENT AREA; SETTING A SUNSET DATE FOR THE INCREMENT AREA; IDENTIFYING THE PUBLIC IMPROVEMENTS TO BE FINANCED; IMPOSING A DEADLINE FOR COMMENCEMENT OF CONSTRUCTION; INDICATING THE CITY'S INTENT TO ISSUE BONDS TO FINANCE PUBLIC PROJECTS; PROVIDING THAT THE INCREMENT AREA WILL TAKE EFFECT JUNE 1, 2024; AND PROVIDING FOR RELATED MATTERS. Presentation: Keith Niven, Community Development Director Public Comment — 3 minutes each 11. COUNCIL REPORTS 12. EXECUTIVE SESSION • Property Acquisition Pursuant to RCW 42.30.110(1)(b) 13. ADJOURNMENT The City Council may amend this agenda and take action on items not currently listed. Regular Meetings are recorded and televised on Government Access Channel 21 and viewable on FW YouTube. For more information, or to view agenda materials and access public comment sign-up options, please visit www.citvoffederalway.com. To request accommodations or assisted listening devices, please contact the City Clerk prior to the meeting. *Remote attendance available via Zoom meeting code: 363 503 282 and passcode: 738163; or https://cityoffederalway.zoom.us/j/363503282?pwd=VmlocGOrd FVyTURaQnIL)RUIQOTQ4Zz09 1kCIT vz�� Federal Way PROCLAMATION "Financial Literacy & Capability Month" WHEREAS, the month of April is National Financial Literacy & Capability Month, dedicated to bringing financial literacy services to ensure that all Americans have access to trustworthy financial services; and WHEREAS, financial literacy education can help citizens become more knowledgeable about finances including savings and credit development, and build skills and strategies to personal finance management; and WHEREAS, the City of Federal Way encourages public and private institutions, regional agencies, and community organizations to provide instruction, activities, and initiatives that contribute to developing and enhancing financial literacy knowledge and skills to ensure economic success; and WHEREAS, the designation of Financial Literacy & Capability Month helps raise public awareness about the importance of financial education; and WHEREAS, the 2024 Financial Literacy & Capability Month theme is Inform, Inspire & Ignite; and NOW, THEREFORE, we the undersigned Mayor and City Councilmembers of the City of Federal Way, do hereby proclaim April 2024 as FINANCIAL LITERACY & CAPABILITY MONTH, and call upon the citizens of Federal Way to take steps to fuel their financial prosperity. SIGNED, this 2nd day of April, 2024. FEDERAL WAYMA YOR AND CITY COUNCIL Jim Ferrell, Mayor L Assefa-Qawso Cob cilmember Susan Handa, Councilmember r Jack Walsh, Councilmember Komi C'96cil Presiient Paul cDaniet, i member _ Hoang . Tran„ Councilmember Jatk Dove Councilmember CITY OF zk Federal Way PROCLAMATION "Sexual Assault Awareness Month" WHEREAS, every 68 seconds, someone is sexually assaulted in the United States, displaying a pervasive problem in our Nation; and WHEREAS, black, indigenous and other people of color, people living in poverty, LGBTQ+ people, elders, people with disabilities, and others who have been historically oppressed are disproportionately affected by sexual violence in significant and complex ways; and WHEREAS, sexual assault is among the most underreported crimes for many reasons, but survivors who are already most marginalized face additional barriers to reporting, such as language, immigration status or disability; and WHEREAS, ending sexual violence requires us to address racism, sexism, and all forms of oppression that contribute to the perpetration of sexual assault; and WHEREAS, by working together as a community, we can alleviate the trauma of sexual violence by ensuring supporting resources are available to all survivors, while standing up to and actively disrupting harmful attitudes and behaviors that contribute to sexual violence. NOW, THEREFORE, we the undersigned Mayor and City Councilmembers of the City of Federal Way, do hereby proclaim April 2024 as SEXUAL ASSAULT AWARENESS MONTH, and join with advocates to prevent sexual violence by standing with survivors. SIGNED, this 2nd day of April, 2024. FEDERAL WA YMAYOR AND CITY COUNCIL JirrFerrell, Mayor Lydia s efa-Dawson, C977bi- Susan Honda, Councilmember Jack Walsh, Councilmember Lin chmar, Cou al Pre§ident Paul Mca niel. CouncilmerrLber 4 s 1 a n 1■►►►r. COUNCIL MEETING DATE: April 2, 2024 ITEM #: CITY OF FEDERAL WAY CITY COUNCIL AGENDA BILL SUBJECT: CITY COUNCIL MEETING MINUTES POLICY QUESTION: Should the City Council approve the draft minutes for the March 19, 2024 Regular and Special Meetings? COMMITTEE: N/A MEETING DATE: N/A CATEGORY: ® Consent ❑ Ordinance ❑ Public Hearing ❑ City Council Business ❑ Resolution ❑ Other STAFF REPORT BY: Jennifer Marshall, Deputy City Clerk DEPT: City Clerk Attachments: March 19, 2024 Regular Meeting Draft Minutes March 19, 2024 Special Meeting Draft Minutes Options Considered: 1. Approve the minutes as presented. 2. Amend the minutes as necessary. MAYOR'S RECOMMENDATION: N/A MAYOR APPROVAL: N/A Committee Initial/Date COMMITTEE RECOMMENDATION: N/A N/A DIRECTOR APPROVAL: Council Initial/Date Initial/Date N/A N/A N/A Committee Chair Committee Member Committee Member PROPOSED COUNCIL MOTION: "I move approval of the minutes as presented. " BELOW TO BE COMPLETED BY CITY CLERK'S OFFICE COUNCIL ACTION: ❑ APPROVED COUNCIL BILL # ❑ DENIED First reading ❑ TABLED/DEFERRED/NO ACTION Enactment reading ❑ MOVED TO SECOND READING (ordinances only) ORDINANCE # REVISED - 4/2019 RESOLUTION # 4% CITY OF �. Federal Way Centered on Opportunity CITY COUNCIL REGULAR MEETING MINUTES City Hall — Council Chambers March 19, 2024 — 6:30 p.m. 1. CALL MEETING TO ORDER Mayor Ferrell called the meeting to order at 6:30 p.m. City officials in attendance: Mayor Jim Ferrell, Council President Linda Kochmar, Councilmember Lydia Assefa-Dawson, Councilmember Paul McDaniel, Councilmember Susan Honda, Councilmember Hoang Tran, Councilmember Jack Walsh, and Councilmember Jack Dovey. City staff in attendance: City Administrator Brian Davis, Assistant City Attorney Kent van Alstyne, and Deputy City Clerk Jennifer Marshall. 2. PLEDGE OF ALLEGIANCE Mayor Ferrell led the flag salute. 3. CEREMONIES & RECOGNITION a. Swearing -In of new Police Officers Chief Andy Hwang introduced the five most recently hired police officers and Mayor Ferrell administered the oaths of office to Officers Justin McKee, Ella Schlegel, Tiffany Parke, Victor Rodriguez, and Allamalealof (Ala) Tulenkun. b. Presentation of the Representative Roger Freeman Award to Rosemond Pratt Diversity Commission Chair Saudia Abdullah overviewed the origin of the award and applauded Rosemond Pratt for her stellar essay. Mayor Ferrell and Council congratulated Ms. Pratt. e. PrGda atiGR, FinaR„ial LiteFaG Menth nn. Frh 2024 —postponed to April 2 4. MAYOR'S EMERGING ISSUES AND REPORT Mayor Ferrell reported on the NLC Congressional City Conference in Washington D.C. and Federal Lobbying Efforts by himself and Council March 12 through 15. They were able to meet with Congressman Smith and discuss city priorities. Federal Way City Council Regular Minutes Page 1 of 7 March 19, 2024 Mayor Ferrell reported on the well -attended Neighborhood Connection Meeting at Olympic View Elementary held March 7 noting a video from the meeting is available online. He also attended the St. Patrick's Day Flag Raising and Communities in Schools Breakfast on March 15. Mayor Ferrell announced the upcoming Korean Quarterly Meeting on March 21; the March of Diapers Diaper Drive at Twin Lakes Fred Meyer on March 23, and the Lions 70 Years of Service Banquet on March. Mayor Ferrell acknowledged Representative Reeves who was in attendance. Health through Housing Update Kelly Rider, King County Interim Director of the Department of Community and Human Services introduced her team from King County as well as the individuals from Urban League who have been selected to run the facility. She spoke to their desire to work with the community while implementing this process to provide real and measurable change for those experiencing long-term homelessness. Mario Williams -Sweet, King County Major Initiative Manager for Health through Housing, overviewed past efforts to meet with the community and engage. He also outlined the Permanent Supportive Housing (PSH) License Application submitted to the city which included an operations plan, resident code of conduct, safety and emergency plan, and community relations and engagement plan. Qiana Tyeskey, Director of Housing from Urban League, overviewed the screening requirements for future residents including having been homeless for over a year and have mental or behavioral issues with priority given to local clients/residents. While not required, services and resources will be provided on site to assist these individuals in leaving homelessness behind. Council acknowledged residents and individuals in attendance who are opposed on how to best address homelessness and this current proposal. Council asked questions about the success rate of Health through Housing in other cities as well as the potential for drug use at the facility. It was clarified Health through Housing owns the property while it is managed by Urban League and all there are required to comply with local laws. When questioned, it was stated the decision as to who is selected for housing is determined through a collaborative decision -making process by the city, King County, and Urban League. Council asked if residents will be required to partake in services. Mr. Williams -Sweet replied while it cannot be mandated, those who are enrolled will have gone through suitability screening and know they are expected to engage with the wrap around services. Council thanked the presenters for their time and efforts and requested the chance to review the Code of Conduct and other documents submitted as a part of their PSH Application. 5. PUBLIC COMMENT Betty Taylor shared she is struggling emotionally as the court process begins in relation to her grandson's death and expressed gratitude for the support she feels when attending meetings with engaged members of the public. Vivian Alexander spoke in favor of Health through Housing and Urban League as well as Federal Way City Council Regular Minutes Page 2 of 7 March 19, 2024 her new appreciation for the Housing First model. Victor Martinez, 17-year resident, spoke against the current proposal indicating drug rehabilitation must be a requirement for housing if it is going to be successful. Susan Strong spoke against the King County housing proposal at the Extended Stay referencing she anticipates the same issues there as seen around the Day Center. Aaron Walsh spoke in favor of the Health through Housing Program sharing his experience as a social worker confirming housing is necessary before individuals are able to focus on healing any traumas or drug issues. Kevin Morris shared he believes drugs and alcohol are at the center of the homelessness issue and is concerned it was not discussed by King County or Urban League. Juan Luis Juarez Ramos stated he could not support the Health through Housing project as he believes the focus and funding should be first directed towards housing youth. Mark Frietas spoke in support of the Health through Housing stating there have been successes in Phoenix and he is eager to see the successes in Federal Way. Ron Kaler spoke against the Health through Housing project noting the minimal success rate will not counteract the detrimental impact it will have on the area. He believes drug treatment must be required in order for success. Lana Bostic voiced her support for Health through Housing and her hopes for an emergency shelter to be opened soon. Ken Blevens expressed concern the presenters did not once speak about addiction or the impact the housing could have on our emergency responders. Geoffrey Tancredi shared his experience canvasing the West Campus Neighborhood stating he had not found any support for the project. Jacqueline Coply spoke against Health through Housing noting the proximity of the Extended Stay to Mirror Lake Elementary School. Jewel Lee shared her experience and opposition to the Health through Housing noting if it is going to happen she would like to see treatment and 24-hour security required. Anna Patrick noted her opposition to the Health through Housing project reminding the councilmembers any individuals removed from the housing due to non-compliance will be added to the homeless numbers on the streets. George Houston shared his desire to serve and uplift the homeless and addicted noting over thirty-five churches had gathered in an effort to build relationships and programs to assist these individuals in once again becoming part of a community. Sara Mandeville questioned why mandatory drug treatment was not part of the current program and questioned Urban League's past success rate. Melinda Ruiz expressed gratitude for the time she has lived in Federal Way and announced they will be moving to Arizona; this is the last Council Meeting she will attend. Federal Way City Council Regular Minutes Page 3 of 7 March 19, 2024 Maiu Qureshi. 15-year resident of the city and 10-year employee of Multi -Service Center (MSC), shared the successes they have had at the William J Woods Veterans House that has been operational for eight years. Vitaliy Pieknvtin expressed gratitude for the city's acceptance of Ukrainian and other refugees who became homeless because of the war. He started Servants of Compassion to work with those struggling and in need of spiritual intervention. Trenise Rogers spoke to the importance of spiritual intervention and leading to change through love. She spoke with a man from Auburn who reported great results from King County's Health through Housing. Stephn McNeal worked in corrections in State of Iowa and shared the struggle he had with addictions noting faith is what helped him. Larry_ Nordberg (spoke virtually) raised questions regarding the proposal questioning the lack of drug testing for those being screened for housing. Written comments were received from Charlisse Hammon, Anton Ziska, Julia Aulava prior to the meeting and emailed directly to Mayor and Council prior to the meeting. Mayor Ferrell invited Ms. Rider from King County to the podium. She used this time to acknowledge questions and concerns from those in attendance and commit to providing responses. Mayor Ferrell announced a five minutes recess at 9:21 p.m.; the meeting reconvened at 9:27 p.m. 6. COUNCIL COMMITTEE AND REGIONAL COMMITTEE REPORTS Parks/ Recreation/Human Services/Public Safety Committee (PRHSPS): Councilmember Walsh shared there was no meeting in March, but a meeting will take place April 9. He and encouraged participation in the April Parks Appreciation Day events. Land Use/Transportation Committee (LUTC): Councilmember Dovey shared the next meeting will be held April 1 at 5:00 p.m. Finance, Economic Development Regional Affairs Committee (FEDRAC): Councilmember Tran reported FEDRAC next meeting will be held March 26 at 5:00 p.m. Lodging Tax Advisory Committee (LTAC): no report provided. Regional Committees Report: Councilmember Honda reported on various workshops and classes noting her attendance at the South County Area Transportation Board (SCATb) Meeting. She announced Metro King County is forming a Mobility Board and those interested must apply by May 10. Council President Report: Council President Kochmar shared her experience reading to a third -grade class and relayed their request the next town hall meeting be held at Wildwood Elementary. Federal Way City Council Regular Minutes Page 4 of 7 March 19, 2024 7. CONSENT AGENDA a. Minutes: March 5, 2024 Special and Regular Meeting b. S 288th Street Road Diet Phase 2 — 85% Design Report & Bid Authorization c. Approval to Submit NPDES Annual Report d. Interlocal Agreement with King County for the Use of the Regional Stormwater Decant Facility COUNCIL PRESIDENT KOCHMAR MOVED APPROVAL OF ITEMS (A) THROUGH (D) ON THE CONSENT AGENDA; SECOND BY COUNCILMEMBER WALSH. The motion passed unanimously as follows: Council President Kochmar yes Councilmember Tran yes CouncilmemberAssefa-Dawson yes Councilmember Walsh yes Councilmember McDaniel yes Councilmember Dovey yes Councilmember Honda yes 8. COUNCIL BUSINESS a. 2024 City Council Goals City Administrator Brian Davis reviewed the proposed changes to the Council Vision Statement and Goals as discussed at the March 5, 2024 Special and Regular Meetings. He noted a fifth goal was proposed by a citizen to include airport concerns which was added after Council's discussion. 1. Increase sustainable revenue streams to fully fund the city budget, programs and infrastructure. 2. Address public safety issues for residents and businesses. 3. City government will develop a plan to realize our 2030 vision of becoming a health care innovation hub. Lead: LUTC 4. Develop a plan to address homelessness, drug addiction, and related issues. 5. Continue to highlight air emissions, noise, safety issues and the upcoming SEA airport master plan public process for airport expansion. Lead: LUTC Council supported these five items but requested additional time to discuss the added airport item before voting to formally add it to their goals. Councilmembers Assefa-Dawson and Honda shared "drug addiction" may be too specific and should include alcoholism. Additionally, it was stated mental health should also be included in goal four. COUNCILMEMBER ASSEFA DAWSON MOVED TO UPDATE THE WORDING OF COUNCIL GOAL FOUR TO "ADDRESS HOMELESSNESS, ADDICTION, MENTAL HEALTH, AND RELATED ISSUES"; SECOND BY COUNCILMEMBER WALSH. Councilmember Walsh suggested a friendly amendment to reorder the words to have "addiction" before "homelessness". The maker of the motion and second accepted the friendly amendment. Federal Way City Council Regular Minutes Page 5 of 7 March 19, 2024 Motion clarified.- COUNCILMEMBER ASSEFA DAWSON MOVED TO UPDATE THE WORDING OF COUNCIL GOAL FOUR TO "ADDRESS ADDICTION, HOMELESSNESS, MENTAL HEALTH, AND RELATED ISSUES"; SECOND BY COUNCILMEMBER WALSH. The motion passed unanimously as follows: Council President Kochmar yes Councilmember Tran yes CouncilmemberAssefa-Dawson yes Councilmember Walsh yes Councilmember McDaniel yes Councilmember Dovey yes Councilmember Honda yes Councilmembers discussed an interest to have additional conversations related to the airport and the affects it has on the community; Marine Hills and beyond. Consensus indicated the goal return to the Land Use/Transportation Committee (LUTC) for discussion before returning to the Council. Mayor Ferrell withdrew his recommendation of the added fifth goal noting while it is an ongoing concern and the city is committed to it; it can be considered at a different time. COUNCIL PRESIDENT KOCHMAR MOVED APPROVAL OF THE 2024 COUNCIL VISION STATEMENT AND GOALS 1 THROUGH 4 AS AMENDED; SECOND BY COUNCILMEMBER ASSEFA-DAWSON. The motion passed unanimously as follows: Council President Kochmar yes Councilmember Tran yes CouncilmemberAssefa-Dawson yes Councilmember Walsh yes Councilmember McDaniel yes Councilmember Dovey yes Councilmember Honda yes b. 2023 Consolidated Annual Performance and Evaluation Report (CAPER) Community Services Manager Sarah Bridgeford provided a report on the city's utilization of the Community Development Block Grant (CDBG) funds in 2023. She highlighted the accomplishment of assisting 232 individuals spending $834,352 with the majority being used to assist low-income to low -to -moderate -income people. Council commended Ms. Bridgeford and her team for their diligence in administering these funds. COUNCILMEMBER TRAN MOVED APPROVAL OF THE 2023 CONSOLIDATED ANNUAL PERFORMANCE AND EVALUATION REPORT AS PRESENTED; SECOND BY COUNCILMEMBER WALSH. The motion passed unanimously as follows: Council President Kochmar yes Councilmember Tran yes CouncilmemberAssefa-Dawson yes Councilmember Walsh yes Councilmember McDaniel yes Councilmember Dovey yes Councilmember Honda yes COUNCIL PRESIDNET KOCHMAR MOVED TO SUSPEND COUNCIL RULES AND EXTEND THE MEETING PAST 10:00 P.M.; SECOND BY COUNCILMEMBER DOVEY. The motion passed unanimously as follows: Council President Kochmar yes Councilmember Tran yes CouncilmemberAssefa-Dawson yes Councilmember Walsh yes Councilmember McDaniel yes Councilmember Dovey yes Councilmember Honda yes Federal Way City Council Regular Minutes Page 6 of 7 March 19, 2024 9. COUNCIL REPORTS Councilmember Dovey confirmed the updated Council Goal regarding airports will be added to the April 1 Land Use/Transportation Committee Meeting (LUTC). He shared a second group of students will graduate from the city's Financial Literacy Class on April 3. Councilmember Walsh shared his excitement for the ongoing success of the Financial Literacy Class. He also appreciated the metrics shared by Health through Housing and Urban League and questioned what metrics are being used to measure the success of other facilities in the city. Councilmember Tran expressed gratitude for the time he was able to be in Washington D.C. with the mayor and council. He reflected on his experience as a nineteen -year -old refugee and expressed gratitude for the opportunities he has found in America. Councilmember Honda suggested the council debrief on the successes of their trip to Washington D.C. and what they would do differently. She believes this would help with future trips and also allow for a report for the public. Councilmember McDaniel reflected on his time in Washington D.C. noting it was very different than anticipated He appreciated talking to people from different states and learning solutions to similar issues. Councilmember Assefa-Dawson also shared memories from the trip enjoying the comradery with current council and those they met. She also related some exercises she participated in with the Financial Literacy class noting that while funny, they highlighted the relationship people have with money. Council President Kochmar thanked the Mayor and Council as well as staff for the successful trip to D.C. She asked Economic Development Director Tanja Carter to provide a report at FEDRAC on what took place in D.C. and outlined how it helps with lobbying. She feels that they did the best they could for the city. 10. EXECUTIVE SESSION �ant to, —not needed • Sa{� ^r ^� o�^^�,�,r-Ps,a�t�'�'„1-4'.� ^}4s3 — not needed • Pem&4g-er-R ti �) —not needed 11. ADJOURNMENT There being nothing further on the agenda; the regular meeting was adjourned at 10:11 p. M. Attest: Jennifer Marshall, CIVIC Deputy City Clerk Approved by Council: Federal Way City Council Regular Minutes Page 7 of 7 March 19, 2024 CITY OF �. Federal Way Centered on Opportunity CITY COUNCIL SPECIAL MEETING MINUTES City Hall — Council Chambers March 19, 2024 — 5:30 p.m. 1. CALL MEETING TO ORDER Mayor Ferrell called the meeting to order at 5:30 p.m. City officials in attendance: Mayor Jim Ferrell, Council President Linda Kochmar, Councilmember Lydia Assefa-Dawson, Councilmember Paul McDaniel, Councilmember Susan Honda, Councilmember Hoang Tran, Councilmember Jack Walsh, and Councilmember Jack Dovey. City staff in attendance: City Administrator Brian Davis, Assistant City Attorney Kent van Alstyne, and Deputy City Clerk Jennifer Marshall. 2. EXECUTIVE SESSION At 5:31 p.m. Mayor Ferrell announced the Council would recess into Executive Session for the purpose of discussing property acquisition pursuant to RCW 42.30.110(1)(b), sale or lease of property pursuant to RCW 42.30.110(1)(c), and pending or potential litigation pursuant to RCW 42.30.110(1)(i) for approximately thirty-five minutes. The executive session ended at 5:56 p.m. • Property Acquisition Pursuant to RCW 42.30.110(1)(b) • Sale or Lease of Property Pursuant to RCW 42.30.110(1)(c) • Pending or Potential Litigation Pursuant to RCW 42.30.110(1)(i) 3. ADJOURNMENT There being nothing further on the agenda; the special meeting was adjourned at 5:56 p. M. Attest: Jennifer Marshall, CIVIC Deputy City Clerk Approved by Council. Federal Way City Council Special Minutes Page 1 of 1 March 19, 2024 we COUNCIL MEETING DATE: April 2, 2024 ITEM #: CITY OF FEDERAL WAY CITY COUNCIL AGENDA BILL SUBJECT: FEBRUARY 2024 MONTHLY FINANCIAL REPORT POLICY QUESTION: Should the Council approve the February 2024 Monthly Financial Report? COMMITTEE: FINANCE, ECONOMIC DEVELOPMENT AND REGIONAL MEETING DATE: Mar. 26, 2024 AFFAIRS COMMITTEE (FEDRAC) CATEGORY: ® Consent ❑ Ordinance ❑ Public Hearing ❑ City Council Business ❑ Resolution ❑ Other STAFF REPORT BY: Steve Groom, Finance Director DEPT: Finance Attachments: February 2024 Monthly Financial Report Options to Consider: 1. Approve the February 2024 Monthly Financial Report as presented 2. Deny approval of the February 2024 Monthly Financial Report and provide direction to staff MAYOR's RECOMM ENWATION: Mayor recommends approval of Option 1. MAYOR APPROVAL: "-� 3/1,q /"J 11 RIrr - DIRECTOR APPROVAL: ' 1& 3 r Corhri Initial Initial COMMITTEE RECOMMENDATION: I move to forward the February 2024 Monthly Financial Report to the April 2, 2024 consent agenda for approval. Committee Memher PROPOSED COUNCIL MOTION: "I move approval of the Monthly Financial Report. " (BELOW TO BE COMPLETED BY CITY CLERK'S OFFICE) COUNCIL ACTION: ❑ APPROVED COUNCIL BILL # ❑ DENIED First reading ❑ TABLED/DEFERRED/NO ACTION Enactment reading ❑ MOVED TO SECOND READING (ordinances only) ORDINANCE # REVISED — 1/2022 RESOLUTION # CITY OF ,.� Federal Way DATE: March 26, 2024 TO: Mayor and City Council Management Team FROM: Steve Groom, Finance Director Chase Donnelly, Deputy Finance Director SUBJECT: Monthly Financial FINANCE DEPARTMENT This report is to brief you on February's monthly and year-to-date (YTD) revenues and expenses, compared to budget and prior year, on the city's cash and fund balance positions, and on the monthly investment performance, transactions and current holdings. Generally, City's cash position continues to be strong, budgetary controls on expenditures are resulting in a slightly favorable variance and revenues are positive. General/Street Fund Summary: Revenues & Transfers In are favorable to YTD budget of $3.69M by $0.36M or 9.8%. Expenditures & Transfers Out are favorable to YTD budget of $9.24M by $2K primarily due to timing of ARPA spending, and filling of vacant Police Officer positions. 12.00 % 10.00% 8.00% 6.00% ---- 4.00% 2.00% 0.00% -2.00 % $10,000, 000 $5,000,000 Revenue General/Street Fui % of Budget General/Street Fund Cumulative Year to Date Revenue 0 Budget 0 Actual Expense CITY OF Federal Way Revenues and Expenditures: General & Street Fund Financial Highlights As detailed in the table below: FINANCE DEPARTMENT " Sales Tax revenue is unfavorable to budget YTD by $0.18M or 9.4%, and $0.15M or 7.9% below prior year collections. Retail sales and services are $44K above 2023 YTD collections. This is an indicator of the health of the local economy. CD Pen -nits & Fees revenue is favorable to budget YTD by $0.24M or 55.8, but $0.08M or 10.6% below prior year actual. Total Expenditures & Transfer Out is unfavorable to budget YTD by $2K, but $0.34M or 3.9% above prior year actual. Compared to budget, expenditures have been trending favorably, primarily due to filling of Police Department vacant positions, and timing of expenditures for ARPA spending. GENERAL & STREET FUND SUMMARY 2023 2024 YTD Budget vs. Actual Fawrable/(Wf norable) Annual Budget Annual Actual YID Actual Annual Budget YID Budget YID Actual $ % Beginning fimd Balance $ 27,709,983 $ 27,709,983 $ 27,709,983 $10,603,169 $10,603,169 $ 22,452,556 n/a n/a Revenues: Sales Tax 20,972,402 20,805,515 1,917,113 20,996,000 1,948,353 1,765,359 (182,994) -9.4% Pro a Taxes 11,762,933 11,662,976 62,678 11,938,554 64,159 110,967 46,808 73.0% State Shared Revenue 3,153,260 3,192,206 74,426 3,194,233 74,474 76,643 2,169 2.9% CD Pemnts & Fees 4,705,016 5,026,795 759,516 2,869,145 435,564 678,643 243,080 55.8% Business License Fees 682,631 758,932 106,679 685,345 171,622 117,976 (53,646) -31.3% Admissions Tax 339,265 846,4241 21,170 390,155 9,758 17,557 7,799 79.91/o Other Revenues 15,106,999 15,120,746 949,078 13,343,495 989,701 1,288,625 298,925 30.2% Transfers in from Other Funds to support operations 8,635,016 4,574,790 11,149,389 - - n/a Total Revenues & Transfer In 65357,522 61,988M4 3,890,660 64,566,316 3,693,631 4,055,770 362,140 9.8% Total Eqxnditures & Transfer Out 82,464,337 67,245,814 8,899,757 65,669,354 9144,614 9,243,002 1,612 0.0% Total Ending fiord Balance $10,603,168 $ 22,452553 1 $ 22,700,886 $ M00,130 S 5,052,185 $ 17,265,324 n/a n/a CITY OF Federal Way FINANCE DEPARTMENT Other Fund Financial Highlights ■ Utility Taxes are favorable to budget YTD by $0.33M or 22.0%, but $5K or 0.3% below prior year actual. Utility tax on water/sewer and addition of 10% on solid waste services account for the increase above 2024 YTD budget. # 'Real Estate Excise Tax (REET) is unfavorable to budget YTD by $0.21M or 32.3%, and $0.01M or 2.4% below prior year actual. This is an indicator of the Federal Way valuation and real estate volume of transactions. ■ Expenditures & Transfer Out is favorable to budget YTD by $0.61M or 16.9%, but $0.98M above prior year actual. The favorable variance to budget is primarily due to timing of residential street overlay. OTHER SIGNIFICANT FUNDS OF NOTE 2023 2024 YID Budget is. Actual Fawrahle/(Unfawrable) Annual Budget Annual Actual YTD Actual Annual Budget YID Budget YID Actual $ % Revenues: Utility Tax 12,339,431 12,189,955 1,360,927 j 11,782,564 866,288 1,227,168 360,880 41.7% Utility Tax- Prop IVoter Package 3,662,436 3,657,523 241,1031 3,360,436 227,073 354,422 127,349 56.1% Utility Tax -Solid Waste 101/o 2,200,000 2,558,785 205,051 2,300,000 383,333 220,151 (163,182) 42.6% Real Estate Excise Tax 4,521,000 3,377,887 445,348 5,576,000 642,339 434,874 (207,465) -32.3% Traffic Safety (Red Li ht/School Zone) 3,800,000 4,376,677 731,849 3,060,000 505,224 598,947 93,723 18.61/o HoteVMotel Lodging Tax 293,000 299,459 16,787 308,000 21,257 16,832 (4,426) -20.8% Federal Way Community Center 1,411,875 1,619,063 218,404 1,930,875 321,813 315,221 (6,592) -2.09/o Perforrnin Arts &EventCtr Operations 1,659,780 2,228,419 66,680 1,279,780 106,648 131,356 24,708 23.21/o Duns Bm Centre Fund 727,698 757,060 72,377 527,698 87,950 119,360 31,410 35.71/o Total Revenues 30,61541 31,064,827 3,358,525 30,125,354 3,161,925 3,418330 256,405 8.1% Fxpenditures & Transfers Out: Utility TaxSupport to Other Funds for operations IZ067,413 8,637,396 273,203 13,829,040 554.625 554,625 W/O Utility TaxPro osition 1 operations 4,471,873 3,916,074 552,654 4,603,703 767,284 623,078 144,206 18.8% Solid Waste I 01/o Ut ility Tax -Residential Streets Ov cday 3,680,166 2,742,060 69,004 2,300,000 383,333 28,571 354,762 92.5% Real Estate Excise Tax Support to Debt and Capital Projects 6,055,343 4,035,343 5,788,245 n/a Traffic Safety (Red Li/School Zone) 3,871,735 3,519,748 347,923 4,272,419 712,070 522,245 189,825 26.7% HoteVMotel Lodging Tax 150,000 86.949 65,000 10,833 (18,733) 29,566 272.90/, .Jail Fund Services 4,300,000 4,619,003 273,202 2,700,000 450,000 554,625 (104,625) -23.3% Federal Way Community Center 2,459,893 2,456,401 213,147 2,306,857 384,476 408,309 (23,833) -6.20% Perfomung Arts & Event Ctr Operations Z983,359 3,418,881 184,123 2,483,359 206,947 214,261 (7,314) -3.5% Dumas Bay Centre Fund 864,097 898,127 96,616 773,794 128,964 103,637 25,328 19.61/o Total nditures & Transfers Out 40,901879 34,329.982 2,009,871 39,122,407 3,598,532 2,990,617 607,915 16.9% hding Fund Balance Utility Tax(non-Pro 1) 4,789,743 8,283,287 5,733,833 1,500,000 9,1%201 n/a n/a Utility Tax- Prop I VoterPacka e 1,000,001 1,312,502 1,259,503 1,000,001 1,043,848 n/a n/a Utility Tax -Solid Waste 101/o 152,073 1,448,965 1,768,287 152,073 1,425,374 n/a n/a Real Estate Excise Tax Fund 1,683,316 2,560,202 3,663,006 1,471,071 2,995,076 nla n/a Traffic Safety Fund 2,421,708 3,350,372 2,877,369 1,209,289 3,427,072 n/a n/a HoteVMotel Lodging Tax 2,011,015 2,080,525 1,884,802 2,254,015 2,116,090 n/a n/a Jail Fund 0 1 7,261 (0) 0 n/a n/a Federal Way Communit Center 1,557,756 1,768,438 1,742,531 1,557,756 1,675348 n/a n/a Perfomun Arts & Event Ctr Operations 658,344 791,461 756,493 434,743 708,558 n/a n/a Durmas Bay Centre Fund 2,202,259 2,197,592 1,686,271 2,221,171 2,213,315 n/a n/a TotalEndin F11adBalance S16.476.216 :I;23,793346 S 21379356 $ 11,800,119 1 - .$24,772,882 n/a. nl' CITY OF �.. Federal Way FINANCE DEPARTMENT Sales Tax Revenue Revenues are unfavorable to budget YTD by $0.1 SM or 9.4% and below prior year actual by $0.15M or 7.9%. The sales tax collected for transactions at point of sale is remitted to the City from the State on a two -month lag, after retailers remit to State the first month. LOCAL RETAIL SALES TAX REVENUES YTD February Month 2023 Actual 2024 Fa�nrahlel{lJnlatiorahlrl Change from 2023 YTD Actual Ns Budget Budget Actual $ % $ % Jan 1,917,113 $ 1,948,353 $ 1,765,359 S (151,754) -7.9% S (182,994) -9.4% Feb 1,425,556 1,459,825 - - Mar 1,599,609 1,445,064 - - Apr 1,768,995 1,733,177 May 1,622,066 1,633,016 - - Jun 1,750,786 1,745,774 - Jul 1,931,467 1,921,230 - Aug 1,850,860 1,903,016 - Sep 1,847,683 1,872,206 - Oct 1,783,836 1,875,739 - Nov 1,717,195 1,756,416 - Dec 1,590,350 1,702,183 - YTD Total $ 1,917,113 $ 1,948,353 $ 1,765,359 $ (151,754) -7.9% $ 182,994 -9.4% Annual Totall $ 20,805,515 1 $ 20,996,000 1 n/a I n/a I n/a n/a n/a $22,000,000 $20,000,000 $18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000, 000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 City of Federal Way - Sales Tax Revenue Received Current Year Actual vs Budget and Prior Year City of Federal Way YTD Sales Tax Revenue Comparison by Location 5300,000 $250,000 $200,000 $150,000 $100,000 $50,0 5 II �aim Lodging Gateway Ctr Pavilion Ctr Commons 312th-316th 348th 2020 0 2021 ■ 2022 ■ 2023 0 2024 $800,000 $600,000 $400,000 $200,000 c� boa pe' City of Federal Way Sales Tax Revenue Comparison by Group 1 0 Retail Services 0 YTD 2023 ff ff Construction Other YTD 2024 CITY OF Federal Way Tax Revenue FINANCE DEPARTMENT Revenues are unfavorable to bL1d2Ct YTD by S4.4K or 20-80/.- but on target with nrinr vear- HOTIIJMOTEL LODGING TAX REVENUES Year-to-date thru Fehruary Month 2023 Actual 2024 Favorable/ (Unfawrable) Change from 2023 YID Actual Ns Budget Budget Actual $ % $ % Jan $ 16,787 $ 21,257 $ 16,832 $ 45 0.3% $ (4,426) -20.8% Feb 16,159 19,804 - - - - Mar 21,239 21,550 - Apr 27,280 25,724 May 19,444 22,579 - - - Jun 21,163 21,992 - - - Jul 32,180 31,636 Aug 32,746 34,077 - - - Sept 29,427 32,689 - - - Oct 40,254 31,253 - - Nov 23,106 25,606 - Dec 19,674 19,834 - - - YTDTotal $ 16,787 $ 21,257 $ 16,832 $ 45 0.3% $ (4,426)1 -20.80/( Annual Total $ 299,459 308 000 n/a I n/a n/a I n/a I n/a City of Federal Way - Lodging Tax Revenue Received $350.000 Current Year Actual vs. Budget and Prior Year $300,000 52 50, 000 $200,000 $1507000 $100,000 0 Budget Cumulative Prior Year Cumulative $50,000 Via Actual cumulative $0 $45,000 $40,000 $35,000 $30,000 $ 25, 000 $20,000 $15,000 $10,000 $5,o00 so sac City of Federal Way Historical Lodging Tax Remittances by Month ,ems `lac PQt `Sad 'mac 112019 ❑2020 M 2021 �1 I � Po 5e p �o Qe 22022 02023 W 2024 CITY OF Federal Way Business Licenses FINANCE DEPARTMENT Revenues are unfavorable to budget YTD by $54K or 31.3%, but above prior year actual by $11K or 10.6%. 140 New Monthly Business License Count 120 100 80 60 40 20 0 Jan ❑ 2023 50 02024 122 *excludes outside contractor businesses Feb 69 110 Business License Revenue Month 2023 Actual 2024 Fawrable/(Unfawrable) Change from 2023 YID Actual rs Budget Budget Actual $ % $ % Jan $ 62,005 $ 106,396 $ 67,071 5,066 8.2% (39,325) -37.0% Feb 44,674 65,225 50,905 6,232 13.9% (14,320) -22.0% Mar 86,195 47,853 - - - - - Apr 67,910 48,132 - - - May 61,588 �7,317 Jun 76,843 74,893 - - - - Jul 59,531 48,167 - Aug 53,820 55,648 - - - _ Sep 72,038 48,456 - Oct 52,727 34,583 - _ Nov 62,891 47,395 - Dec 58,709 71,278 - - Ym Total $ 106.679 1 $ 171,622 $ 117,976 11.297 10.6% (53.646) -31.3% Annual Total $ 758.932 1 $ 685,345 1 n/a n/a n/a n/a I n/a CITY OF 1% Federal Way FINANCE DEPARTMENT Community Development Permits Revenues are favorable to budget YTD by $0.24M or 55.8%, but below prior year actual by $0.08M or 10.6%. Annual Total 2019 - $4,546,432 2020 - $1,964,825 2021 - $3,229,113 2022 - $4,040,385 2023 - $5,026,795 BUILDING & LAND USE PERMITS AND FEES (CD) Year-to-date thru February Month 2023 Actual 2024 Chanze from 2023 Favorable/ (Unfawrabl e) YID Actual %s Budget Budget Actual $ % $ % Jan 213,046 170,083 651,394 438,349 205.8% 481,311 283.0% Feb 546,470 265,481 27,249 (519,222) -95.0°% (238,232) -89 7% Mar 595,518 243,372 - Apr 383,643 245,428 May 669,687 307,435 Jun 357,167 209,290 Jul 422,815 216,247 Aug 406,182 266,209 Sept 635,249 262,098 Oct 293,644 240,848 Nov 221,863 222,520 Dec 281,511 220,135 YTD Total $ 759,516 S 435,564 $ 678,643 S (80,873) -10.6% S 243,080 55.8% Annual Totall $ 5.026,795 S 2.869.145 n/a n/a n/a n/a n/a City of Federal Way Historical Permit Fee Revenue by Month $900,000 $800,000 $700,000 $600,000 $S00,000 $400,000 - $300,000 $200,000 i- $100,000 l $0 �aJ >J� >�\ QJ� � O�� �0 O�c Cj 2019 2020 02021 02022 02023 02024 CITY OF Federal Way Real Estate Excise Tax (REET) FINANCE DEPARTMENT Revenues are unfavorable to 2024 YTD budget by $0.21M or 32.2% and below 2023 YTD actual by $0.01M or 2.4%. January and February 2024 activities include 133 real estate transactions. There were 124 taxable residential sales (total sales $60.5M / $300K tax) and nine commercial sales over $1M. City of Federal Way- REET Revenue Received $6,000,000 $5,000,000 $4,000,000 - _ r f $3,000,000 $2,000,000 O Budget Cumulative $1,000,000 — Prior Year Cumulative —0-- Actual cumulative $0 REAL ESTATE EXCISE TAX REVENUES Year-to-date thru February Month 2023 Actual 2024 Fawr abl a/(Unfawr abl e) Change from 2023 YTD Actual Ns Budget Budget Actual $ % $ % Jan $ 192,302 $ 254,304 $ 238,836 $ 46,534 24.2% $ (15,468) -6.1% Feb $ 253,046 388,035 196,038 (57,008) -22.5% (191,996) -49.5% Mar $ 438,312 395,863 - - - - Apr $ 254,266 381,237 - - - May $ 313,961 533,283 - - - - Jun $ 342,809 509,250 - - - Jul $ 248,329 474,462 - - - Au $ 284,620 642,919 - - - - Se $ 453,885 493,431 - - - - Oct $ 194,491 415,953 - - - - Nov $ 203,407 319,602 - - Dec $ 198,459 767,660 - - - YTD Total 445,348 642339 434,874 (10,474) -2.4% (207,465) -32.3% Annual Total $ 3,377,887 $ 5,576,000 n/a n/a I n/a n/a n/a 1% CITY OF 1 Federal Way Utility Tax Revenues FINANCE DEPARTMENT Revenues are favorable to 2024 YTD budget by $0.33M or 22.0% but below 2023 YTD actual by $5K or 0.3%. The increase above year-to-date budget is primarily due to an increase in water/sewer utility tax, and additional 10% on solid waste services. The utility tax collected by utility companies is remitted to city on a 2-month lag. UTILITY TAXES Year-to-date thru February Month 2023 Actual 2024 Fawrabl a/(Unfawrable) Change from 2023 YrD Actual Ns Budget Budget Actual $ Var % Var $ Var % Var Jan $ 1,807,080 $ 1,477,037 $ 1,802,136 $ (4,944) -0.3% $ 325,099 22.0% Feb 1,650,189 1,536,875 Mar 2,017,092 1,715,542 Apr 1,585,574 1,445,367 May 1,412,840 1,380,249 Jun 1,291,342 1,535,563 - Jul 1,254,694 1,243,098 - Aug 1,309,112 1,191,724 - - Sept 1,640,513 1,512,405 Oct 1,314,130 1,237,756 Nov 1,506,325 1,313,483 - Dec 1,618,314 1,856,212 - YFDSubtotal $ 1,807,080 $ 1,477,037 $ 1,802,136 $ (4,944) -0.3% $ 325,099 22.0% Rebate (342) (395) (395) 0.0% (53) 15.4% YFD Total $ 1,807,080 $ 1.476,694 1 $ 1,801,741 $ (5,339) -0.3% $ 325,047 22.0% Annual Total S 18.406.264 $ 17.443,000 1 n/a n/a n/a I n/a n/a UTQSTY TAXES - by Type Year-to-date thru February Utility Type 2023 Actual 2024 Actual Fallorabl e/ (Uufawr abl e) Change from 2023 $ Electric $ 581,255 $ 680,670 $ 99,415 17.1% Gas 295,630 $ 273,798 (21,832) -7.4% Water/Sewer 1 349,039 259,187 (89,852) -25.7% Solid Waste 158,915 170,617 11,702 7.4% Solid Waste - 10% 205,051 220,151 15,100 n/a Cable 130,527 116,593 (13,934) -10.7% Other 86,663 81,120 (5,543) -6.4% Tax Rebate (395) (395) n/a YTD Total 1 $ 1,807.080 1 $ 1,801,741 $ (5,339) -0 3 City of Federal Way- Utility Tax Revenue Received S20,000,000 518,000,000 516,000,000 514,000,000 512.000,000 510,000,000 $3,000,000 $6,000,000 — eudgee emulative $4,000,000 — Prior Year Cmulative 52,000,D00 'Walcumulative <_0 - 4,1 do The City has a utility tax rebate program that opens January 1 St and closes May 3 1 " of each year for qualifying low-income residents. The City processed 41 rebates in 2021 (total of $2,310), 24 rebates in 2022 (total of $1,305), 19 rebates in 2023 (total of $940) and 10 rebates (total of $395) to date in 2024. The 2024 rebate program has been posted to the city website and information material has been distributed to known past users and communicated to those who can relay to potential new ones. Federal Wa � y Proposition 1 Voter -Approved Utility Tax 19101l_I04[ a910011098L4.11 Revenues are favorable to budget YTD by $0.13M or 56.1 %. The fund continues to maintain a fund balance within the reserve policy of $1M. PROP 1 Utility Tax Fund 2023 2024 YID Budget vs. Actual Favorable/(Unfawrable) Budget Annual Actual Budget YID Budget YID Actual $ % Beginning Balance: 1,571,054 1,571,054 1,000,000 $ 1,000,000 1,312,504 312,504 31.3% Total Prop 1 Revenues: 3,662,436 $ 3,657,523 3,360,436 $ 227,073 $ 354,422 $ 127,349 56.1 % Transfer in from Utility Tax Fund 238,384 1,243.268 $ - - - n/a Public Safety Improvement Positions & Costs: Police Services (includes 1 Records Specialist, 16 Police Officers, & 2 Lieutenants) 2,974,715 1 2,619,317 3,085,654 $ 514,276 475,113 39,163 7.6% Court Services (includes .50 Judge, 1 Court Clerk, and Pro Tern Pay, Public Defender contract, 1.5 Prosecutors) 1,163,732 915,212 1,189.,682 $ 198,280 58,6391 139642 70.4% Total Public Safety Improvement Costs 4,138,447 3,534,529 4,275,336 $ 712,556 533,751 178,805 25.1% Community Safety Program Costs: 1 Code Enforcement Officer 120,465 126,134 124,925 $ 20.821 28,624 (7,803) -37.5% .5 Assistant City Attorney 94,411 1 78,411 82,345 $ 11724 14,271 (546) -4.00o 1 Parks Maintenance Worker I& Security 118,550 176,998 121,097 $ 20,183 46,432 (267249) -130.1% Total Community Safety Improvement Costs 333,427 381,543 328,368 54,728 89,326 (34,599) -63.2% Total Prop 1 Expenditures: 4.471.873 3.916.072 4,603,704 $ 767,284 623,078 144.206 18.8% Total Ending Fund Balance: $1,000.000 $ 1.312.504 $1,000.000 $ 459,790 $1,043,849 $ (584.059) -127.0% Traffic Safety - Red Light / School Zone Revenues are favorable to budget YTD by $0.09M or 18.6%, but below prior year actual by $0.13M or 18.2%. Traffic Safety Fund - Red Light Photo Revenue Month 2023 Actual 2024 Favorable/(Unfavorable) Change from 2023 YID Actualvs Budget Budget Actual $ % $ % Jan $ 305,897 $ 262,385 $ 312,250 $ 6,353 2.1% $ 49,865 19.0% Feb 425,952 242,839 286,697 (139,255) -32.7% $ 43,858 18-1% Mar 582,573 249,610 $ Apr 502,534 259,603 - $ May 424,939 257,290 - $ Jun 401,659 307,973 - $ Jul 294,140 284,056 - $ Aug 263,310 200,766 - $ Sep 228,474 198,764 - $ Oct 348,651 262,668 Nov 319,588 301,792 - - $ Dec 278,962 232.254 $ - YmTotal $ 731,849 $ 505,224 $ 598,947 $ (132,902) -18.2% $ 93,723 18.6% Annual Total $4,376,677 $3,060,000 n/a n/a n/a n/a n/a Traffic Safety Fund pays for 1 Lieutenant, 8 Police Officers, 3 City Traffic positions, Municipal Court security services, red light photo services, Valleycomm emergency communication services, School Zone Enhancements capital improvement projects, and patrol vehicles. CRY OR � Federal Way Police Department Overtime Year-to-date PD overtime is $1 K or 0.3 % above prior year actual. The City's portion (unbillable) is $0.09M or 57.3% above YTD budget, and is funded entirely by PD vacancies. Overtime incurred is primarily due to service required for special events, shift call -in, shift extension, training, and special emphasis proactive activities. Jail Services FINANCE DEPARTMENT PD Overtime by Mouth Year -to." thru February Month 2023 Actual 2024 (Favorableytiofavorable Change from 2023 YID Actual vs Budget Budget Actual S % $ % Jan $ 116,488 $ 86,391 $ 128,863 $ 12,375 1069/6 S 42,472 492% Feb 142,906 76,342 127,091 05,815) -11 1% 50,749 66.5%4 Mar 130,707 71.047 Apr 114,651 80,621 - May 139,773 92,960 Jun 133.025 79.362 - Jul 154,339 128,292 Aug142,134 85,928 - - Sep 127372 80943 Oct 131,878 95,285 Nov 143,126 94,435 - Dec 137.511 93.398 - - CStyPortion 259.394 162.733 255954 f3A40] -1.3 93,221 51.3 Billable 77,945 44,953 82,3291 4.484 5 8% 37.376 83 1 YIDTotal $ 337,239 S 207,686 S 338,2S3 $ 1,044 0.3% S 130597 62.9 Billable $ 344,0481 $ 278,012 S • I W W $ Annual Total $ 2,023.529.1 S 1.387.975 n/a I n/a n/a n/a n/a Average Daily Population City of Federal Way 70 Jail Post 60 ,000,000 7 iI ,000,000 50 6,000,000 40 5,000,000 30 f 4,000,OOD 20 3,000,000 ! 2,000,000 tl� 30 1,000,000 o _ Jan Feb 2016 Act 2019 Act 2020 AR 2023Act 2022 Act 2023 AR 2024 Bud 2024 YTD 2023 59.9 59.7 a 2024 56.8 57.9 ❑Debt Service /Jail Services Jail and Alternatives to Confinement 2018 Actual 2019 Actual 2020 Actual 2021 Actual 2022 Actual 2023 Actual 2024 Annual Budget YID Actual Total Jail 0 rations $6.417,479 $5.932,095 $1,712,883 $ 2,223,602 $2,871,368 $4,619,002 $ 2,700,000 S 554,625 Debt Service Payments for SCOREJail 889,718 847,566 851,925 852,425 852.275 850,425 Total Jail Cost $6,417.479 $6,821,813 1 $2,560,449 $ 3,075,527 $3,723,793 $5,471.277 $ 3,550,425 $ 554,625 The City maintains multiple contracts with other governmental agencies for its jail services, after it discontinued its owner relationship with SCORE Jail in December 2019. The budgeted average daily population (ADP) is 70, and average ADP was 57.4 for the first two months. The City continues to be liable for its portion of the debt service on the SCORE building. The total remaining principal debt the City owes as of 12/31/2023 for SCORE is $9,335,000, and continues to be reduced by principal payments of about $0.9 million a year. CITY OF Federal Way FINANCE DEPARTMENT Federal Way Community Center Revenues are below 2024 YTD budget by $7K or 2.0%, but above 2023 YTD actual by $0.10M, primarily due to increased memberships. Expenditures are above 2024 YTD budget of $0.38M by $0.02M or 6.2%. Community Center remaining building construction debt service principal as of 12/31 /2023 was $7.13M. Federal Way Community Center as of02/29/2024 2023 2024 YID Budget is Actual F1loral>>c!(UnfawraWe] Budget Annual Actual YID Actual Budget YTD I Budget YTD Actual 5 Beginning Fund Balance $ 1,737,273 $ 1,737,273 $ 1.737.273 $ 1,557,756 $ 1,557,756 $ I,768,436 n/a n/a Total Revenues 1,411,875 1,619,063 218,404 1,930,875 321,813 315,221 (6,592) -2-0% Total P nditures 2,459,893 2.456.401 213,147 2,306,857 384,476 408,309 (23,833} -6.2% Revenues O1er / (Under) Rr nditures (1,048,018) (837339) 5,257 1 (375,982) (62,664) (93,088) (30,424) 48.6% Recovery Ratio 57.4%1 65.9%1 102.5 % 83.7% 83.7 % 77.2 % n/a n/a Total Transfer In from General Fund/Utility Tax 868,501 868,501 375,982 62,664 (62,664) -100.0% Endine Fund Balance $ 1.557,756 $1.768A36 $1.742,531 $1.557,756 $ 1,557,756 $1,675,348 $ 117,592 7.5% Debt Ser%ice Paiments 1 822,123 822,123 822,473 827,873 n/a Total FWCC Cost I $ 3.282.016 $ 3.278.524 $1.035.619 $ 3.134.730 S 384A76 $ 408.309 1 $ (23.833) -6.2 % Total City Support Is 1,690,624 I $1,690.624 1 $ 822,473 1 $1,203,855 1 $ 62,6641 $ Dumas Bay Centre Revenues are above 2024 YTD budget by $0.03M or 35.7%, and above 2023 YTD actual by $0.05M. The facility reopened as of the beginning of August 2021. Expenditures are above 2024 YTD budget of $0.13M by $0.03M or 19.6%. Dumas Bay Centre Fund as of02/29/2024 2023 2024 YTD Budget rs Actual Budget Annual Actual YTD I Actual Budget YTD Budget YTD I Actual Favorable/(Unfavorable) $ % Beginning Fund Balance $1,710,510 $ 1,710,510 $ 1,710,510 $2.202.259 $ 2,202.259 $ 2.197.592 n/a n/a Total Revenues 727,698 757.060 72,377 527-698 87.950 119.360 31.410 35.74/a Total Fxpenses 864,097 898,127 96,616 773,784 128.964 101637 25.328 19.6% Re\enues Over/(Under) Expenses (136.399) (141.067) (24.239}1 (246,086) (41,014) 15,723 1 56,737 -138.3 % Recovery Ratio 84.21 % 84.29 % 74.91%1 68.20%1 68.20 % 115.17 % n/a n/a Total Transfer In 628,148 628,149 264,998 - :n/a Fdtdln Fund Balance i $ 2.202.259 S 2197,592 i S 1.686.2711 $ 2.221.1711 $ 2,161.245 $ 2,213,315 1 $ 52,070 i 2,4% Performing Arts & Event Center Operations (PAEC) Revenues are above year-to-date budget of $0.1 M by $0.02M primarily due to the facility reopening, and operations coming back to pre -pandemic levels. Expenditures are $7K or 3.5% above the YTD budget. Performing Arts & Event Center remaining building construction debt service principal as of 12/31/2023 was $4.95M. 113Perform in Arts 8 Event Center Operations (PAEC) 2019 Actual 2020 Actual ' 2021 Actual 2022 Actual 2023 Actual 2024 Budget YTD Budget 2024 YTD Actual YTD Budget vs. Actual Favorablel( Unfavorable) Beginning Balance (447,382) (110,546) - 873,590 873,936 658,344 658,344 791,462 $ % Total Revenue 1,410,377 591,152 r 1,443,088 1,690,259 2,2211,419 1,279,780 r 106,648 131,356 24,708 23.2% Total Transfer In from Utility Tax/General Fund 1,516,000 972,310 1,083,942 941,464 1,107,987 979,977 81,665 - (81,665) -100.0% Total Expenditures 2,589,541 1,452,916 1,653,440 2,631,377 I 3,418,880 2,483,359 206,947 214.260 (7,314) -3.5% Total PAEC Operation Balance $ (110,646) $ 0 $ 873,590 $ 873,936 $ 791,462 $ 434,743 $ 639,711 $ 708,558 $ 68,847 10.8% Debt Service Payments 536,247 553,255 781,330 772,671 772,320 - n/a Total PAEC Cost $ 2,589.541 $ 1,991,163 $ 2,206,695 $3,412,707 $4,191,551 $ 3,255,679 $ 206,947 $ 214,260 1 $ (7,314) -3.5% Total City Support $ 1,510,557 $ 1,637,197 $1,722,794 $1,880,658 $ 1,752,297 $ 81,665 $ - $ 81,665 100.0% CITY OF Federal Way Fund Activity Summary FINANCE DEPARTMENT Fund#/Fund Name Begin Balance 1/1/2024 YTD Revenues YID Expenditures YID Net Income/(loss) Ending Balance 02/29/2024* Required Fund Balance 001/101 GeneraUStreel Fund** $ 22,452,556 $ 4,055,770 9,243,002 $ (5,187,232) $ 17,265,324 $ 9,500,000 Special Revenue Funds: 102 Arterial Street 980,433 35,229 75,747 (40,518) 939,916 100,000 103 Utility Tax(*) 8,283,288 1,439,538 554,625 884,913 9,168,201 1,500,000 104 Affordable & Supportive Housing Sales Tax 145,923 15,333 15,333 161,256 - 106 Solid Waste & Recycling 458,902 92,351 68,135 24,216 483,118 107 Special Contracts/Studies Fund 1,035,701 - 1,035,701 - 109 HoteUMotel Lodging Tax 2,080,525 16,832 (18,733) 35,565 2,116,090 200,000 I I Federal Way Community Center 1,768,436 315,221 408,309 (93,088) 1,675,348 1,500,000 112 Traffic Safety Fund 3,350,370 598,947 522,245 76,702 3,427,073 1,200,000 113 Real Estate Excise Tax Fund 2,560,202 434,874 434,874 2,995,076 2,000,000 114 Prop 1 Utility Tax 1,312,504 354,422 623,078 (268,656) 1,043,848 1,000,000 115 Perforating Arts & Event Ctr Operations 791,462 131,356 214,260 (82,904) 708,558 116 Solid Waste 10% Utility Tax 1,448,966 4,978 28,571 (23,593) 1,425,374 119 CDBG 63,358 - 36,241 (36,241) 27,117 120 Path & Trails 1,863,850 680 680 1,864,530 121 Technology 660,867 67,659 67,659 728,526 122 Jail Fund 0 554,625 554,625 (0) 0 188 Strategic Reserve Fund 3,002,082 3,002,082 3,000,000 189 Parks Reserve Fund 1,133,157 1,133,157 1,125,000 Subtotal Special Revenue Funds 30,940,027 4,062,045 3,067,102 994,943 31,934,970 $119625,000 201 Debt Service Fund (1,362,628) 29,931 (29,931) (1,392,559) Capital Project Funds: 301 Downtown Redevelopment 5,327,997 370 - 370 5,328,367 302 Municipal Facilities 175,507 - 175,507 303 Parks 2,451,323 4,620 1,001 3,619 2,454,941 304 Surface Water Management 6,322,537 7,682 (7,682) 6,314,856 306 Transportation 14,736,122 (683,192) 1,785,033 (2,468,225) 12,267,897 307 Capital Project Reserve Fund 370,343 - 370,343 Subtotal Capital Project Funds 29,383,830 (678,203) 1,793,716 (2,471,918) 26,911,912 - Enterprise Funds: 401 Surface Water Management 5,744,574 62,791 629,874 (567,083) 5,177,492 690,000 402 Dumas Bay Centre Fund 2,197,592 119,360 103,637 15,723 2,213,315 1,500,000 Subtotal Enterprise Funds 7,942,166 1829151 733,511 (551,360) 7,390,806 $ 2,190,000 Internal Service Funds 501 Risk Management 1,760,850 420,617 2,642,128 (2,221,511) (460,661) 600,000 502Information Systems 4,288,639 596,268 935,379 (339,111) 3,949,528 - 503 Mail & Duplication 274,203 23,086 8,312 14,775 288,978 504 Fleet & Equipment 8,159,943 525,625 546,159 (20,534) 8,139,409 505 Buildings & Furnishings 2,712,141 100,516 100,812 (296) 2,711,845 2,000,000 506 Health SelfInsurance Fund 4,020,794 694,939 64,314 630,626 4,651,419 - 507 Unemployment Insurance Fund 346,769 346,769 250,000 Subtotal Internal Service Funds 219563,339 2,361,053 4,297,105 (1,936,052) 19,627,287 $ 2,850,000 Total All Funds $ 110,919,290 $ 9,982,816 $ 19,164,366 $ (9,181,550) $ 101,737,739 $ 26,165,000 CITY OF Federal Way Monthly Treasury Positions and Activity FINANCE DEPARTMENT This monthly report of all investment transactions to the city council via FEDRAC complies with RCW 35.39.032. The following pages provide a summary of the current investment portfolio holdings and the individual transactions and activity during the month. Portfolio Yield: The City's total annualized yield was 3.7%. The City's position in LGIP was $27.8 million and the laddered portfolio was $65 million. Face Value City Portfolio: 65,000,000 State Investment Pool: 27,801,772 Total: $ 92,801,772 Cost 62,713,074 27,801,772 $ 90,514,846 Annual Yield % Yield $ 3.174% 2,063,039 4.947% 1,347,454 3.675% $ 3,410,493 Interest Revenue Compared to Budget and Prior Year Year-to-date interest revenue through February of $628,000 exceeds budget of $481,000 by $147,000 or 31 % and exceeds prior year by $113,000 or 22%. Accrual basis interest for the month was $302,000. City of Federal Way - Investment Revenue $4,000,000 Current Year Actual vs. Budget and Prior Year $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 ,ate "? hey Off, 11�,0 4 Oee CITY OF ,:*:N& Federal Way FINANCE DEPARTMENT The following city portfolio summary is provided by our third -party custodian, US Bank, and summarizes both the ending position and the activity within the month: Cobank Acci Name. CITY OF FEDERAL WAY SUMMARY - USD Page 1 Accl Number: XXXXXXX033 For pe:hod 02/01/2024 - 02/29/2024 ACTIVM - SsttlediCleared Cash AcW Transaction Type Amount Purchases 000 Purchase Reversals 0010 Sales 0.00 Sale Reversals 0,00 Withdrawals 0.00 Reoelpts (3,042,039.11) Deliveries 0.00 Pdnclpol Reversals 0.00 Interest 163.475.00 Interest Reversals 0.00 Interest Aci tmunents 0,00 matuntles 2,000,000.00 Calls 0.00 Puts 000 Paydowns 000 Paydown Adjustments 000 Payups 000 Payup Adjustments 000 Cash Dividends 0.00 Balance Charges 0 00 Stock Dividends 000 Closeouts 000 Closeout Dividends 000 Not Activky (878,664.11) HOLDINGS - Custody Your Sales Representative is: SAFEKEEPING OPERATIONS (800) 236-4221 Statement Contents 'Summary 'Activity - Set0edlCleared Cash Activity 'Activity - Projected AcIivrty for Next Statement Period 'Holdings Category Par/Shares Original Face Principal Cost Market Value Treasury Obligations 46,000,000.00000 46,000,000.00000 43,1129,053.91 43,734,609.34 US Govemmenl Agency Searmies 18,000,000.00000 18,000,000.00000 18,000,816 08 17,687,880.67 Coloorato Seaton 1.000.000.00000 1,000,000.00000 943.200.00 945,757.31 Total Custody Holdings 65,000,000.00000 65,000,000.00000 62,773,069.99 62,368,247.32 Market Value is currently below both Original Face Value, the value we'll receive at maturity, and Principal Cost, what we paid. This is partially due to purchasing at discounts and also because rates have risen, so the investments purchased in the past, at lower rates, aren't as desirable on the secondary market, to those who trade actively. This is an unrealized change in market value, since all investments will be held to maturity, receiving full value. All investments are bullets, or uncallable, therefore full face value will be realized at maturity, received in cash. Maturities: During the month, the following investment matured: • 2021-011 FNMA $1,000,000, matured February 2024, yielding 0.7% 2023-057 FHLB $1,000,000, matured February 2024, yielding 5.2% Purchases: During the month, the following investments were purchased, maximizing yield at the time of purchase for the maturity date being filled, having first assured safety and liquidity of the entire portfolio (see addendum for complete rationale): • 2023-083 FHLB $1,000,000, matures December 2028, yielding 4.0% ■ 2023-084 FHLB $1,000,000, matures February 2025, yielding 4.8% • 2023-085 US Treasury $1,000,000, matures February 2029, yielding 4.3% CITY OF V:N�- Federal Way FINANCE DEPARTMENT The maturity distribution of the laddered portion of the portfolio shows that $1-2 million will mature each month for the next 60 months, mitigating reinvestment (interest rate) risk, as follows: $ 2, s00,000 $2,000,000 $1, 500,000 $1, 000,000 $500,000 $0 -1' -y 11 ,] -ti? ,yh ,tl -ti> -L? -5 tih tib tip 10 .yia Zb ,L'� ,tip ^ -� 1� tit 4.p .;4 �4 Nb .y �q i a C e4 • a� a4 a° 3 a� 1 If .i c City of Federal Way Investment Portfolio Maturity Distribution - February, 2024 and the diversification distribution partially mitigating credit risk, as follows: City of Federal Way Diversification by Issuer - February, 2024 US TREAS, $46,000,000 , 49.6% - $27,801,772 , _ 30.0% FHLB, $9,000,000 , 9.7% FFCB, $4,000,000 , 4.3% FNMA, $2,000,000 , 2.2% FHLMC, $2,000,000 , 2.2% TVA, $1,000,000 , 1.1% AAPL, $1,000, 000 , 1.1% CIT Federal Way Safekeeping Report Detail FINANCE DEPARTMENT This monthly safekeeping report of all investment transactions held in safekeeping by US Bank lists securities by maturity date, first obligations of the US Treasury, then US Government Agency Securities, and Corporate Securities last. Acct Name: CITY OF FEDERAL WAY HOLDINGS AS OF 0Z7=024 - USD Page 5 .Acct Number: XXXXXXX033 CUSTODY Maturity Security ID Rate Description Par/Shares Principal Cost Market Value Ticket Acq Data Original Face NAV Treasury Obligations 04130/2024 9128286R6 2250 U.S. Treasury Notes 1,000,000.00 1.036.093.75 994.804 69 392220606 11121 2250. 04/302024 1,000,000.00 0511512024 912828WJ5 2 500 U.S. TREASURY NOTES 1,000,000.00 969,390.00 994.101 56 819027333 03f23 912828WJ505115124 1,000,000.00 0513112024 912826XT2 2000 U S TREASURY NOTE 1,000,000.00 1,032,226.56 991.640 62 819020999 11121 2 NOTE 2024 1,000,000.00 0611512024 91282CCG4 250 U S TREASURY NOTE 1,000,000.00 991.679 69 995.351 56 751 at 3140 11/21 25 NOTE 2024 1,000,000.00 09/1 S72024 91282CCX7 .375 U S TREASURY NOTE 1,000,000.00 995,898 44 974A01.56 392219201 10121 .375 NOTE 91152024 1.000,00.00 1011S12024 91282CDB4 .625 U S TREASURY NOTE 1,000,000.00 1,000,000 00 971.992.19 392219779 10121 .625 NOTE 2024 1,000,000.00 1-IM512024 91282CDHI .750 U.S. Treasury Notes 1,000,000_00 1,001,171.88 969.45312 819020954 11/21 91282CDH1 1111512024 1,000,000.00 01/3112025 91262BZ52 1.375 U S TREASURY NOTE 1.000.000.00 1,006.718 75 967.070.31 819021510 01/22 1.375 NOTE 2025 1,000,000.00 0313l 2025 912828ZFO S00 U.S. Treasury Notes 1,000,000.00 963,437.50 9532D3.12 399922253 ON22 91282BZFO=112025 1,000,000.00 04130/2025 912826ZL7 375 U.S TREASURY NOTES 1,000,000.00 932,343.75 948,63281 392223194 04122 912828ZL7 0.375 0413025 1,000,000.00 05/31/2025 912828ZTO 250 U S TREASURY NOTE 1,000,000.00 924.648.44 943.828 12 392223819 05122 25 NOTE 25 1,000,000.00 Acct Name: CITY OF FEDERAL WAY HOLDINGS AS OF 02i28l2024 - USD Page 6 Acct Number: XXXXXXX033 CUSTODY Maturity Security ID Rate Description Par/Shares Principal Cost Market Value Ticket Acq Data Original Face NAV 06130/2025 91282823 250 U S. Treasury Notes 1,000,000.00 928,164.00 98 940,8.44 392224043 06/22 250. W30/2025 1,000,000.00 0713112025 91282CAB7 250 U S TREASURY NOTE 1,000,000.00 918,125.00 937.500 00 392224067 06/22 25 NOTES 25 1,000,000 00 10131/2025 91282CATB 250 U.S. Treasury Notes 1,000,000.00 911,640.63 928,242.19 392224292 07122 250. 0/31/2025 1,000,000.00 12131/2025 9128285T3 Z625 US TREASURY NOTES 1,000,000.00 983,828.13 963.867.19 392224349 07122 2.625 NOTE 25 1,000,000.00 01/3112026 9128286A3 2.625 U S TREASURY NOTE 1,000,000 00 984.218.75 962,890 62 751014661 07/22 2.625 NOTE 2026 1,000,000.00 0313112026 912628619 2250 U S TREASURY NOTE 1,000,000.00 964.630.00 953,359 36 751015129 0B/22 2.25 NOTE 26 1,000,000.00 04130/2026 91282CBWO .750 U.S Treasury Notes 1,000,000A0 909,960.94 921,32E 12 392224636 0822 91282CBW00413=026 1,000,000.00 051312026 91282CCFB .750 U S TREASURY NOTE 1,000,000.00 907.968.75 918,967 19 392224637 08122 .75 NOTE 2026 1,000,000.00 0613012026 91282CCJS .875 U.S. Treasury Notes 1.000.000.00 906,718.75 919.687 50 392224738 09/22 91282CCJS 0613012026 1,000,000.00 07131/2026 912828Y95 1,875 U.S. Treasury Notes 1,000,000.00 943,437.50 939.570.31 751015330 0922 1875.07/312026 1,000,000.00 10/31/2026 91282CDG3 1.125 U.S TREASURY NOTES 1,000,000.OD 888,240.00 916210.94 392225109 1022 1.125 NOTE 2026 1,000,000.00 1IMS12026 912828U24 2.000 USTREASURY NOTE 1,000,000.00 917,03125 937,26562 751015708 10/22 2 NOTE 26 1,000,000.00 CITY OF Federal Way FINANCE DEPARTMENT Acct Name: CITY OF FEDERAL WAY HOLDINGS AS OF 02/2912024 - USD Page 7 Acct Number: XXXXXXX033 CUSTODY Maturity Socurlry ID Rate Description ParlSharee Principal Cost Market Value Ticket Acq Date Original Face NAV 111302026 91282CDK4 1 250 UNITED STATES TREAS NTS 1.000,000 00 11110,711125 917,421.98 751015831 10/22 125 NOTES 1113026 1,000,000.00 01/31/2027 91282BZ78 1 500 U.S. Treasury Notes 1,000,000.00 903.100.00 920.273 44 392225551 11/22 912828Z78 1/312027 1,000,000.00 02115/2027 912810EZ7 6 625 U S TREASURY BOND 1,000,000.00 1,105,937.50 1.062.187.50 392225738 12/22 SER 2027 1,000,000.00 0313112027 91282CEF4 2500 U.S TREASURY NOTES 1,000,000.00 9W,40625 945.07812 392225993 01 /23 2.50 NOTE 2027 1.000.000 00 041302027 91282CEN7 2 750 U.S. Treasury Notes 1,000,000.00 955,507.81 951.054 69 392226190 0223 91282CEN70413012027 1,000,000.00 W3012027 91282CEW7 3250 US TREASURY NOTE 1,000,000.00 973.920.00 964,6D938 3922215443 O6/23 3.250.061302027 1,000,000.00 071312027 91282CF82 2 750 US TREASURY NOTE 1.000.000.00 942.460.94 947.951.56 392226878 07123 2.750.07/312027 1,000,000.00 011131M27 91282CFH9 3125 US TREASURY NOTE 1,000,000.00 %5,468.75 958,82812 751017327 0723 91282CFHQ 0JV312027 1.000.000.00 091302027 91282CFMB 4 125 US TREASURY NOTE 1,000,000.00 999,726.56 991250.00 392229M 07/23 4.125. 09/302027 1,000.000 00 10/31/2027 91282CFUD 4125 US TREASURY NOTE 1,000,000.00 9%,953.13 991,36719 392229236 07/23 4.125 NOTE 2027 1.000,000-00 1213112027 91282CGC9 3.875 US TREASURY NOTES 1,000,000.00 984,590.00 982.773 44 392229416 0723 3.875% NOTE 12/31127 1,000,000.00 011312029 91282CGHB 3500 UNITED STATES TREAS NTS 1.000,00000 973,125.00 969,140.62 392229538 011/23 3.5%01I31128 1,000,000.00 Acct Name: CITY OF FEDERAL WAY HOLDINGS AS OF 02/29/2024 - USD Page S Acct Number: XXXXXXX033 CUSTODY Maturity Security ID Rate Description Par/Sharas Principal Cost Market Value Ticket Acq Date Original Face NAV 0211512028 9128283WB 2750 USTREASURY NOTE 1,000,000.00 931,250.00 94187500 819029420 09123 2.75 NOTE 28 1.000.000 OD 031312026 91282CBS9 1.250 U S TREASURY NOTE 1,000,000.00 867.060.00 885.039 06 819029470 0923 125 NOTE 28 1,000,000.00 04I302028 91282CHA2 3.500 US TREASURY NOTE 1,000,000.00 955,54688 968.D07 81 819029935 1023 3.500. 04 M2028 1,000,000.00 051152028 9128284N7 2.875 U.S Treasury Notes 1,000,000.00 940,312.50 943.867 19 819030430 1123 91282941,17 5/15128 1,000.00000 0513112028 91282CCE9 1250 U.S Treasury Notes 1,000,000 OD W0,215.8I 881.D93 75 931000D49 11123 91282CCE9 513112028 1,000,000.00 0713112028 91282CCRO 1.000 U S TREASURY NOTE 1,000,000.00 868,476 56 867 382 81 931000391 12/23 07/3112028 1,000,000.00 0811512028 9128294V9 Z875 U.S. Treasury Notes 1,000,000.00 943,867.19 941,28906 931000566 12/23 9128284V9 8/1528 1.000.00000 09/302028 91282CJAO 462,5 U S. TREASURY NOTE 1,000,000 00 1,031,679.69 1.012.968 75 751019815 1223 4.625 NOTE 9/3012028 1,000,000.00 10131202E 91292CDF5 1 375 U.S. TREASURY NOTES 1,000,000.00 887,109.38 877,500 00 931000934 01124 1.375 NOTE 2028 1,000,000.00 111302028 91282CDL2 1 500 U.S. TREASURY NOTES 1,000,000.00 898,395.94 880.976 56 819030919 0124 1.50 NOTE 2028 1,000,000.00 021282029 91282CKD2 4 250 U S TREASURY NOTE 1,000,000.00 999,570.31 998,906 25 819030992 02/24 4250, 0212812029 1,000,000 OD Treasury Obligations Total 46,000,000.00000 43,829,053.91 43,734,609.34 46,000,000.00000 US Goyomm of Agoricy Sacurlues CITY OF Federal Way FINANCE DEPARTMENT Accl Name: CITY OF FEDERAL WAY HOLDINGS AS OF 0212912024 - USD Page 9 lai ANumber. XXXXXXX033 CUSTODY Maturity Security ID Rate Dsaenption ParlShares Principal Cost Market Value Ticket Acq Date Original Face NAV 03J0a12024 3130AB3H7 2 375 FEDERAL HOME LOAN BANK 1,000,000.00 1,036,546.00 999A2447 751013276 12J21 03f08J24 1.000,000 00 000412024 3130AV7F3 5250 FEDERAL HOME LOAN BANKS 1,000,000.00 99$260.00 999277 38 382226815 03J23 CONS BD 525%24 1,000,000.00 07102J2024 3135GOV75 1 750 FEDERAL NATL MORTGAGE ASSN 1,000,000.00 1,029,480.00 987.970 10 751013094 10121 07102124 1.000.000.00 OW1512024 3130AGWK7 1.500 FEDERAL HOME LOAN BANK 1,000,000.00 1,023,285 00 982,640 00 751013093 10121 05+1512024 1,000,01)0.00 09/1312024 3130ATVD6 4.875 FEDERAL HOME LOAN BANKS 1.000.000.00 994,500.00 997.929 94 919027332 =3 CONS BD 4.875%24 1,000,000.00 12JI312024 3130APROO 750 FEDERAL HOME LOAN BANK 1,000.000 00 995,541.00 966 151 46 751013275 12J21 12J7312024 1'000,000 00 12/1312024 3130ATURB 4 625 FEDERAL HOME LOAN BANKS 1,000.000 00 992,652.00 994.559 52 819027291 02J23 CONS BD 4 625%24 1,000,000 00 02JO612025 3130AYS49 4 750 FEDERAL HOME LOAN BANK 1,000,000.00 999,134.08 996,81580 751020561 02124 CONS BD 4 75%25 1,000.000 00 0211212025 3137EAEPO 1.500 FEDERAL HOME LOAN MTG CORP 1,000.000 00 1,002,357.00 966,886 60 819021816 02122 02J12)25 1,000,000.00 08/2512025 3135G05X7 375 FEDERAL NATL MORTGAGE ASSN 1,000,000 00 909,873.00 936.531 89 751014188 06122 O025J25 1.000,OOD.00 09/2312025 3137EAEX3 375 FEDERAL HOME LOAN MTG CORP 1,000,000.00 915,848.00 933,BDO 51 751014307 06/22 OW2312025 1,000,00000 11/0112025 880591CJ9 6750 TENN VALLEY AUTHORITY 1,000,D00.00 1,115,095.00 1.030,40020 751014409 07122 11101/2025 1.000,000 00 Acct Name: CITY OF FEDERAL WAY HOLDINGS AS OF 02129/2024 - USD Page 10 Ace( Number: XXXXXXX033 CUSTODY Maturity Security ID Rate Description ParJShares Principal Cost Market Value Ticket Aeq Data Original Face NAV 02J25)2026 M0312026 091112026 0511212027 12J0812028 01111112029 3133FNJ35 751015104 3133ENDSO 392224855 3130ATFH5 392224959 3133EPJP1 392228113 3130AXQK7 931001147 3133EPW84 75102D462 Corporate Securities 11/132027 037833DK3 392229402 3 320 FEDERAL FARM CREDIT BANK 1,000,000.00 998,689.00 975299 68 ON22 CONS BD 3.32%26 1,000,000.00 3 000 FEDERAL FARM CREDIT BANK 1,000,000.00 974,853.00 962,9W.54 09122 CONS BD 3%26 1,000,000.00 3 750 FEDERAL HOME LOAN BANKS 1,000,000.00 994,536.00 982.351.10 OW22 CONS BD 3.75%26 1,000,000.00 3625 FEDERAL FARM CR BKS 1,000,000.00 996,867 00 974,910.92 05J23 CONS BD 3 625%27 1,000,000.00 4 750 FEDERAL HOME LOAN BANKS 1,000,000.00 1,030,800.00 1.018.666 72 02124 CONS BD 4 75%28 1,000,000.00 3875 FEDERAL FARM CREDIT BANK 1,000,000 00 992,500.00 981,313.84 01124 CONS BD 3 875%29 1'000'000.00 US Government Agency Securities Total 18,000,000.00000 18,000,816.06 17,687,890.67 18,000,000.00000 3000 APPLE INC 1,000,000.00 943.200.00 945,757 31 07123 SR GLBL NT 3%27 1,000,000 00 C wpo rale Seca rllios Total 1,000,ODO.00OOD 943,20D.00 945,757,31 1,OD0.040.00000 Total Custody Holdings 66,000,000.00000 62,773,069.99 62,366,2A732 65,000,000.00000 CITY OF �. Federal Way Cash Balance and Investment Positions: FINANCE DEPARTMENT The City's cash balance trend is shown below: • Total cash decreased from $111.8 million to 106.6 million. • Laddered investments increased from $64.0 million to $65.0 million. The LGIP Investment Pool position decreased from $33.3 million to $27.8 million. $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $0 City of Federal Way Cash and Investments - Historical Trend 00 00 Q1 O1 Q1 C1 O O O O .--i rl ti `i N N N N m m m m 1l 17, 1- 1- 1l 1N N N N N N N N N N N N N N N N u C a S u C a� C a� u C a-S u a-S u O Q O Q O Q O Q O Q O ■ Investments (yield) Benchmark and Portfolio ❑ LGIP (liquidity) Weighted Average Maturity (WAM) of the City's portfolio, including position in LGIP, is 606 days, an indicator of the portfolio's exposure to reinvestment risk as well as rate volatility. The portfolio is within the City's Investment Policy limit of 2.5 years or 900 days. The LGIP State Pool WAM was 20 days in February. The City's average maturity increased in part due to the decrease in cash balance at the LGIP and extending ladder out two months with purchases. Average Yield of the City's portfolio was 3.8%, compared to 4.5% for the 2-year Constant Maturity Treasury index and 5.4% for the LGIP. ❑ Checking (safety) Weighted Average Maturity Days (City Investment Policy Maximum is 900 Days) 630 540 450 360 270 180 90 0 _c n- N- m a c v= L a C O O < G O o< <' O a< 4 Q O c ♦LGIP WAM -o-FW WAM Portfolio Average Yield City Portfolio vs Benchmark vs. State Pool F-o0o0`, 5-0000% - 4 0000`6 — - - - -- - 3-0000" -- 2 0000% 10000% -- 0 0000% - - A - u $ _c - - a n _c m - � < O 0-,- - C O p LL<- C O p-1<- Q C)p —LGIP Avg Yield t2-yrCMT -0-FW Avg Yield CITY OF Federal Way Addendum — Investment Rationale Staff Review of Investment Rationale Date: February 2, 2024 FINANCE DEPARTMENT Investment # 2024-083 is a 5-year Federal Horne Loan Bank (FHLB), face value $1,000,000, maturing December 8, 2028, purchased at 103.08 (premium) to yield 4.04%. This trade settles February 5, 2024 with Wedbush Securities, US Bank Safekeeping, reducing the city's position in LGIP. Liquidity: At January 316,t month -end, total city cash was $111.8 million, checking account balance was $14.5 million (target minimum is $8 Million), investment portfolio was $64.0 million (target is $65 million for Treasuries and Agencies). State LGIP investment pool balance was $33.3 million (target minimum is $20 million, excluding unspent ARPA and property acquisition of $8 million is in -process). Safety: This purchase is a debt issue of a government -sponsored enterprise (GSE), that carries an explicit Federal guarantee, equivalent to Aaa/AA+ rating by Moody's and S&P. Yield. Yield is 4.04%. This investment is 3 basis point over the 5-year Treasury benchmark. Comparable yields evaluated at time of purchase were: LGIP current 30-dayXield 5.44% www.secureaccess.wa.gov 2-year Treasu 4.39% Bloombe .com Same maturiq Agency None available Broker live in ui 5-vear Treasury 4.01 % 1 Bloombera.com Callability. This investment is not callable (a bullet). Diversification. This purchase puts this issuer at 9.2%9 of total portfolio. This purchase adds a maturity date previously not covered to city's laddered portfolio. Outlook. The yield curve is currently completely inverted, with peak yield around 5.51 % at 2 month then downward sloping to 2-year at 4.39, the 5-year at 4.01 %. The Federal Reserve Bank last executed no change in rate as uncertainty remains over inflation, money supply and Fed moves. Staff review: V Deputy Finance Director: Date l Finance Director: Date CITY OF Federal Way Staff Review of Investment Rationale Date: February 8, 2024 FINANCE DEPARTMENT Investment # 2024-084 is a 1-year Federal Home Loan Bank (FHLB), face value $1,000,000, maturing February 6, 2025, purchased at 99.9 (discount) to yield 4.84%. This trade settles February 9, 2024 with Stifel Nicolaus Co, US Bank Safekeeping, replacing a $1 million FNMA maturity that yielded 0.73%. Liquidity: At January 315E month -end, total city cash was $111.8 million, checking account balance was $14.5 million (target minimum is $8 Million), investment portfolio was $64.0 million (target is $65 million for Treasuries and Agencies). State LGIP investment pool balance was $33.3 million (target minimum is $20 million, excluding unspent ARPA and property acquisition of $8 million is in -process). Safety: This purchase is a debt issue of a government -sponsored enterprise (GSE), that carries an explicit Federal guarantee, equivalent to Aaa/AA+ rating by Moody's and S&P. Yield. Yield is 4.84%. This investment is 9 .basis point over the 1-year Treasury benchmark. Comparable yields evaluated at time of purchase were: LGIP current 1- ey arTreasu Same maturit% 5-year Treasu eld 5.44% 4.83% None available 1 4.11% Callability. This investment is not callable (a bullet). www.secureaccess.wa.gov _Bloomberg.com _Broker live inquiry Bloomberg.com Diversification. This purchase puts this issuer at 10.2% of total portfolio. This purchase adds a maturity date previously not covered to city's laddered portfolio. Outlook. The yield curve is currently completely inverted, with peak yield around 5.49% at 2 month then downward sloping to 2-year at 4.44, the 5-year at 4.11%. The Federal Reserve Bank last executed no change in rate as uncertainty remains over inflation, money supply and Fed moves. Staff review: r ` g; Deputy Finance Director: _ Date Finance Director: Date 2" , �Z CITY OF Federal Way Staff Review of Investment Rationale Date; February 23, 2024 FINANCE DEPARTMENT Investment # 2024-085 Is a 5-year US Treasury (T), face value $1,000,000, maturing February 28, 2029, purchased at 99.96 (discount) to yield 4.26%. This trade settles February 29, 2024 with Wedbush Securities, US Bank Safekeeping, replacing a $1 million FHLB maturity that yielded 5.23%. Liquidity: At ,January 31st month -end, total city cash was $111.8 million, checking account balance was $14.5 million (target minimum is $8 Million), investment portfolio was $64.0 million (target is $65 milli -on for Treasuries and Agencies). State LGIP investment pool balance was $33.3 million (target minimum is $20 million, excluding unspent ARPA and property acquisition of $8 million is in -process). Safety: This purchase is a debt issue of the Federal government, equivalent to Aaa/AA+ rating by Moody's and S&P. Yield. Yield is 4.26%. This investment is the 5-year Treasury benchmark. Comparable yields evaluated at time of purchase were: LGIP current 30-day yield 5.42% www.secureaccess.wa. 2-year Treasury 4.69% Bloomber .com Same maturity Agency 4.25 Broker live inquiry 5-year Treasury 4.26% I Bloombera.com Callability. This investment Is not callable (a bullet). Diversification. This purchase puts this issuer at 46.8% of total portfolio. This purchase adds a maturity date previously not covered to city"s laddered portfolio, Outlook. The yield curve is currently completely inverted, with peak yield of 5.51 % at 2 months then downward sloping to 2-year at 4.69, the 5-year at 4.26%. The Federal Reserve Bank last executed no change in rate as uncertainty remains over inflation, money supply and Fed moves. Staff review: Deputy Finance Director: Date Finance Director: Date 7c COUNCIL MEETING DATE: April 2, 2024 ITEM #: CITY OF FEDERAL WAY CITY COUNCIL AGENDA BILL SUBJECT: AP VOUCHERS 02/17/2024 — 03/15/2024 AND PAYROLL VOUCHERS 02/01/2024 — 02/29/2024 POLICY QUESTION: Should the Council approve the AP vouchers in the total amount of $3,633,185.02 and the payroll vouchers in the total amount of $4,423,105.09? COMMITTEE: FINANCE, ECONOMIC DEVELOPMENT AND REGIONAL MEETING DATE: March 26,2024 AFFAIRS COMMITTEE CATEGORY: ® Consent ❑ Ordinance ❑ Public Hearing ❑ City Council Business ❑ Resolution ❑ Other STAFF REPORT BY: Steve Groom, Finance Director DEPT: Finance I, the undersigned, do hereby certify under penalty of perjury that the materials have been furnished, the services rendered, or the labor performed as described herein and that the claims are just and due obligations against the City of Federal Wa , Washington, and that I am authorized and certify said liens ?Kin ce Director ttachments: Voucher List Options Considered: MAYOR'S RECOMMENDATION: MAYOR APPROVAL: I� C7 k.omrnittcl '/ e . t,louncii 4 InitiaUDate InitiaUDate COMMITTEE RECOMMENDATION: I move to forward the approval. _ 1, FJI Comn4fte'e*el DIRECTOR APPROVAL: 7 17aic to the April 2, 2024 consent agenda for c 1,L Committee Member PROPOSED COUNCIL MOTION: "I move approval of the vouchers pursuant to RCW 42.24. (BELOW TO BE COMPLETED BY CITY CLERIC'S OFFICE COUNCIL ACTION: ❑ APPROVED COUNCIL BILL # ❑ DENIED First reading ❑ TABLED/DEFERRED/NO ACTION Enactment reading ❑ MOVED TO SECOND READING (ordinances only) ORDINANCE # REVISED — 1/2022 RESOLUTION # CITY OF Federal Way Date: March 19, 2024 To: Steve Groom, Finance Director Chase Donnelly, Deputy Finance Director From: David Liang, Sr. Financial Analyst Subject: Monthly Disbursements Summary The monthly Accounts Payable (AP) and Payroll vouchers report is attached. Finance Department February disbursements had a decrease from January's expenditures due to lower spending on association dues, computer hardware, construction projects, repairs & maintenance, and transportation equipment. Payroll fluctuations from month to month are largely dependent on hiring and filling open positions, temporary help and termination payouts. The following summarizes current and prior 2 months' disbursements for reasonableness comparison. AP voucher totals: • February $3,633,185.02 Computer Hardware 104,871 (p. 4) Consulting contracts 412,442 (p. 6) Fire Department Permit 163,286 (p. 12) Jail Services total 450,610 (p. 15) Operating Rentals/Leases 117,333 (p. 24) Professional Services 880,090 (p. 31) Repairs & Maintenance 138,607 (p. 39) Transportation Equipment 312,723 (p. 45) ■ January $5,820,840.51 ■ December $6,102,208.36 Payroll voucher totals: • February $4,423,105.09 • January $4,338,167.84 • December $6,352,689.00 City of Federal Way - Accounts Payable Check List Key Bank Page 1 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total ACCOUNT PAYABLE-ESCOM $349.90 290430 3/15/2024 TIGGER TECH, 2/22/2024 65789 $349.90 DBC-REFUND DAMAGE DEPOSIT ADVERTISING $581.34 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $111.69 FWCC-MONTHLY DUES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $310.00 PARKS -AD ART EXPLOSION 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $159.65 FWCC-MONTHLY DUES AIRFARE $5,866.03 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $416.20 PD-AIR FAR E 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $196.98 MO -AIRLINE TICKETS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $196.98 MO -AIRLINE TICKETS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $1,316,20 MO -AIRLINE TICKETS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $1,316.20 MO -AIRLINE TICKETS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $1,316.20 MO -AIRLINE TICKETS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $196.98 MO -AIRLINE TICKETS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $-99.60 CD -REFUND AIRFARE 290433 3/15/2024 TRAN, HOANG 3/6/2024 TRAN 2024 $415.60 CC -AIRFARE 290451 3/15/2024 WALSH, JACK 1/29/2024 WALSH 2O24 REISSUE $594 29 CC -TRAVEL EXPENSE REIMB ANIMAL LICENSE $8.00 290174 2/29/2024 RANKIN, KURT 2/9/2024 RANKIN 2024 $6.00 PD-REPL TAG REFUND 290151 2/29/2024 NEWTON, AHNISSA 2/9/2024 P0044834879 $2.00 PD-REFUND REPLACEMENT TAG ASPHALT & ROAD OIL $2,254.34 290130 2/29/2024 LAKESIDE INDUSTRIES INC, 1/20/2024 258357 $2,254.34 PWST-REPAIR SUPPLIES ASSOCIATION DUES $4,811.00 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $110.00 CD-BLDG DEPT CERT RENEWALS 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $50.00 PD-ASSOCIATION DUES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $3,500.00 PD-ASSOCIATION DUES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $40.00 PD-ASSOCIATION DUES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $75.00 PD-ASSOCIATION DUES Key Bank Page 2 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 225243793 2/25/2024 US BANK, 2/2512024 JAN 2024 PD VISA $120 00 PD-ASSOCIATION DUES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $120 00 PD-ASSOCIATION DUES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $50 00 PD-ASSOCIATION DUES 290372 3/15/2024 NIVEN, KEITH 3/4/2024 NIVEN 2024 $746 00 CD -MEMBERSHIP FEES REIMB ATHLETIC SUPPLIES $385.05 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $385.05 FWCC-MINOR EQUIP AUTOMATION FEE $41.00 290386 3/15/2024 PRIME ELECTRIC INC, 2/8I2024 24-100524 $41 00 CD-24-100524 PERMIT REFUND BOOKS, MAPS, & PERIODICALS $508.96 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $5.95 PD-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $330.30 CD -TRAINING BOOKLET 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $15.99 MO -NEWS SUBSCR 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $8.81 MO -NEWS SUBSCR 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $147.91 MO -NOTARY BOND & SUPPLIES CELLULAR PHONE AIR TIME $16,194.65 290217 2/29/2024 VERIZON WIRELESS, 2/13/2024 9956665215 $6,643.21 IT-02/24 CELLULAR SVC ACCT# 290217 2/29/2024 VERIZON WIRELESS, 2/13/2024 9956665215 $6.643.21 IT-02/24 CELLULAR SVC ACCT# 290087 2/29/2024 AT&T MOBILITY, 2/5/2024 287290386709X0213202 $1,292.13 IT/PWST-01/24 DATA CARDS 290431 3/15/2024 T-MOBILE USA INC, 2/23/2024 9560802051 $25.00 PD-TIMING ADVANCE 290256 3/15/2024 AT&T MOBILITY, 3/5I2024 287290386709X0313202 $1,279.99 I T/PWST-01 /24 DATA CARDS 290441 3/15/2024 VERIZON WIRELESS, 2/13/2024 9956665216 $155.55 IT-01/24 CELLULAR SVC ACCT# 290441 3/15/2024 VERIZON WIRELESS, 2/13/2024 9956665216 $155.56 IT-01/24 CELLULAR SVC ACCT# CLOTHING AND FOOTWEAR $7,610.43 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $128.79 CD -OFFICE SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $104.54 CD -UNIFORM SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $860,32 FWCC-LIFEGUARD SHIRTS 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $432.10 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $304.98 PD-CLOTHING Key Bank Page 3 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $218.12 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $68.32 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $171.12 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $181.12 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $291.17 • PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $461.27 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $209,32 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $262.94 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $13 20 CD -CODE COMPLIANCE 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $277.18 PW-RAIN GEAR 290076 2/29/2024 911 SUPPLY INC, 2/20/2024 INV-2-35896 $404.02 PD-UNIFORM SUPPLIES 290106 2/29/2024 FIRST RESPONDER OUTFITTE1/24/2024 202401FR110 $586.80 PD-UNIFORM/EQUIP 290075 2/29/2024 911 SUPPLY INC, 2/6/2024 INV-2-35635 $456.47 PD-UNIFORM SUPPLIES 290155 2/29/2024 OK, STEVEN 2/8/2024 OK 2024 $200-00 PD-BOOT ALLOWANCE 290075 2/29/2024 911 SUPPLY INC, 2114/2024 INV-2-35780 $112.29 PD-UNIFORM SUPPLIES 290166 2/29/2024 PON, KEITH 2/21/2024 PON 2024 $187.33 PD-UNIFORM ALLOW 290242 3/15/2024 911 SUPPLY INC, 3/1/2024 INV-2-36207 $27 42 PD-UNIFORM SUPPLIES 290242 3115/2024 911 SUPPLY INC, 2/21/2024 INV-2-35954 $224.58 PD-UNIFORM SUPPLIES 290312 3/15/2024 GCP WW HOLDCO LLC, WOR026/2024 INV2070005240 $178.67 PKM-UNIFORM SUPPLIES 290306 3/15/2024 FIRST RESPONDER OUTFITTE2/28/2024 2354-3 $532.75 PD-UNIFORM/EQUIPMENT 290242 3/15/2024 911 SUPPLY INC, 2/28/2024 INV-2-36160 $553.78 PD-UNIFORM SUPPLIES 290242 3/15/2024 911 SUPPLY INC, 2/28/2024 INV-2-36161 $161.83 PD-UNIFORM SUPPLIES COMMUNICATIONS $1,379.73 290218 2/29/2024 VERIZON WIRELESS, 2/10/2024 9956387133 $25.02 PWST-LIGHT PROJECT 290082 2/29/2024 AMERICALLCOMM UNICATIOf2(7/2024 116817240207 $164.81 SWM/PWST/CHB-CALL CENTER SVC 290082 2/29/2024 AMERICALLCOMMUNICATIOMr7/2024 116817240207 $164.82 SWM/PWST/CHB-CALL CENTER SVC Key Bank Page 4 of 48 _Check No. Date Vendor Invoice Date Invoice _ Description AmountGLTotal 290082 2/29/2024 AMERICALL COMM U N ICATIOI�2/7/2024 116817240207 $16482 SWM/PWST/CHB-CALL CENTER SVC 290090 2/29/2024 CENTURYLINK, 2/4/2024 206-Z04-0609 472B $47.16 IT-02/24 PHONE SERVICES 290090 2/29/2024 CENTURYLINK, 2/4/2024 206-Z04-0609 472B $271 15 IT-02/24 PHONE SERVICES 290090 2/29/2024 CENTURYLINK, 2/4/2024 206-Z04-0609472B $271.15 IT-02/24 PHONE SERVICES 290087 2/29/2024 AT&T MOBILITY, 2/5/2024 287290386709X0213202 $135.40 IT/PWST-01/24 DATA CARDS 290256 3/15/2024 AT&T MOBILITY, 3/5/2024 287290386709X0313202 $135.40 IT/PWST-01 /24 DATA CARDS COMPUTER HARDWAREIEQUIPMENT $104,871.36 290234 2/29/2024 ZONES LLC, 2/5/2024 K22067990114 $15,887.65 IT- CISCO CORE NETWORK UPGRAD 290234 2/29/2024 ZONES LLC, 2/5/2024 K22067990113 $13,206.45 IT - CISCO CORE NETWORK UPGRAD 290233 2/29/2024 ZONES LLC, 1/24/2024 K21947340107 $18,532.44 IT- CISCO WEBEX ACCESSORIES- 290233 2/29/2024 ZONES LLC, 1/24/2024 K21947340107 $1,871.78 Sales Tax 290233 2/29/2024 ZONES LLC, 1/18/2024 K22067990110 $1,793.44 IT -CISCO CORE NETWORK UPGRAD 290233 2/29/2024 ZONES LLC, 1/18/2024 K22067990110 $2,128.88 Sales Tax 290233 2/29/2024 ZONES LLC, 1/18/2024 K22067990110 $19,284.60 IT-CISCO CORE NETWORK UPGRAD 290233 2/29/2024 ZONES LLC, 2/15/2024 K21947340112 $995.37 IT- CISCO WEBEX ACCESSORIES- 290233 2/29/2024 ZONES LLC, 2/15/2024 K21947340112 $100.53 Sales Tax 290233 2/29/2024 ZONES LLC, 2/15/2024 K21947340113 $503 41 IT- CISCO WEBEX ACCESSORIES- 290233 2/29/2024 ZONES LLC, 2/15/2024 K21947340113 $182.61 IT- CISCO WEBEX ACCESSORIES-- 290233 2/29/2024 ZONES LLC, 2/15/2024 K21947340113 $69.29 Sales Tax 290233 2/29/2024 ZONES LLC, 2/15/2024 K21947340114 $4,071.39 IT- CISCO WEBEX ACCESSORIES- 290233 2/29/2024 ZONES LLC, 2/15/2024 K21947340114 $540.00 IT- CISCO WEBEX ACCESSORIES- 290233 2/29/2024 ZONES LLC, 2/15/2024 K21947340114 $462.18 IT- CISCO WEBEX ACCESSORIES- 290233 2/29/2024 ZONES LLC, 2/15/2024 K21947340114 $512.43 Sales Tax 290233 2/29/2024 ZONES LLC, 2/15/2024 K21947340115 $2,055.22 IT- CISCO WEBEX ACCESSORIES- 290233 2/29/2024 ZONES LLC, 2/15/2024 K21947340115 $180.00 IT- CISCO WEBEXACCESSORIES- 290233 2/29/2024 ZONES LLC, 2/15/2024 K21947340115 $154,06 IT- CISCO WEBEX ACCESSORIES- Key Bank Page 5 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290233 2/29/2024 ZONES LLC, 2/15/2024 K21947340115 $1,465.76 IT- CISCO WEBEX ACCESSORIES- 290233 2/29/2024 ZONES LLC, 2/15/2024 K21947340115 $389.36 Sales Tait 290234 2/29/2024 ZONES LLC, 1/23/2024 K21947340105 $5,169.89 IT- CISCO WEBEXACCESSORIES- 290234 2/29/2024 ZONES LLC, 1/23/2024 K21947340106 $3,158.49 IT- CISCO WEBEXACCESSORIES- 290288 3/15/2024 DELL MARKETING LP, 2/26/2024 10733408416 $2,979.84 IT-PW COMPUTER WORKSTATION FOR 290288 3/15/2024 DELL MARKETING LP, 2/26/2024 10733408416 $26-03 IT-PW COMPUTER WORKSTATION FOR 290288 3/15/2024 DELL MARKETING LP, 2/26/2024 10733408416 $320.64 IT-PW COMPUTER WORKSTATION FOR 290288 3/15/2024 DELL MARKETING LP, 2/26/2024 10733408416 $63.21 IT-PW COMPUTER WORKSTATION FOR 290288 3/15/2024 DELL MARKETING LP, 2/26/2024 10733408416 $134,08 IT-PW COMPUTER WORKSTATION FOR 290288 3/15/2024 DELL MARKETING LP, 2/26/2024 10733408416 $355.89 Sales Tax 290462 3/15/2024 ZONES LLC, 2/26/2024 K22244280101 $6,783.28 IT- UPS EQUIPMENT FOR GAC ROO 290462 3/15/2024 ZONES LLC, 2/26/2024 K22244280101 $529.38 IT- UPS EQUIPMENT FOR GAC ROO 290462 3/15/2024 ZONES LLC, 2/26/2024 K22244280101 $204.54 IT- UPS EQUIPMENT FOR GAC ROO 290462 3/15/2024 ZONES LLC, 2/26/2024 K22244280101 $759.24 Sales Tax COMPUTER SOFTWARE -MAJOR $6,000.00 290309 3/15/2024 FREELOCK LLC, 2/29/2024 9731 $6.000 00 IT-AG24-010 CITY WEBSITE UPGRA CONCEAL PISTOL LIC-NEW-CITY $18.00 290399 3/15/2024 ROS, VEASNA 2/28/2024 003-00104349 $18.00 PD-REFUND FEES CONCEAL PISTOL LIC-RENEW-CITY $14.00 290265 3/15/2024 BURR, JAMAR 2/27/2024 003-00104454 $14.00 PD-CPL REFUND CONCEALED PISTOL LIC - FBI $437.25 290399 3/15/2024 ROS, VEASNA 2/28/2024 003-00104349 $13.25 PD-REFUND FEES 290450 3/15/2024 WA STATE PATROL, 3/1/2024 112404895 $424.00 PD-BACKGROUND CHECKS CONCEALED PISTOL LIC - STATE $2,187.00 290399 3/15/2024 ROS, VEASNA 2/28/2024 003-00104349 $18.00 PD-REFUND FEES 290448 3/15/2024 WA STATE DEPT OF LICENSIWJ29/2024 02/29/2024 CPL FEES $2,151'.00 PD-02/29/2024 CPL FEES 290265 3/15/2024 BURR, JAMAR 2/27/2024 003-00104454 $18.00 PD-CPL REFUND CONFERENCE/SEMINAR REGISTRATI( $11,604.32 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $105 00 FWCC-LGI COURSE Key Bank Page 6 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGLTotal 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $15,42 PARKS -CONFERENCE 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $2.642,40 MO-ARPA CONFERENCE 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $460.00 MC-APPA CONFERENCE 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $-120.00 CD-BLDG TRAINING 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $485.00 PD-CONF REGISTRATION 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $230.00 FWCC-CERTIFICATION 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $25.50 PD-CONF REGISTRATION 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $150.00 PD-TRAINING 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $561,00 PD-CONF REGISTRATION 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $173,00 PD-CONF REGISTRATION 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $375.00 PD-CONF REGISTRATION 290221 2/29/2024 WA STATE CRIMINAL JUSTICE2/5/2024 201139104 $4,947 00 PD-TRAINING SVCS 290325 3/15/2024 HECOX, MIKE 2/20/2024 HECOX 2024 $305.00 CD-WSP EXAM 290426 3/15/2024 THOMAS F OVENS, 2/8/2024 2/8/2024 $1,250.00 PD-POLICE TRAINING SOLUTIONS CONSTRUCTION PROJECTS $2,188.98 290108 2/29/2024 G&N SEPTIC TANK SERVICE L1/8/2024 42303 $662.72 PW-ASBESTOS SURVEY FOR COFW JO 290108 2/29/2024 G&N SEPTIC TANK SERVICE L1/8/2024 42303 $66.94 Sales Tax 290108 2/29/2024 G&N SEPTIC TANK SERVICE L1/8/2024 42304 $662.72 PW-SEPTIC TANK PUMPING SERVICE 290108 2/29/2024 G&N SEPTIC TANK SERVICE 1-1/80024 42304 $66.94 Sales Tax 290108 2/29/2024 G&N SEPTIC TANK SERVICE 1-1/80024 42305 $662.72 SEPTIC TANK PUMPING SERVICE PR 290108 2/29/2024 G&N SEPTIC TANK SERVICE L1/8/2024 42305 $66.94 Sales Tax CONSULTING CONTRACTS $412,441.68 290114 2/29/2024 HELIX DESIGN GROUP INC, 1/31?2024 a23-08701312024 $253,718.72 PW-AG20-925 OPT & MAINT FACILI 290160 2/29/2024 PARAMETRIX INC, 2/9/2024 52851 $4,998.91 PW-CITY CENTER ACCESS AG17-134 290159 2/29/2024 PARAMETRIX INC, 2/19?2024 53174 $24.849.87 PW-AG24-020 CITY CTR ACC PRJ P 290115 2/29/2024 HIGHLINE COLLEGE, 2/1312024 MSC-0000025635 $24.000.00 MOED-AG24-016 HIGHLINE COLLEGE 290085 2/29/2024 ASBESTOS NORTHWEST LLC,1/3/2024 202410020 $1.020.00 PV%LASBESTOS SURVEY FOR COFW JO Key Bank Page 7 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290085 2/29/2024 ASBESTOS NORTHWEST LLC,1/3/2024 202410021 $860 00 PW-ASBESTOS SURVEY FOR COFW JO 290085 2/29/2024 ASBESTOS NORTHWEST LLC,1/3/2024 202410022 $920 00 PW-ASBESTOS SURVEY FOR COFW JO 290085 2/29/2024 ASBESTOS NORTHWEST LLC,1/30/2024 202410498 $980.00 PW-ASBESTOS SURVEY FOR COFW JO 290085 2/29/2024 ASBESTOS NORTHWEST LLC,1/30/2024 202410499 $860 00 PW-ASBESTOS SURVEY FOR COFW JO 290085 2/29/2024 ASBESTOS NORTHWEST LLC,1/30/2024 202410500 $860 00 PW-ASBESTOS SURVEY FOR COFW JO 290080 2/29/2024 AHBL INC, 1/31/2024 143589 $110.00 CD-AG20-555 EVALUATION OF LAND 290228 2/29/2024 WEST COAST CODE CONSUU2/2/2024 UT24-FED-001 $675.00 CD-AG19-070 BUILDING DIVISION 290207 2/29/2024 TIERRA RIGHT OF WAY SRVC2/5/2024 2400145 $42.899.53 PW-AG23-130 JOINT OPERATIONS & 290349 3/15/2024 KPG INC, 4/18/2023 195157 $3.129.00 PW-AG21-195 ON -CALL PLAN REVIE 290344 3/15/2024 KING COUNTY FINANCE DIV0/31/2024 131739-131744,131865 $1,835.91 PWTR/PW-RSD PJ#131739-131744,1 290374 3/15/2024 OTAK INC, 2/29/2024 000022400375 $13,987.18 CD-AG22-050 SOUTH STATION SUBA 290434 3/15/2024 TRANSPO GROUP USA INC, 2/21/2024 32111 $5,459.05 MC-AG22-117 SR99 @ S 373RD ST 290348 3/15/2024 KPG INC, 4/17/2023 195082 $8,531.50 PW-AG21-195 ON -CALL PLAN REVIE 290434 3/15/2024 TRANSPO GROUP USA INC, 2/8/2024 31991 $526.16 PW-AG17-128 CITYWIDE ADAPTIVE 290348 3/15/2024 KPG INC, 2/21/2024 205387 $6,936.00 PW-AG21-195 ON -CALL PLAN REVIE 290352 3/15/2024 LANDAU ASSOCIATES INC, 2/29/2024 0057338 $1,522.50 CD-AG19-156 THIRD PARTY WETLAN 290250 3/15/2024 AHBL INC, 1/31/2024 143671 $11,700.00 PW-AG23-209 JOINT OPER & MAINT 290347 3/15/2024 KPFF INC, KPFF CONS U LTI NG2/12/2024 506050 $698 75 PW-AG21-173 27TH AVE SWAT SW 290403 3/15/2024 SCJ ALLIANCE, 2/12/2024 75403 $1,363.50 PW-AG23-103 S 320TH GRADE SEPA COPIER & PRINTER SUPPLIES $2,483.90 290089 2/29/2024 CAFFE D'ARTE LLC, 2/13/2024 545693 $60.92 HR-COFFEE SUPPLIES 290095 2/29/2024 COPIERS NORTHWEST INC, 2/13/2024 INV2779946 $218.74 IT-AG21-019 PRINTER/COPIER MAI 290089 2/29/2024 CAFFE D'ARTE LLC, 2/19/2024 546031 $73.53 HR-COFFEE SUPPLIES 290282 3/15/2024 COPIERS NORTHWEST INC, 2/29/2024 INV2787334 $387.08 IT-AG21-019 PRINTER/COPIER MAI 290281 3/15/2024 COMPLETE OFFICE, 2/28/2024 2271083-0 $76.65 HR-OFFICE SUPPLIES 290281 3/15/2024 COMPLETE OFFICE, 2/28/2024 2271084-0 $229.95 HR-OFFICE SUPPLIES Key Bank Page 8 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290281 3/15/2024 COMPLETE OFFICE, 2/28/2024 2271085-0 $153 30 HR-OFFICE SUPPLIES 290281 3/15/2024 COMPLETE OFFICE, 2/28/2024 2271086-0 $229.95 HR-OFFICE SUPPLIES 290281 3/15/2024 COMPLETE OFFICE, 2/28/2024 2271087-0 $383,26 HR-OFFICE SUPPLIES 290281 3/15/2024 COMPLETE OFFICE, 2/28/2024 2271088-0 $76.65 HR-OFFICE SUPPLIES 290281 3/15/2024 COMPLETE OFFICE, 2/28/2024 2271089-0 $309.67 HR-OFFICE SUPPLIES 290282 3/15/2024 COPIERS NORTHWEST INC, 2/27/2024 INV2785465 $56.99 IT-AG21-019 PRINTER/COPIER MAI 290282 3/15/2024 COPIERS NORTHWEST INC, 2/27/2024 INV2785466 $227.21 IT-AG21-019 PRINTER/COPIER MAI CORPORATIONS -GENERAL $51.00 290300 3/15/2024 ESTEP CONSULTING LLC, 8/30/2023 08/30/23 REISSUE $51.00 CD -BUSINESS LICENSE REFUND CPL LAMINATION $10.00 290399 3/15/2024 ROS, VEASNA 2/28/2024 003-00104349 $5.00 PD-REFUND FEES 290265 3/15/2024 BURR, JAMAR 2/27/2024 003-00104454 $5.00 PD-CPL REFUND CUSTODIAL & CLEANING $21.742.72 290083 2/29/2024 ARAMARK UNIFORM SERVICE2/21/2024 5120415199 $28 58 PKFWCC-LINEN SVC 290183 2/29/2024 SECURITAS TECHNOLOGY CC2/1/2024 6003912022 $92 78 CHB-MAINT SVCS STEEL LAKE WOOD 290083 2/29/2024 ARAMARK UNIFORM SERVICE2/13/2024 5120409924 $118.91 PKDBC-LINEN SVC 290083 2/29/2024 ARAMARK UNIFORM SERVICE2/13/2024 5120409925 $318 74 PKDBC-LINEN SVC 290083 2/29/2024 ARAMARK UNIFORM SERVICE1/30/2024 5120401492 $118.91 PKDBC-LINEN SVC 290083 2/29/2024 ARAMARK UNIFORM SERVICE1/30/2024 5120401493 $290.66 PKDBC-LINEN SVC 290083 2/29/2024 ARAMARK UNIFORM SERVICE2/6/2024 5120405743 $118.91 PKDBC-LINEN SVC 290083 2/29/2024 ARAMARK UNIFORM SERVICE2/6/2024 5120405744 $290.66 PKDBC-LINEN SVC 290083 2/29/2024 ARAMARK UNIFORM SERVICE2/7/2024 5120406737 $28.58 PKFWCC-LINEN SVC 290083 2/29/2024 ARAMARK UNIFORM SERVICE2/7/2024 5120406738 $41.84 PKFWCC-LINEN SVC 290188 2/29/2024 SMS CLEANING, 2/17/2024 FEDWAY-0224 $11,984.04 CHB/PKM-AG20-,022 JANITORIAL SV 290183 2/29/2024 SECURITAS TECHNOLOGY CC2/1/2024 6003905690 $215 32 CHB-MAINT SVCS STEEL LAKE BEAC 290183 2/29/2024 SECURITAS TECHNOLOGY CC2/1/2024 6003914617 $150.55 CHB-MAINT SVCS CELEBRATION PAR 290083 2/29/2024 ARAMARK UNIFORM SERVICE2/21/2024 5120415200 $41.84 PKFWCC-LINEN SVC Key Bank Page 9 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290176 2/29/2024 REGENCY CLEANERS, DBA: f1/31/2024 1427 $844.08 PD-AG21-017 PD DRY CLEANING SR 290254 3/15/2024 ARAMARK UNIFORM SERVICE2/27/2024 5120418453 $118.91 DBC-LINEN SVC 290254 3/15/2024 ARAMARK UNIFORM SERVICE2/27/2024 5120418454 $318.74 DBC-LINEN SVC 290398 3/15/2024 REGENCY CLEANERS, DBA: f2/29/2024 1467 $853.75 PD-AG21-017 PD DRY CLEANING SR 290268 3/15/2024 CEDAR BUILDING SERVICE IN3/1/2024 53542 $4.821.20 DBC-AG19-170 JANITORIAL & HOUS 290254 3/15/2024 ARAMARK UNIFORM SERVICE2/20/2024 5120414230 $118,91 DBC-LINEN SVC 290254 3/15/2024 ARAMARK UNIFORM SERVICE2/20/2024 5120414231 $318.74 DBC-LINEN SVC 290254 3/15/2024 ARAMARK UNIFORM SERVICE3/5/2024 5120422704 $118,91 DBC-LINEN SVC 290254 3/15/2024 ARAMARK UNIFORM SERVICE3/5/2024 5120422705 $318.74 DBC-LINEN SVC 290254 3/15/2024 ARAMARK UNIFORM SERVICE3/6/2024 5120423663 $28,58 FWCC-LINEN SVC 290254 3/15/2024 ARAMARK UNIFORM SERVICE3/6/2024 5120423664 $41.84 FWCC-LINEN SVC _ DEF REV-FWCC-REC TRAC $226.25 290262 3/15/2024 BLANCHETTE. DIANA L 3/1/2024 1164854 $226 25 PW-DEPOSIT REFUND DEF REV-GEN REC-REC TRAC $39.00 290259 3/15/2024 BEAUDOIN, PHYLLIS 2/21/2024 1156867 $39.00 PW-DEPOSIT REFUND DEPOSITIBONDS PAYABLE-PW $20,380.79 290240 3/15/2024 7-11 SOUTHLAND CORP, 1/26/2024 02-51705 $720.00 PW-REFUND DEPOSIT #02-51705 290241 3/15/2024 8TH & 9TH LLC, 1/26/2024 02-67136 $1,172.00 PW-REFUND DEPOSIT#02-67136 290368 3/15/2024 N WARCHITECTURE, 1/26/2024 04-102525 $612.00 PW-REFUND PERMIT 13-102954 290297 3/15/2024 ENVIRONMENTAL RESOLUTIC2/5/2024 04-103013 $313.00 PW-DEPOSIT REFUND 290285 3/15/2024 DAVID'S FEDERAL WAY LLC, 2/5/2024 05-105690 $1,282.56 PW-DEPOSIT REFUND 290292 3/15/2024 EAGLE CREEK LAND & DEV. 1-2/5/2024 12-105436 $2,165.30 PW-DEPOSIT REFUND 290346 3/15/2024 KIRK, VANZELL JR 1/26/2024 06-101033 $64.37 PW-REFUND DEPOSIT#06-101033 290329 3/15/2024 HOMES, NORRIS 1/26/2024 06-102066 $2,466.00 PW-DEPOSIT REFUND 290377 3/15/2024 PALISADES HOLDINGS INC., 1/26/2024 08-103856 $581.34 PW-REFUND DEPOSIT#02-76386 290328 3/15/2024 HOMES BY LANDMARK INC. 1/26/2024 10-105147 $1,915 80 PW-DEPOSIT REFUND 290286 3/15/2024 DEACON CONSTRUCTION LL(1/26/2024 11-105022 $1,872.00 PW-DEPOSIT REFUND Key Bank Page 10 of 48 Check No, Date Vendor Invoice Date Invoice Description AmountGL Total 290396 3/15/2024 RATTER, PIOTR 1/26/2024 13-102954 $25712 PW-REFUND PERMIT 13-102954 290360 3/15/2024 MCARTHUR, BONNIE 1/26/2024 14-102054 $76430 PW-REFUND PERMIT 14-102054 290395 3/15/2024 RAINIER ASPHALT, 1/26/2024 17-102434 $525.00 PW-DEPOSIT REFUND 290384 3/15/2024 POWELL RENOVATIONS LLC, 1/26/2024 18-100164 $5,670 00 PW-DEPOSIT REFUND ELECTRICAL PERMITS $2,224.33 290112 2/29/2024 GREENWOOD HEATING&A/C1/12/2024 24-10016923-105685 $18275 CD-24-100169 23-105685 PERMIT 290386 3/15/2024 PRIME ELECTRIC INC, 2/8/2024 24-100524 $18824 CD-24-100524 PERMIT REFUND 290334 3/15/2024 J & ART CONTRACTORS LLC, 2/2/2024 22-104807 $362.39 CD-22-104807 PERMIT REFUND 290364 3/15/2024 MOTT, SARAH 2/9/2024 24-100270 $675.14 CD-24-100270 PERMIT REFUND 290313 3/15/2024 GLENDALE HEATING &A/C, 2/14/2024 23-102039 $63.39 CD-23-102039 PERMIT REFUND 290380 3/15/2024 PERMIT CENTER, 2/28/2024 24-100784 $72,20 CD-24-100784 PERMIT REFUND 290443 3/15/2024 VIGIL, MARK 3/1/2024 24-100705 24-100780 $385.83 CD-24-100705 24-100780 PERMIT 290253 3/15/2024 ANBESSO, ABIY 2/29/2024 24-100861 $72.20 CD-24-100861 PERMIT REFUND 290427 3/15/2024 THOMPSON,MELISSA 1/23/2024 004-14319, $222.19 PD-REFUND EVIDENCE FUNDS 004-1 ELECTRICITY $60,074.00 290171 2/29/2024 PUGET SOUND ENERGY INC, 1/23/2024 220034421952 $14 70 PKM-01/23 2410 S 312TH ST 290171 2/29/2024 PUGET SOUND ENERGY INC, 1/23/2024 220034421960 $14.70 PWST-12/23 2645 S 312TH ST ELE 290171 2/29/2024 PUGET SOUND ENERGY INC, 1/12/2024 220014198398 $13.02 PKM-01/24 2645 S 312TH ST ELEC 290171 2/29/2024 PUGET SOUND ENERGY INC, 2/12/2024 220014198398 $18.63 PKM-01/24 2645 S 312TH ST ELEC 290171 2/29/2024 PUGET SOUND ENERGY INC, 2/12/2024 220025635438 $153 53 PKM-01/24 31132 28TH AVE S 290171 2/29/2024 PUGET SOUND ENERGY INC, 2/12/2024 220030875599 $740,42 PKM-01/24 2410 S 312TH ST 290171 2/29/2024 PUGET SOUND ENERGY INC, 2/14/2024 220003675349 $15.49 PKM-01/24 726 S 356TH ELECTRIC 290171 2/29/2024 PUGET SOUND ENERGY INC, 2/14/2024 220018358782 $12.42 PKM-01/24 550 SW CAMPUS DR #P1 290171 2/29/2024 PUGET SOUND ENERGY INC, 2/14/2024 220027462302 $51.45 SWM-01/24 34016 9TH AVE S #X14 290171 2/29/2024 PUGET SOUND ENERGY INC, 1/29/2024 300000007322 $13,603.00 PWTR-01/24 PSE ELECTRICITY CHG 290171 2/29/2024 PUGET SOUND ENERGY INC, 2/9/2024 220028947798 $26.045.04 PWTR-01/24 PWTR STREETLIGHTS 290422 3/15/2024 TACOMA PUBLIC UTILITIES, 1/19/2024 101181223 $32.08 PWTR-11/14/23-1/17/24 1909 SW Key Bank Page 11 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGLTotal 290392 3/15/2024 PUGET SOUND ENERGY INC, 2/29/2024 300000007322 $12.591.94 PWTR-02/24 PSE ELECTRICITY CHG 290392 3/15/2024 PUGET SOUND ENERGY INC, 2/23/2024 220034421952 $14 70 PWTR-02/24 2410 S 312TH ST 290392 3/15/2024 PUGET SOUND ENERGY INC, 2/23/2024 220034421960 $14.70 PWTR-02/24 2645 S 312TH ST ELE 290392 3/15/2024 PUGET SOUND ENERGY INC, 2/14/2024 220031212834 $107.58 PWTR-01/24 1336 S 336TH ST 290392 3/15/2024 PUGET SOUND ENERGY INC, 2/14/2024 220034030399 $36.28 PWTR- 01/24 31816 47TH AVE SW# 290392 3/15/2024 PUGET SOUND ENERGY INC, 2/15/2024 220030838597 $37.11 PWTR- 01/24 4451 SW 313TH ST # 290392 3/15/2024 PUGET SOUND ENERGY INC, 2/9/2024 300000009526 $4,127.01 PWTR-01/24 PWTR STREETLIGHTS 290392 3/15/2024 PUGET SOUND ENERGY INC, 2/12/2024 220030037323 $96 13 PWTR-01/24 1921 S 302ND ST 290392 3/15/2024 PUGET SOUND ENERGY INC, 2/12/2024 220031180106 $63 87 PWTR-01/24 31910 GATEWAY CENTE 290392 3/15/2024 PUGET SOUND ENERGY INC, 2/12/2024 220031767019 $110.68 PWTR-01/24 31701 23RD AVE S 290392 3/15/2024 PUGET SOUND ENERGY INC, 2/13/2024 220028151383 $125.24 PWTR-1/24 34404 16TH AVE S 290392 3/15/2024 PUGET SOUND ENERGY INC, 2/13/2024 220028560633 $21.80 PWTR-01/24 34701 11TH PL S 290392 3/15/2024 PUGET SOUND ENERGY INC, 2/13/2024 220031075421 $51.16 PWTR-01/24 1688 S 348TH ST# LI 290392 3/15/2024 PUGET SOUND ENERGY INC, 2/13/2024 220031075454 $110.35 PWTR-01/24 36201 ENCHANTED PKW 290392 3/15/2024 PUGET SOUND ENERGY INC, 2/3/2024 300000009526 $1,235.21 PWTR-01/24 PWTR STREETLIGHTS 290392 3/15/2024 PUGET SOUND ENERGY INC, 1/17/2024 220034030399 . $41.53 PWTR-01/24 31910 GATEWAY CENTE 290392 3/15/2024 PUGET SOUND ENERGY INC, 12/15/2023 220034030399 $40.81 PWfR- 12/23 31816 47TH AVE SW# 290392 3/15/2024 PUGET SOUND ENERGY INC, 1/18/2024 220030838597 $42.51 PWTR- 01/23 4451 SW 313TH ST # 290392 3/15/2024 PUGET SOUND ENERGY INC, 2/12/2024 220031179967 $37.80 PWTR-02/24 3014 S 320TH ST #LI 290392 3/15/2024 PUGET SOUND ENERGY INC, 1/12/2024 220031179967 $36.38_ PWTR-01124 3014 S 320TH ST #LI 290392 3/15/2024 PUGET SOUND ENERGY INC, 10/10/2022 300000007322 $355.07 PWTR-10/22 PSE ELECTRICITY CHG 290392 3/15/2024 PUGET SOUND ENERGY INC, 2/13/2023 220031179041 $61.66 PWiR-01/24 35700 ENCHANTED PKW EVIDENCE FUNDS 290458 3/15/2024 WHEELER, JEREMYALAN 1/26/2024 001-96253 290338 3/15/2024 JOHNSON, JENNIFER 1/8/2024 001-96230 290339 3/15/2024 JOHNSON, MICHAELJR 1/8/2024 001-96231 PD-REFUND EVIDENCE FUNDS 001-9 PD-REFUND EVIDENCE FUNDS 001-9 PD-REFUND EVIDENCE FUNDS 001-9 $11,767.88 $100.00 $65.00 $225.00 Key Bank Page 12 of 48 Check No. Date Vendor Invoice Date Invoice Descriotion AmountGL Total 290271 3/15/2024 CHU, TOMY LEE 1/8/2024 001-96234 $40.00 PD-REFUND EVIDENCE FUNDS 001-9 290439 3/15/2024 VARGAS, JOHN 1/18/2024 001-67253 $9,310.00 PD-REFUND EVIDENCE FUNDS 001-6 290457 3/15/2024 WHEELER, DEANNA RANKIN 1/18/2024 001-96253 $1,510.00 PD-REFUND EVIDENCE FUNDS 001-9 290267 3/15/2024 CARLMAN, JEREMY DAVID 1/18/2024 001-96258 $210.00 PD-REFUND EVIDENCE FUNDS 001-9 290264 3/15/2024 BROWN, TRISTAN 1/18/2024 001-96259 $10 00 PD-REFUND EVIDENCE FUNDS 001-9 290299 3/15/2024 ESPINOZA, RICARDO MENDICl/18/2024 001-96261 $5 86 PD-REFUND EVIDENCE FUNDS 001-9 290409 3/15/2024 SHANNON, SUSAN KAY 1/18/2024 001-96266 $212.02 PD-REFUND EVIDENCE FUNDS 001-9 290359 3/15/2024 MATHES, LAURIEANNE 1/18/2024 001-96281 $80.00 PD-REFUND EVIDENCE FUNDS 001-9 FIRE DEPARTMENT PERMIT 290193 2/29/2024 SOUTH KING FIRE & RESCUE2/16/2024 3RD & 4TH QTR 2023 $163.286.49 CD-3RD & 4TH QTR 2023 REMIT P FIRST CLASS POSTAGE 290164 2/29/2024 PITNEY BOWES PRESORT SV2/3/2024 1024762134 $162.16 FI-PITNEY BOWES POSTAGE DEPOSI 290164 2/29/2024 PITNEY BOWES PRESORT SV2/3/2024 1024762133 $1,611.98 FI-PITNEY BOWES POSTAGE DEPOSI 290165 2/29/2024 PITNEY BOWES PRESORT SV1/6/2024 1024597561 $1,042.06 FI-PITNEY BOWES POSTAGE DEPOSI 290102 2/29/2024 FEDERAL EXPRESS CORPOR2/16/2024 8-410-33356 $7.37 IT -DOCUMENTS EXPRESS DELIVERY 290382 3/15/2024 PITNEY BOWES PRESORT SV1/6/2024 1024597562 $224.14 FI-PITNEY BOWES POSTAGE DEPOSI FOOD & BEVERAGE 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $14 47 MO -COFFEE AND TEA SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $79.96 MO -SNACKS FINANCE CLASS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $21.00 FI-GFOA MEETING MEALS 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $7 24 PD-FOOD SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $173.54 PARKS -TRIP TICKET 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $104 51 PARKS-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $47 96 PD-FOOD SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $92 39 PD-FOOD SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $75.62 PD-FOOD SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $56 48 PD-FOOD SUPPLIES $163,286.49 $3,047.71 $4,099.53 Key Bank Page 13 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $50.11 PD-FOOD SUPPLIES 290213 2/29/2024 US FOODS INC, 2/13/2024 5265483 $75.02 DBC-CATERING SUPPLIES 290213 2/29/2024 US FOODS INC, 2/12/2024 5226201 $705.20 DBC-CATERING SUPPLIES 290214 2/29/2024 US FOODS INC, 2/6/2024 5085014 $36.15 DBC-CATERING SUPPLIES 290214 2/29/2024 US FOODS INC, 2/8/2024 5930353 $-3.34 DBC-CATERING SUPPLIES 290214 2/29/2024 US FOODS INC, 2/7/2024 5115380 $31.87 DBC-CATERING SUPPLIES 290394 3/15/2024 QUENCH, INC, 3/1/2024 INV07059208 $146 03 DBC-DRINKING WATER SVC 290266 3/15/2024 CAFFE D'ARTE LLC, 3/4/2024 547183 $40.00 HR-COFFEE SUPPLIES 290365 3/15/2024 MOUNTAIN MIST WATER, 9/14/2023 005595854 $38 05 PD-WATER SVC ACCT#077665 290437 3/15/2024 US FOODS INC, 3/4/2024 5755722 $671.91 DBC-CATERING SUPPLIES 290365 3/15/2024 MOUNTAIN MIST WATER, 2/28/2024 005874434 $1.36 PD-WATER SVC ACCT#077665 290437 3/15/2024 US FOODS INC, 2/22/2024 5487184 $622.71 DBC-CATERING SUPPLIES 290437 3/15/2024 US FOODS INC, 2/21/2024 5470475 $72.73 DBC-CATERING SUPPLIES 290437 3/15/2024 US FOODS INC, 2/17/2024 5374987 $24.08 DBC-CATERING SUPPLIES 290437 3/15/2024 US FOODS INC, 2/19/2024 5396555 $251.33 DBC-CATERING SUPPLIES 290365 3/15/2024 MOUNTAIN MIST WATER, 2/7/2024 005835548 $38.05 PD-WATER SVC ACCT#077665 290394 3/15/2024 QUENCH, INC, 12/22/2023 INV06803403 $204.85 PD-DRINKING WATER SERVICE 290266 3/15/2024 CAFFE D'ARTE LLC, 3/6/2024 547726 $420.25 DBC-COFFEE SUPPLIES GASOLINE $73,448.31 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $20.00 PD-GASOLINE 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $63.50 PD-GASOLINE 290162 2/29/2024 PETROCARD INC., 2/15/2024 C395630 $528.98 PD-VEHICLE FUEL 290103 2/29/2024 FEDERAL WAY PUBLIC SCHO(1/31/2024 AR14048 $25,073.96 PD-01/31 VEHICLE FUEL 290103 2/29/2024 FEDERAL WAY PUBLIC SCHO(1/31/2024 AR14048 $398.28 PD-01/31 VEHICLE FUEL 290066 2/29/2024 FEDERAL WAY PUBLIC SCHO(8/31/2023 AR13896 $20,440.94 FLT-08/23 VEHICLE FUEL 290103 2/29/2024 FEDERAL WAY PUBLIC SCHO(1/31/2024 AR14047 $12,801.68 FLT-01/24 VEHICLE FUEL Key Bank Page 14 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290304 3/15/2024 FEDERAL WAY PUBLIC SCHO(2/29/2024 AR14074 $14,120.97 FLT-02/24 VEHICLE FUEL HEALTH INSURANCE PREM COBRA $356.66 290289 3/15/2024 DELTA DENTAL OF WA- GR 032/16/2024 1681175 $356.66 FI-MARCH 2O24 COBRA PAYMENTS HEALTH INSURANCE PREMIUM $300.00 290138 2/29/2024 MARIAM, ALLESSANDRO 1/17/2024 MARIANI 2023 $100.00 PD-DEDUCTIBLE REIMB 290189 2/29/2024 SO, SUN 2/14/2024 SO 2024 $100.00 HR-DEDUCTIBLE REIMB 290423 3/15/2024 TAN, JEDIDIAH T 3/4/2024 TAN 2024 $100.00 PD-DEDUCTIBLE REIMB HOUSEHOLD SUPPLIES $7,986.49 290225 2/29/2024 WALTER E NELSON CO., 2/9/2024 969654 $1.368.40 FWCC-JANITORIAL SUPPLIES 290225 2/29/2024 WALTER E NELSON CO., 2/9/2024 969658 $401.75 PKM-JANITORIAL SUPPLIES 290225 2/29/2024 WALTER E NELSON CO., 2/12/2024 969777 $1,662.97 CHB-JANITORIAL SUPPLIES 290225 2/29/2024 WALTER E NELSON CO., 2/14/2024 970308 $570.49 PKM-JANITORIAL SUPPLIES 290225 2/29/2024 WALTER E NELSON CO., 2/15/2024 970695 $1,066 69 PKM-JANITORIAL SUPPLIES 290452 3/15/2024 WALTER E NELSON CO., 2/29/2024 972608 $83.83 FWCC-JANITORIAL SUPPLIES 290452 3/15/2024 WALTER E NELSON CO., 3/1/2024 972971 $1,368.66 CHB-JANITORIAL SUPPLIES 290452 3/15/2024 WALTER E NELSON CO., 3/1/2024 972974 $1,163.42 FWCC-JANITORIAL SUPPLIES 290452 3/15/2024 WALTER E NELSON CO., 3/1/2024 972976 $247.43 PKM-JANITORIAL SUPPLIES 290452 3/15/2024 WALTER E NELSON CO., 3/1/2024 972981 $52.85 PKM-JANITORIAL SUPPLIES IMMUNIZATION CHARGE $369.00 290153 2/29/2024 OCCUPATIONAL HEALTH CEN2/9/2024 82177161 $369.00 HR-DOT RECERT INCENTIVE PAY $150.00 290196 2/29/2024 SPROUL, SCOTT 2/5/2024 SPROUL2024 $25.00 PWTR-JAN CRT INCENTIVE PAY 290161 2/29/2024 PEARSON, BRIAN 2/5/2024 PEARSON 2024 B $25.00 PWTR-CTR INCENTIVE PAY 290148 2/29/2024 NAGARAJ, DEEKSHA 2/5/2024 NAGARAJ 2024 $100.00 PWTR-COMMUTER INCENTIVE PGRM JAIL CS - KING CO $197 + AG13-015 $65,369.18 290124 2/29/2024 KING COUNTY FINANCE DIVIc2/9/2024 3004610 $36.473.18 PD-AG23-123 DAJD OTH CITIES- 290273 3/15/2024 CITY OF KENT, 2/14/2024 R173586 $28,896.00 PD-AG19-133 JAIL SVC INMATE HO JAIL CS - NISQUALLY $73,118.50 290070 2/29/2024 NISQUALLY INDIAN TRIBE. 8/31/2023 36656 $55,510.00 PD-AG23-017 JAIL SVCS Key Bank Page 15 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290152 2/29/2024 NISQUALLY INDIAN TRIBE, 1/31/2024 38420 $17,608.50 PD-AG23-017 JAIL SVCS JAIL CS - SCORE $450,610.08 290072 2/29/2024 SCORE, 1/11/2024 7488 $143.343 95 PD-AG23-009 JAIL SVCS INMATE H 290180 2/29/2024 SCORE, 10/10/2022 6294 $99.806 32 PD-AG23-009 JAIL SVCS INMATE H 290180 2/29/2024 SCORE, 2/12/2024 7609 $207,459.81 PD-AG23-009 JAIL SVCS INMATE H KC HEALTH DEPT-INTERGOVT $875.00 290391 3/15/2024 PUBLIC HEALTH - SEATTLE A026/2024 PR0079558 $875 00 FWCC-2024 HEALTH PERMIT RENEWA LEGAL NOTICES $1,266.90 290191 2/29/2024 SOUND PUBLISHING INC, 1/1912024 FWM989960 $138.96 CD -AD ACCT#83722477 290191 2/29/2024 SOUND PUBLISHING INC, 1/19/2024 FWM990112 $126.64 CD -AD ACCT#83722477 290191 2/29/2024 SOUND PUBLISHING INC, 1/26/2024 FWM990455 $197.93 CD -AD ACCT#83722477 290191 2/29/2024 SOUND PUBLISHING INC, 1/26/2024 FWM990458 $188.42 CD -AD ACCT#83722477 290191 2/29/2024 SOUND PUBLISHING INC, 1/26/2024 FWM990460 $144.66 CD -AD ACCT#83722477 290192 2/29/2024 SOUND PUBLISHING INC, 1/5/2024 FWM989656 $49.54 CK-AD ACCT#83722476 290415 3/15/2024 SOUND PUBLISHING INC, 1/19/2024 FWM990271 $70.47 CK-AD ACCT#83722476 290415 3/15/2024 SOUND PUBLISHING INC, 2/23/2024 FWM991947 $51.44 CD -AD ACCT#83722477 290415 3/15/2024 SOUND PUBLISHING INC, 2/16/2024 FWM991646 $108.52 CDHS-AD ACCT#83722477 290415 3/15/2024 SOUND PUBLISHING INC, 2/2/2024 FWM990760 $190.32 CDHS-AD ACCT#83722477 LODGING $3,769.96 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $386 11 MO -LODGING 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $386.11 MO -LODGING 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $242 58 MO -LODGING 225243793 2125/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $284 57 PD-LODGING 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $284 57 PD-LODGING 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $501.16 PD-LODGING 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $284.57 PD-LODGING 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $600.62 FI-GFOA LODGING 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $216.56 PD-LODGING Key Bank Page 16 of 48 heck No. Date Vendor Invoice Date Invoice Description AmountGL Total 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $583.11 PD-LODGING LOW INCOME SENIOR UTAX REBATE $575.00 290113 2/29/2024 GUTIERREZ, CYNTHIA 2/22/2024 GUTIERREZ 2023 $100.00 FI-UTAX REBATE 290127 2/29/2024 KROPP, WALT 2/22/2024 KROPP 2023 $100.00 FI-UTAX REBATE 290109 2/29/2024 GEYMAN, CAROLYN H. 2/23/2024 GEYMAN 2023 $55.00 FI-2023 UTAX REBATE 290172 2/29/2024 QUON, MICHAEL 2/23/2024 QUON 2023 $10.00 FI-UTAX REBATE PROGRAM 290173 2/29/2024 RAGAN, MARIANNE 2/23/2024 RAGAN 2023 $60,00 FI-2023 UTAX REBATE 290134 2/29/2024 LEE, SUNG S 2/24/2024 LEE 2023 $35.00 FI-UTAX REBATE 290137 2/29/2024 MAENG, YOUNG JIN 2/22/2024 MAENG 2023 $35.00 FI-2023 UTAX REBATE 290287 3/15/2024 DEBROCK, PATRICIA 3/11/2024 DEBROCK 2023 $100.00 FI-2023 UTILITY TAX REBATE 290461 3/15/2024 YARROLL, JANICE 3/11/2024 YARROLL2023 $70.00 FI-2023 UTILITY TAX REBATE 290315 3/15/2024 GOEBEL, BARBARA 3/12/2024 GOEBEL 2023 $10.00 FI-2023 UTILITY TAX REBATE MECHANICAL PERMITS $291.19 290112 2/29/2024 GREENWOOD HEATING & A/C1/12/2024 24-100169 23-105685 $72.20 CD-24-100169 23-105685 PERMIT 290412 3/15/2024 SIMONSON. KATRINA 2/26/2024 24-100739 $218.99 CD-24-100739 PERMIT REFUND MEDICAL SERVICES $49,375.12 290180 2/29/2024 SCORE, 10/10/2022 6294 $5.642.00 PD-AG23-009 JAIL SVCS INMATE H 290180 2/29/2024 SCORE, 1/26/2024 7558 $66.00 PD-AG23-009 JAIL SVCS INMATE H 290072 2/29/2024 SCORE, 1/24/2024 7548 $440 00 PD-AG23-009 JAIL SVCS INMATE H 290072 2/29/2024 SCORE, 1/11/2024 7488 $11,935.00 PD-AG23-009 JAIL SVCS INMATE H 290070 2/29/2024 NISQUALLY INDIAN TRIBE, 10/31/2023 38035 $228 33 PD-AG23-017 JAIL SVCS 290070 2/29/2024 NISQUALLY INDIAN TRIBE, 9/30/2023 38012 $-1,453.56 PD-AG23-017 JAIL SVCS 290070 2/29/2024 NISQUALLY INDIAN TRIBE, 12/31/2023 38128 $93.72 PD-AG23-017 JAIL SVCS 290070 2/29/2024 NISQUALLY INDIAN TRIBE, 11/30/2023 38075 $139,45 PD-AG23-017 JAIL SVCS 290180 2/29/2024 SCORE, 2/12/2024 7609 $23.245.04 PD-AG23-009 JAIL SVCS INMATE H 290124 2/29/2024 KING COUNTY FINANCE DIVIM/9/2024 3004610 $2.090.80 PD-AG23-123 DAJD OTH CITIES- 290091 2/29/2024 CITY OF PUYALLUP, 2/8/2024 1616 $5,460.84 PD-01/24AG22-061 JAIL SVC INM Key Bank Page 17 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290180 2/29/2024 SCORE, 2/2/2024 7534 $680.00 PD-AG23-009 JAILS SVCS INMATE 290180 2/29/2024 SCORE, 2/2/2024 7535 $255.00 PD-AG23-009 JAILS SVCS INMATE 290180 2/29/2024 SCORE, 2/2/2024 7537 $552.50 PD-AG23-009 JAILS SVCS INMATE MEDICAL SERVICES - CLAIMS $2,333.05 22624419 2/26/2024 KAISER FOUNDATION HEALTF2/26/2024 INVSF0014149 $154.93 FI-02/13/24-02/19/24 KAISER HE 301249299 3/1/2024 KAISER FOUNDATION HEALTF3/1/2024 2629299 $1,558.59 FI-KASIER PYMT 290371 3/15/2024 NAVIA BENEFIT SOLUTIONS, 3/4/2024 13037 $619.53 HR-FLEX PLAN ADM SVCS AG12-061 MENTAL HEALTH SERVICES $89,962.95 290124 2/29/2024 KING COUNTY FINANCE DIVIc.2/9/2024 3004610 $13,179.26 PD-AG23-123 DAJD OTH CITIES- 290180 2/29/2024 SCORE, 2/12/2024 7609 $42,047.69 PD-AG23-009 JAIL SVCS INMATE H 290072 2/29/2024 SCORE, 1/11/2024 7488 $19,472.00 PD-AG23-009 JAIL SVCS INMATE H 290180 2/29/2024 SCORE, 10/10/2022 6294 $15,264.00 PD-AG23-009 JAIL SVCS INMATE H MILEAGE REIMBURSEMENT $231.48 290276 3/15/2024 CLEMONS, DAVID 2/29/2024 CLEMONS 2024 $90.05 DBC- 02/2024 MILEAGE REIMB 290401 3/15/2024 SANDERS, DANIEL 2/29/2024 SANDERS 2024 B $42.00 MC-ADV TVL PAROLE ASSOCATION 290401 3/15/2024 SANDERS, DANIEL 2/29/2024 SANDERS 2024 $99 43 MC -PROBATION MILEAGE MINOR DP EQUIPMENT $17,936.40 290462 3/15/2024 ZONES LLC, 3/5/2024 K22407430102 $1,095 50 IT-PK DUMAS BAY CENTER DISPLAY 290436 3/15/2024 UPSTATE WHOLESALE SUPPI2/29/2024 INV32756 $1,544 90 Sales Tax 290436 3/15/2024 UPSTATE WHOLESALE SUPPI2/29/2024 INV32756 $2.100.00 IT - PD GETAC LAPTOPS FOR POLI 290436 3/15/2024 UPSTATE WHOLESALE SUPPI2/29/2024 INV32756 $13,196.00 IT - PD GETAC LAPTOPS FOR POLI MINOR DP SOFTWARE $18,522.76 290141 2/29/2024 MIDWESTERN SOFTWARE, SC2/14/2024 20105.M-5 $17,616.00 PWTR-MS2 TCDS & TMC SYS ACT & 290187 2/29/2024 SHI INTERNATIONAL CORP. 1/31/2024 B17909181 $411.79 IT - PWADOBE ACROBAT PRO 2020 290187 2/29/2024 SHIINTERNATIONAL CORP, 1/31/2024 B17909181 $41.59 Sales Tax 290411 3/15/2024 SHI INTERNATIONAL CORP, 2/29/2024 B18021444 $411.79 IT - PD ADOBE ACROBAT PRO 2020 290411 3/15/2024 SHI INTERNATIONAL CORP, 2/29/2024 B18021444 $41.59 Sales Tax MINOR EQUIP-MISC $39,187.60 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $664 96 PD-MINOR EQUIP Key Bank Page 18 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $57 25 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $-420.28 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $135.00 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $420.50 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $1,260.84 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $2,333.70 PD-AMMO 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $180.18 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $584.20 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $2,560 58 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $1,561.39 PD-AMMO 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $440.40 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $1,074.76 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $201.49 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $81.89 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $2.166,09 PD-AMMO 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $2,528.16 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $40 91 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $334.46 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $99.00 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $406.21 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $2,228.05 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $2.221.28 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $3,499 73 PD-AMMO 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $8.26 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $1,041.48 PD-AMMO 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $87 79 PD-MINOR EQUIP Key Bank Page 19 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGLTotal 290075 2/29/2024 911 SUPPLY INC, 2/14/2024 INV-2-35778 $313.21 PD-UNIFORM SUPPLIES 290098 2/29/2024 DELL MARKETING LP, 2/12/2024 10730462093 $1,727.18 IT-FWCC LAPTOP- 290098 2/29/2024 DELL MARKETING LP, 2/12/2024 10730462093 $159.84 IT - FWCC LAPTOP- 290098 2/29/2024 DELL MARKETING LP, 2/12/2024 10730462093 $46.24 IT - FWCC LAPTOP-• 290098 2/29/2024 DELL MARKETING LP, 2/12/2024 10730462093 $74.99 IT- FWCC LAPTOP- 290098 2/29/2024 DELL MARKETING LP, 2/12/2024 10730462093 $222.39 IT - FWCC LAPTOP- 290098 2/29/2024 DELL MARKETING LP, 2/12/2024 10730462093 $225.28 Sales Tax 290075 2/29/2024 911 SUPPLY INC, 2/8/2024 INV-2-35693 $1,516 08 PD-UNIFORM SUPPLIES 290075 2/29/2024 911 SUPPLY INC, 2/8/2024 INV-2-35694 $1.516.08 PD-UNIFORM SUPPLIES 290128 2/29/2024 L N CURTIS & SONS, 2/8/2024 INV790516 $188.27 PD-OPER SUPPLIES 290187 2/29/2024 SHI INTERNATIONAL CORP, 1/31/2024 B17909208 $411.79 IT - PD ADOBE ACROBAT PRO 2020 290187 2/29/2024 SHI INTERNATIONAL CORP, 1/31/2024 B17909208 $41.59 Sales Tax 290184 2/29/2024 SECURITY SOLUTIONS NW IN2/19/2024 354407 $253.21 IT- PKAVIGILON DOME CAMERA F 290184 2/29/2024 SECURITY SOLUTIONS NW IN2/19/2024 354407 $964.55 IT- PKAVIGILON DOME CAMERA F 290184 2/29/2024 SECURITY SOLUTIONS NW IN2/19/2024 354407 $15.00 Freight 290184 2/29/2024 SECURITY SOLUTIONS NW IN2/19/2024 354407 $124.51 Sales Tax 290067 2/29/2024 JENNINGS EQUIPMENT INC, 11/16/2023 48782P $1.250.69 PWST-MAINT SUPPLIESS 290067 2/29/2024 JENNINGS EQUIPMENT INC, 12/11/2023 49244P $378.73 SWM-MAINT SVC 290121 2/29/2024 JENNINGS EQUIPMENT INC, 1/22/2024 97652P $616.55 PWST-MOWER REPAIR PARTS/SUPPL 290106 2/29/2024 FIRST RESPONDER OUTFITTE1/26/2024 202401FR124 $1,452.68 PD-UNIFORM/EQUIP 290232 2/29/2024 ZAICHKIN. ETHAN 2/1/2024 ZAICHKIN 2024 $200 00 PD-EQUIP ALLOW 290242 3/15/2024 911 SUPPLY INC, 2/23/2024 INV-2-36047 $18.44 PD-UNIFORM SUPPLIES 290310 3/15/2024 G.W., INC, 2/12/2024 1246607 $858.00 PD-GLOCK GEN-5 G17 MOS, 9MM FI 290310 3/15/2024 G.W., INC, 2/12/2024 1246607 $86.66 Sales Tax 290260 3/15/2024 BEN-KO-MATIC CO, OWEN EQ3/1/2024 00114132 $727.36 FLT-MAINT & REPAIR SVCS MISC POLICE DEPOSIT ACCOUNT $198.00 Key Bank Page 20 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGLTotal 290177 2/29/2024 RHODES, RONALD 2/16/2024 23-8686 $198.00 PD-REFUND SAFEKEEPING FUND #1- MISC PROFESSIONAL SVS-INTERGOV $10,009.84 290129 2/29/2024 LAKEHAVEN UTILITY DISTRIC2/26/2024 02-26-2024 $2,354 25 PW-LAKEHAVEN DEVELOPER EXTAGM 290220 2/29/2024 WA STATE AUDITOR'SOFFICE2/9/2024 L159258 $2,782.00 FI-STATE AUDITOR SERVICES 290391 3/15/2024 PUBLIC HEALTH - SEATTLE AM/4/2024 PR0023663 $84900 DBC-2024 HEALTH PERMIT RENEWAL 290344 3/15/2024 KING COUNTY FINANCE DIVIS1/31/2024 11014361 $109.12 IT-AG20-063 KING COUNTY I -NET 290344 3/15/2024 KING COUNTY FINANCE DIVIE1/31/2024 11014361 $627.44 IT-AG20-063 KING COUNTY I -NET 290344 3/15/2024 KING COUNTY FINANCE DIVIc°1/31/2024 131739-131744,131865 $1,413 06 PWTR/PW--RSD PJ#131739-131744,1 290344 3/15/2024 KING COUNTY FINANCE DIVIE1/31/2024 131739-131744,131865 $617.01 PWTR/PW-RSD PJ#131739-131744,1 290344 3/15/2024 KING COUNTY FINANCE DIVIS1/31/2024 131739-131744,131865 $692.07 PWTR/PW-RSD PJ#131739-131744,1 290449 3/15/2024 WA STATE DEPT OF TRANS PC2/13/2024 RE 41 JZ0247 L057 $565.89 PW-PROJECT JZ0247 FEES MISC SERVICES & CHARGES $33,091.41 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $82,58 CD-BLDG RESEARCH DEPT 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $91.37 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $375.00 PD-MISC EXPENSES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $1,526 75 PD-MISC EXPENSES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $1.252 82 PD-MISC EXPENSES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $192.00 PD-MISC EXPENSES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $600.00 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $237.68 PD-ADVERTISING 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $0.99 PD-OPER SUPPLIES 290217 2/29/2024 VERIZON WIRELESS, 2/21/2024 9022348561 $50.00 IT-01/24 CELLULAR SVC ACCT#WA1 290147 2/29/2024 MVTOW NGLLC, 2/14/2024 30447 $132.12 PD-VEHICLE TOW 290147 2/29/2024 MVTOWING LLC, 2/11/2024 31424 $77.07 PD-VEHICLE TOW 290146 2/29/2024 MULTICARE CENTERS OF, OC2/1/2024 159137 $1,535.00 PD-OFFICER PHYSICAL 290191 2/29/2024 SOUND PUBLISHING INC, 1/31/2024 8127674 $2.080,00 MO -AD ACCT#83733388 290147 2/29/2024 MVTOW NGLLC, 1/31/2024 31247 $77.07 PD-VEHICLE TOW Key Bank Page 21 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290147 2/29/2024 MV TOWING LLC, 1/31/2024 31249 $77.07 PD-VEHICLE TOW 290147 2/29/2024 MVTOW NGLLC, 1/21/2024 31225 $7707 PD-VEHICLE TOW 290147 2/29/2024 MV TOWING LLC, 1/23/2024 30435 $77.07 PD-VEHICLE TOW 290147 2/29/2024 MV TOWING LLC, 1/24/2024 30438 $132.12 PD-VEHICLE TOW 290147 2/29/2024 MV TOWING LLC, 1/24/2024 30842 $77.07 PD-VEHICLE TOW 290147 2/29/2024 MV TOWING LLC, 1/25/2024 31308 $77.07 PD-VEHICLE TOW 290170 2/29/2024 PUBLIC SAFETY TESTING, 2/12/2024 2024-76 $2.123.00 PD-AG23-007 PUBLIC SAFETY TEST 290175 2/29/2024 REDWOOD TOXICOLOGYLAB1/31/2024 30861420241 $471.93 MC -TOXICOLOGY SVCS 290190 2/29/2024 SOUND PUBLISHING INC, 1/31/2024 8127723 $1,110.00 MO -AD ACCT#83754842 290239 3/8/2024 JOHNSON, IAN 3/6/2024 3/6/2024 $740.70 PD-IMPROPER IMPOUND FEE #VI24- 290428 3/15/2024 THUILLIER, JENNIFER 3/1/2024 202411 $80.00 SWM/SWR-GRAPHIC DESIGN FOR OUT 290450 3/15/2024 WA STATE PATROL, 3/1/2024 112404895 $34.25 PD-BACKGROUND CHECKS 290280 3/15/2024 COMMUNITIES IN SCHOOLS, 3/5/2024 1095 $2,500.00 MO -SPONSOR FEE 290298 3/15/2024 EQUIFAX CREDIT INFORMATI(1/23/2024 2058755592 $44.04 PD-CREDIT REPORTING SVCS 290441 3/15/2024 VERIZON WIRELESS, 2/13/2024 9956665217 $72018 PD-01/24 CELLULAR SVC ACCT# 290294 3/15/2024 ELAVON INC, 1/31/2024 CA4031100691 $215.85 FWAN MC MERCHANT FEES 290294 3/15/2024 ELAVON INC, 1/31/2024 CA4031100688 $10,530.71 FWAN CITY HALL MERCHANT FEES 290294 3/15/2024 ELAVON INC, 1/31/2024 CA4031100689 $98.74 FWAN CITY HALL MERCHANT FEES 290294 3/15/2024 ELAVON INC, 1/31/2024 CA4031100690 $454.04 FWAN DBC MERCHANT FEES 290294 3/15/2024 ELAVON INC, 1/31/2024 CA4031100826 $96.73 FWAN PROBATION OFFICE MERCHA 290383 3/15/2024 PNW POLYGRAPH SERVICES,1/31/2024 24-001 $875.00 PD-POLYGRAPH 290367 3/15/2024 MV TOWING LLC, 2/9/2024 31319 $77.07 PD-VEHICLE TOW 290367 3/15/2024 MV TOWING LLC, 2/15/2024 31430 $77.07 PD-VEHICLE TOW 290367 3/15/2024 MV TOWING LLC, 2/15/2024 31433 $132.12 PD-VEHICLE TOW 290367 3/15/2024 MV TOWING LLC, 2/14/2024 30448 $77 07 PD-VEHICLE TOW 290367 3/15/2024 MV TOWING LLC, 2/14/2024 31428 $77 07 PD-VEHICLE TOW Key Bank Page 22 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290367 3/15/2024 MV TOWING LLC, 2/24/2024 31602 $77.07 PD-VEHICLE TOW 290367 3/15/2024 MV TOWING LLC. 2/20/2024 31438 $132.12 PD-VEHICLE TOW 290367 3/15/2024 MV TOWING LLC, 2/22/2024 31444 $77.07 PD-VEHICLE TOW 290379 3/15/2024 PERFORMING ARTS & EVENT2/15/2024 E02052 $3,155.40 MO-PAEC EVENT 290367 3/15/2024 MVTOWING LLC, 2/16/2024 30874 $77.07 PD-VEHICLE TOW 290367 3/15/2024 MVTOW NG LLC, 2/17/2024 31323 $132.12 PD-VEHICLE TOW 290367 3/15/2024 MV TOWING LLC, 2/19/2024 31326 $77.07 PD-VEHICLE TOW MY BLDG PRMT ONBRD FEE $19,336.86 290272 3/15/2024 CITY OF BELLEVUE. 2/29/2024 48680 $19.336.86 IT -AG 20-087 Q1 2024 MBP SUBSC NATURAL GAS $337.85 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC'2/15/2024 888103 $219.05 CHB-12/23 31132 28TH AVE S M#2 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC'2/15/2024 101 $49.10 PKM-12/23 30009 16TH AVE S IRR 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC2/15/2024 3837901 $69.70 PKM-12/23 31201 28TH AVE S M#2 NON GOVT DP SERVICES $88,211.00 290119 2/29/2024 INSIGHT PUBLIC SECTOR INC2/6/2024 1101135083 $166.88 Sales Tax 290119 2/29/2024 INSIGHT PUBLIC SECTOR INC2/6/2024 1101135083 $208.60 Sales Tax 290119 2/29/2024 INSIGHT PUBLIC SECTOR INC2/6/2024 1101135083 $41 71 Sales Tax 290119 2/29/2024 INSIGHT PUBLIC SECTOR INC2/6/2024 1101135083 $413.06 IT-PD MICROSOFT 365 SUBSCRIPT 290119 2/29/2024 INSIGHT PUBLIC SECTOR INC2/6/2024 1101135083 $2,065.30 IT-PD MICROSOFT 365 SUBSCRIPT 290119 2/29/2024 INSIGHT PUBLIC SECTOR INC2/6/2024 1101135083 $1,652.24 IT-PD MICROSOFT 365 SUBSCRIPT 290111 2/29/2024 GLOBAL DATA VAULT, LLC, 2/20/2024 9252477 $3,295.00 IT-AG23-061 BACKUP & DISASTER 290101 2/29/2024 ESCRIBE SOFTWARE LTD, 11/30/2023 4700 $16,550.00 IT- ESCRIBE MEETING MANAGEMEN 290107 2/29/2024 FRESHWORKS INC, 12/31/2023 FS250600 $14,467.14 IT-AG24-026 FRESHSERVICE - IT 290290 3/15/2024 DMX LLC DBA MOOD MEDIA, 3/1/2024 58064332 $56,21 IT-03/24 MEDIA SERVICES 290303 3/15/2024 FDS HOLDINGS INC, DBACAR2/13/2024 REM11693677 $25.00 IT-01/24 CH CARD CONNECT FEE 290344 3/15/2024 KING COUNTY FINANCE DIVIS1/31/2024 11014361 $627,44 IT-AG20-063 KING COUNTY I -NET 290410 3/15/2024 SHI INTERNATIONAL CORP, 2/21/2024 B17988543 $9.498.24 IT -AUTO CAD & CIVIL 3D SOFTW Key Bank Page 23 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290410 3/15/2024 SHI INTERNATIONAL CORP, 2/21/2024 B17988543 $3,042.56 IT -AUTO CAD & CIVIL 3D SOFTW 290410 3/15/2024 SH I INTERNATIONAL CORP, 2/21/2024 B17988543 $3,097.20 Sales Tax 290410 3/15/2024 SHI INTERNATIONAL CORP, 2/21/2024 B17988543 $6,900.26 IT -AUTO CAD & CIVIL 3D SOFTW 290410 3/15/2024 SHI INTERNATIONAL CORP, 2/21/2024 B17988543 $8,679.12 IT -AUTO CAD & CIVIL 3D SOFTW 290410 3/15/2024 SHI INTERNATIONAL CORP, 2/21/2024 B17988543 $2,545.20 IT -AUTO CAD & CIVIL 3D SOFTW 290462 3/15/2024 ZONES LLC, 2/29/2024 K22253130101 $392.10 IT -ADDITIONAL MIMECAST LICENSE 290462 3/15/2024 ZONES LLC, 2/29/2024 K22253130101 $392.09 IT -ADDITIONAL MIMECAST LICENSE 290353 3/15/2024 LEXISNEXIS, 2/29/2024 3094961100 $535.09 IT-01/24 SUSCRIP CONTENT 290404 3/15/2024 SELECTRON TECHNOLOGIES2/28/2024 19279 $10,055.00 IT - CD RENEWAL FOR VOICE PERM 290404 3/15/2024 SELECTRON TECHNOLOGIES2/28/2024 19279 $1,015.56 Sales Tax 290318 3/15/2024 GRANICUS LLC, 2/29/2024 180239 $2,490.00 IT - DATA EXTRACTION CONSULTIN OFFICE SUPPLIES $7,153.66 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $51.88 FWCC-OFFICE SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $84.95 PARKS -OFFICE SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $66.00 PARKS -OFFICE SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $12.99 CD -OFFICE SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $41.83 PARKS -OFFICE SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $11.85 FWCC-OFFICE SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $17.50 CD-OPER SUPPLS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $45.02 CD -OFFICE SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $45.84 PARKS -OFFICE SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $100.80 PARKS -OFFICE SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $106.67 CD -OFFICE SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $24.82 CD -OFFICE SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $12.55 FWCC-OFFICE SUPPLIES 225243703 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $3,115.00 PD-OFFICE SUPPLIES Key Bank Page 24 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $70 45 FWCC-OFFICE SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $49 18 FWCC-OFFICE SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $176 15 FWCC-OFFICE SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $39 83 PD-OFFICE SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $88 06 PD-OFFICE SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $76 84 FWCC-OFFICE SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $6 59 PD-OFFICE SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $81 04 PD-OFFICE SUPPLIES 290093 2/29/2024 COMPLETE OFFICE, 2/22/2024 2269845-0 $59 33 MO -OFFICE SUPPLIES 290094 2/29/2024 COMPLETE OFFICE, 2/9/2024 2267915-0 $56 61 PKM-OFFICE SUPPLIES 290094 2/29/2024 COMPLETE OFFICE, 2/14/2024 2268603-0 $50 86 MO -OFFICE SUPPLIES 290154 2/29/2024 ODP BUSINESS SOLUTIONS 1-1125/2024 352312475001 $-13.26 PD-OFFICE SUPPLIES 290154 2/29/2024 ODP BUSINESS SOLUTIONS 1-1126/2024 352440486001 $37.76 PD-OFFICE SUPPLIES 290197 2/29/2024 STAPLES BUSINESS ADVANTFI/31/2024 3558326216 $18.23 PD-OFFICE SUPPLIES 290197 2/29/2024 STAPLES BUSINESS ADVANTFI/31/2024 3558326217 $64.32 PD-OFFICE SUPPLIES 290197 2/29/2024 STAPLES BUSINESS ADVANTFI/31/2024 3558326219 $12.97 PD-OFFICE SUPPLIES 290154 2/29/2024 ODP BUSINESS SOLUTIONS 1-2/1/2024 352407967001 $181.83 PD-OFFICE SUPPLIES 290200 2/29/2024 SUMMIT MODULAR LLC, 1/1/2024 23-341 $1,970.79 CD -WORKSTATION SUPPLIES 290281 3/15/2024 COMPLETE OFFICE, 12/19/2023 2257282-0 $200 07 PKM-OFFICE SUPPLIES 290281 3/15/2024 COMPLETE OFFICE, 2/13/2024 2268443-0 $40 86 PWST-OFFICE SUPPLIES 290281 3/15/2024 COMPLETE OFFICE, 2/29/2024 2271513-0 $22.57 PKM-OFFICE SUPPLIES 290281 3/15/2024 COMPLETE OFFICE, 2/28/2024 2271247-0 $124.88 MC -OFFICE SUPPLIES OPERATING RENTALS/LEASES 290088 2/29/2024 BALLI ROAD LLC, 3/1/2024 4165 $3,700.00 PD-AG23-027 SUBSTATION LEASE- 290231 2/29/2024 WILLIAMS SCOTSMAN INC, 2/8/2024 9020154468 $1,336.16 PKM-AG22-062 RENTALAGREEMENT 301246907 3/1/2024 FWPAEC QALICB, 3/1/2024 2024 QTR 1 $100,321.00 FI-SUBLEASE PAYMENT $117,333.02 Key Bank Page 25 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290460 3/15/2024 WILLIAMS SCOTSMAN INC, 2/23/2024 9020275599 $1,430.92 PKM-AG22-062 RENTALAGREEMENT 290460 3/15/2024 WILLIAMS SCOTSMAN INC, 2/22/2024 9020264837 $1,37446 PKM-AG22-062 RENTALAGREEMENT 290263 3/15/2024 BLUE PEARL VETERINARY, 2/28/2024 1283288 $159 30 PD-VET SERVICES 290333 3/15/2024 IRON MOUNTAIN INFORMATIC2/29/2024 JHBL277 $2,323.18 CK-STORAGE SVC 290425 3/15/2024 THE HUMANE SOCIETY FOR, 3/1/2024 PS-INV103169 $6,688 00 PD-AG21-033 ANIMAL SHELTER PSA OTHER MISC REVENUE $1,970.48 290222 2/29/2024 WA STATE REVENUE DEPART2/27/2024 601-223-538 $-0.01 FI-01/24 REMIT SALES TAX 290222 2/29/2024 WA STATE REVENUE DEPART2/27/2024 601-223-538 $1.025.81 FI-01/24 REMIT SALES TAX 290222 2/29/2024 WA STATE REVENUE DEPART2/27/2024 601-223-538 $566.01 FI-01/24 REMIT SALES TAX 290222 2/29/2024 WA STATE REVENUE DEPART2/27/2024 601-223-538 $378.67 FI-01/24 REMIT SALES TAX OTHER MISCELLANEOUS REVENUE $-3,674.79 290222 2/29/2024 WA STATE REVENUE DEPART2/27/2024 601-223-538 $-3,674.79 FI-01/24 REMIT SALES TAX OTHER OPERATING SUPPLIES $31,631.83 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $105.42 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $79.16 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $865 00 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $465.16 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $22.00 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $341.78 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $1,715.40 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $64.96 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $118.78 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $-39.50 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $-33 21 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $142.72 PD-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $105.68 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $75.81 PARKS -TRIP TICKET Key Bank Page 26 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $69.59 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $32.54 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $120.71 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $10&68 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $46.00 PARKS-OPER SUPPLIES 225244759 2125/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $21.98 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $10.99 PARKS -FOOD SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $68.36 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $61.52 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $105.68 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $73 04 FWCC-FOOD SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $26 40 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $43 18 PARKS-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $726.66 FWCC-OPER SUPPLIES 225244759 2125/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $5.62 FWCC-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $19 78 FWCC-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $-105 68 PARKS -CLOTHING ALLOW 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $25 77 FWCC-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $65 45 FWCC-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $1,401 84 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $125.25 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $-12.81 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $9.76 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $121.10 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $68.60 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $40-59 PD-OPER SUPPLIES Key Bank Page 27 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGLTotal 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $82.56 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $1,424 16 PD-ADVERTISING 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $-5.38 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $217.60 PD-MINOR EQUIP 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $38.77 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $12 87 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $68.64 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $44.03 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $80.83 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $-66.05 PD-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $54.80 MO-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $0.20 MO-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $98.99 MO-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $6.15 MO-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $99.25 MO-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $39.70 MO-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $46 64 CD-OPER SUPPLS 225244759 2/25/2024 US BANK, 2/25/2024. JAN 2024 CITY VISA $226.81 CD -OFFICE SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $18.50 CD-OPER SUPPLS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $-13.28 CD-OPER SUPPLS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $13.28 CD-OPER SUPPLS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $348.00 PARKS-OPER SUPPLS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $16.50 MO-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $171.23 CD-OPER SUPPLS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $41.82 CD-OPER SUPPLS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $52.78 CD-OPER SUPPLS Key Bank Page 28 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 225244759 2/25/2024 US BANK, 2/25/2024 _ JAN 2024 CITY VISA $56.29 FWCC-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $213.90 FWCC-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $99 47 FWCC-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $179 35 FWCC-OPER SUPPLIES 290186 2/29/2024 SHERWIN-WILLIAMSCO, 2/21/2024 52564 $5647 CD -FACILITIES PAINT SUPPLIES 290167 2/29/2024 PRINTERY COMMUNICATION:1/31/2024 240014 $2,357.49 PWST-BC IMPRINTS 290073 2/29/2024 VARI SALES CORPORATION, 12/28/2023 91038686 $153.59 SWM/PWST/PWTR-ENG DIV REMODEL 290073 2/29/2024 VARI SALES CORPORATION, 12/28/2023 91038687 $128 82 SWM/PWST/PWTR-ENG DIV REMODEL 290073 2/29/2024 VARI SALES CORPORATION, 12/28/2023 91039113 $3.402.09 SWM/PWST/PWTR-ENG DIV REMODEL 290212 2/29/2024 ULINE, 2/2/2024 173977356 $201.32 PD-EVIDENCE SUPPLIES 290204 2/29/2024 THOMPSON ELECTRICAL, CO2/9/2024 224-19247A $1,460.59 PWTR-REPAIR & MAINT SVCS 290197 2/29/2024 STAPLES BUSINESS ADVANTF1/31/2024 3558326213 $29771 PD-OFFICE SUPPLIES 290198 2/29/2024 STOP STICK LTD., 2/12/2024 0032230-IN $4,569.15 PD-9' STOP STICK KIT 290142 2/29/2024 MONTGOMERY, SARA 2/17/2024 MONTGOMERY 2024 $416 33 PARKS -SUPPLIES 290281 3/15/2024 COMPLETE OFFICE, 3/6/2024 2272885-0 $24.38 MO -OFFICE SUPPLIES 290301 3/15/2024 EVIDENT CRIME SCENE PRO12/13/2024 238592A $642 65 PD-EVIDENCE SUPPLIES 290252 3/15/2024 ALPINE PRODUCTS INC, 2/20/2024 TM-222177 $80.45 PW-MAINT SUPPLIES 290281 3/15/2024 COMPLETE OFFICE, 2/27/2024 2271096-0 $126 10 MO -OFFICE SUPPLIES 290345 3/15/2024 KING COUNTY RECORDER, 2/26/2024 02/26/24 $304.50 MC -PRO TEM REGISTRATION 290248 3/15/2024 AFFORDABLE STORAGE CON1/6/2024 ASC37296 $4.927.50 SWM-1X20' STD (ONE TRIP) ISO 0 290363 3/15/2024 MONTGOMERY, SARA 1/10/2024 MONTGOMERY 2024 $124.59 PARKS -ART SUPPLIES 290375 3/15/2024 OUTDOORS FOR ALL FOUNDA/31/2024 6290 $450.00 PARKS-OPER SUPPLIES 290440 3/15/2024 VARI SALES CORPORATION, 3/5/2024 91067829 $69,36 PWTR-DEKKO 6 EXTRA FLEX 290296 3/15/2024 ELLSWORTH, LEIF 3/8/2024 ELLSWORTH 2O23 $214.53 FWCC-ICE PACKS 290440 3/15/2024 VARI SALES CORPORATION, 2/23/2024 91063473 $153.59 PWTR-ENG DIV REMODEL 290440 3/15/2024 VARI SALES CORPORATION, 2/23/2024 91063749 $495.45 PWTR-BEAM KIT 72 Key Bank Page 29 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total PARKINGITOLLS $359.49 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $89.50 PD-TRAINING 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $71 50 PD-TOLLS 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $6.50 PD-TOLLS 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $78.00 PD-OPER SUPPLIES 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $3.50 PD-OPER SUPPLIES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $110.49 MO -PARKING TOOLS PD - CLAIMS GLIPL $49,291.80 290123 2/29/2024 KEATING, BUCKLIN & MCCOR2/9/2024 21751 $6.279.00 LAW-AG23-159 LEGAL SVCS- 290123 2/29/2024. KEATING, BUCKLIN & MCCOR2/9/2024 21750 $1,173.00 LAW-AG23-159 LEGAL SVCS- 290446 3/15/2024 VONDA M. SARGENT, 3/11/2024 3/11/24 $39.304.10 RM-LAW-SETTLEMENT- PELLUM V. 290341 3/15/2024 KEATING, BUCKLIN & MCCOR3/7/2024 21919 $741.70 LAW-AG23-159 LEGAL SVCS- 290341 3/15/2024 KEATING, BUCKLIN & MCCOR3/7/2024 21920 $1,794.00 LAW-AG23-159 LEGAL SVCS- PER DIEM MEALS $2,343.66 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $30 31 MO -PER DIEM MEALS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $23.36 MO -PER DIEM MEALS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $18 65 MO -PER DIEM MEALS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $347.84 CD -TRAINING MEALS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $10.50 MO- PER DIEM/MEALS 290139 2/29/2024 MCDANIEL,PAUL 1/29/2024 MCDANIEL2024 $19900 CC-ADV TVL NLC CONGRESSIONAL C 290209 2/29/2024 TRAN, HOAN 1/29/2024 TRAN 2024 $199.00 CC-ADV TVL NLC CONGRESSIONAL C 290224 2/29/2024 WALSH, JACK 1/29/2024 WALSH 2O24 B $199 00 CC-ADV TVL NLC CONGRESSIONAL C 290086 2/29/2024 ASSEFA-DAWSON, LYDIA 1/29/2024 ASSEFA-DAWSON 2024 $307 00 CC-ADV TVL REIMB NLCANNUAL CO 290110 2/29/2024 GLANDON, AMY 1/29/2024 GLANDON 2024 $199.00 CC-ADV TVL NCL CONGRESSIONAL C 290117 2/29/2024 HONDA, SUSAN 1/29/2024 HONDA2024 $292.00 CC-ADV TVL REIMB NLC CONGRESSI 290126 2/29/2024 KOCHMAR, LINDA 1/29/2024 KOCHMAR 2024 $199.00 CC-ADV TVL NLC CONGRESSIONAL C 290219 2/29/2024 VILLALOVOS, ANGIE 2/22/2024 VILLALOVOS 2024 $15.00 CD-ADV TRAVEL WINTER CD COMPL Key Bank Page 30 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290237 3/5/2024 TRAN, HOANG 1/30/2024 03/08/2024 $199.00 CC-ADV TRAVEL REIMB NLC CON Cl 290401 3/15/2024 SANDERS, DANIEL 2/29/2024 SANDERS 2024 B $45.00 MC-ADV TVL PAROLE ASSOCATION 290402 3/15/2024 SCARPACI, STACIE 2/29/2024 SCARPACI 2024 $60,00 MC-ADV TVL PAROLE ASSOCIATION PLAN CHECKING FEES $90.38 290455 3/15/2024 WATERS & WOOD INC, 2/29/2024 23-104849 $90.38 CD-23-104849 PERMIT REFUND PLUMBING PERMITS $576.19 290455 3/15/2024 WATERS & WOOD INC, 2/29/2024 23-104849 $139.04 CD-23-104849 PERMIT REFUND 290243 3/15/2024 ACCO ENGINEERED SYSTEM3/4/2024 24-100713 $142.34 CD-24-100713 PERMIT REFUND 290321 3/15/2024 GROVER, ROBIN 2/21/2024 24-100597 $294.81 CD-24-100597 PERMIT REFUND POSTAGE/DELIVERY SERVICES 225244759 2/25/2024 US BANK, 2/25/2024 JAN. 2024 CITY VISA $28.95 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $38.60 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $28.95 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $28.95 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $28.95 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $9.65 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $19 30 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $38.60 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $38.60 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $19.30 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $316.40 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $19.70 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $29.55 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $28.95 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $19.30 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $19.70 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $28.95 CD -MAIL SVCS $2,720.95 Key Bank Page 31 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $77.15 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $28.95 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $28.95 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $28.95 CD -MAIL SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $28.95 CD -MAIL SVCS 290165 2/29/2024 PITNEY BOWES PRESORT SV1/6/2024 1024597561 $248 11 FI-PITNEY BOWES POSTAGE DEPOSI 290165 2/29/2024 PITNEY BOWES PRESORT SV1/6/2024 1024597561 $363 90 FI-PITNEY BOWES POSTAGE DEPOSI 290164 2/29/2024 PITNEY BOWES PRESORT SV2/3/2024 1024762134 $38.61 FI-PITNEY BOWES POSTAGE DEPOSI 290164 2/29/2024 PITNEY BOWES PRESORT SV2/3/2024 1024762134 $56.63 FI-PITNEY BOWES POSTAGE DEPOSI 290164 2/29/2024 PITNEY BOWES PRESORT SV2/3/2024 1024762133 $383.81 FI-PITNEY BOWES POSTAGE DEPOSI 290164 2/29/2024 PITNEY BOWES PRESORT SV2/3/2024 1024762133 $562.91 FI-PITNEY BOWES POSTAGE DEPOSI 290382 3/15/2024 PITNEY BOWES PRESORT SV1/6/2024 1024597562 $53.37 FI-PITNEY BOWES POSTAGE DEPOSI 290382 3/15/2024 PITNEY BOWES PRESORT SV1/6/2024 1024597562 $78.26 FI-PITNEY BOWES POSTAGE DEPOSI PRINTING/PHOTO SERVICES 290062 2/28/2024 MINUTEMAN PRESS OF FEDE2/27/2024 02/27/2024 $11,669.46 SWR-AG22-140 PRINT & DISTRIBUT 290167 2/29/2024 PRINTERY COMMUNICATIONc1/31/2024 240021 $1,115.38 PWST-BC IMPRINTS 290211 2/29/2024 U.S CONFERENCE OF MAYOR2/13/2024 INV004460 $3,838.00 MO -US CONF OF MAYORS 290190 2/29/2024 SOUND PUBLISHING INC, 1/31/2024 8127723 $1,110.00 CDHS-AD ACCT #83754842 290223 2/29/2024 WA. DEPT OF CORRECTIONS2/5/2024 FCU2401.7536 $72.74 PKM-CONTRACT K12614 290316 3/15/2024 GOS PRINTING CORPORAT1O2/22/2024 95860 $265.47 PD-PRINTING SERVICES 290316 3/15/2024 GOS PRINTING CORPORAT1O2/14/2024 95827 $1,823.13 PD-PRINTING SERVICES 290387 3/15/2024 PRINTERY COMMUNICATION: /29/2024 240045 $1,422.41 HR-BC IMPRINTS 290387 3/15/2024 PRINTERY COMMUNICATION:2/29/2024 240051 $1,135.05 HR-BC IMPRINTS 290445 3/15/2024 VILMASIGNS, 3/1/2024 4503 $148.64 MC-BANNER/SIGN 290316 3/15/2024 GOS PRINTING CORPORAT1O2/22/2024 95861 $146.70 PD-PRINTING SERVICES PROFESSIONAL SERVICES 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $4,885.00 PARKS -HANGING ART $22,746.98 $880,090.07 Key Bank Page 32 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGLTotal 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $80 43 CD-INTERPETER SVCS 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $506 46 FWCC-STAFF SCHEDULING 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $695.00 FWCC-LICENSING FEE 290215 2/29/2024 USIC HOLDINGS INC, 1/31/2024 638646 $21084.80 PWTR/SWM-AG19-078 UGD ULT LOCA 290215 2/29/2024 USIC HOLDINGS INC, 1/31/2024 638646 $5,942.47 PWTR/SWM-AG19-078 UGD ULT LOCA 290215 2/29/2024 USIC HOLDINGS INC, 1/31/2024 639627 $18 60 PWTR/SWM-AG19-078 UGD ULT LOCA 290215 2/29/2024 USIC HOLDINGS INC, 1/31/2024 639627 $6 53 PWTR/SWM-AG19-078 UGD ULT LOCA 290120 2/29/2024 INTERCOM LANGUAGE SVCS2/9/2024 24-090 $1.767.50 MC -INTERPRETER SVC 290081 2/29/2024 AKTELEPROMPT LLC, 2/16/2024 24047 $550.00 IT - AV EQUIPMENT RENTAL FOR M 290081 2/29/2024 AKTELEPROMPT LLC, 2/16/2024 24047 $600 00 IT - AV EQUIPMENT RENTAL FOR M 290081 2/29/2024 AKTELEPROMPT LLC, 2/16/2024 24047 $550.00 IT -AV EQUIPMENT RENTAL FOR M 290081 2/29/2024 AKTELEPROMPT LLC, 2/16/2024 24047 $600.00 IT -AV EQUIPMENT RENTAL FOR M 290178 2/29/2024 SAFAROVA-DOWNEY, ALMIRA2/13/2024 02/13/24 $140,00 MC -INTERPRETER SVC 290077 2/29/2024 ABOU-ZAKI, KAMAL 2/13/2024 02/13/24 $118.00 MC -INTERPRETER SVC 290184 2/29/2024 SECURITY SOLUTIONS NW IN2/19/2024 354404 $1,308,64 Sales Tax 290184 2/29/2024 SECURITY SOLUTIONS NW IN2/19/2024 354404 $506.42 IT - AVIGILON CAMERAS FOR TOWN 290184 2/29/2024 SECURITY SOLUTIONS NW IN2/19/2024 354404 $964.55 IT - AVIGILON CAMERAS FOR TOWN 290184 2/29/2024 SECURITY SOLUTIONS NW IN2/19/2024 354404 $433.44 IT - AVIGILON CAMERAS FOR TOWN 290184 2/29/2024 SECURITY SOLUTIONS NW IN2/19/2024 354404 $288,96 IT-AVIGILON CAMERAS FOR TOWN 290184 2/29/2024 SECURITY SOLUTIONS NW IN2/19/2024 354404 $722.40 IT - AVIGILON CAMERAS FOR TOWN 290184 2/29/2024 SECURITY SOLUTIONS NW IN2/19/2024 354404 $175.92 IT - AVIGILON CAMERAS FOR TOWN 290184 2/29/2024 SECURITY SOLUTIONS NW IN2/19/2024 354404 $9,609.90 IT - AVIGILON CAMERAS FOR TOWN 290184 2/29/2024 SECURITY SOLUTIONS NW IN2/19/2024 354404 $210 26 IT - AVIGILON CAMERAS FOR TOWN 290184 2/29/2024 SECURITY SOLUTIONS NW IN2/19/2024 354404 $45.00 Freight 290118 2/29/2024 INLIFE CLINIC LLC, 1/31/2024 FWPD013124 $800 00 PD-CONSULTING SVCS 290132 2/29/2024 LANGUAGE LINE SERVICES, 11/31/2024 11205829 $475.40 PD-AG21-199 LANGUAGE SVC Key Bank Page 33 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGLTotal 290132 2/29/2024 LANGUAGE LINE SERVICES, 11/31/2024 11224691 $0 20 MC-AG21-199 LANGUAGE SVC 290150 2/29/2024 NEOGOV, GOVERNMENT JOB3/15/2024 INV-27457 $14.373 56 HR-SUBSCR. 03/15/24-03/14/25 290205 2/29/2024 THUILLIER, JENNIFER 1/31/2024 202410 $110.00 PWST-GRAPHIC DESIGN SERVICES F 290163 2/29/2024 PIERCE COUNTY SECURITY 112/5/2024 0431131 $300.00 PKM-AG23-207 SECURITY SERVICES 290074 2/29/2024 VERRA MOBILITY, 12/31/2023 INV0067884 $52,250.00 PD-AG21-034 PHOTO ENFORCEMENT 290078 2/29/2024 ADURO LLC, 1/31/2024 INV6974 $1,659.45 HR-AG19-209 WELLNESS PGM- 290122 2/29/2024 JIMENEZ PRODUCTIONS, DAU2/9/2024 0026 $830.00 IT-AG23-010 VIDEO PRODUCTION S 290228 2/29/2024 WEST COAST CODE CONSUI22/2/2024 UT24-FED-001 $1,350.00 CD-AG19-070 BUILDING DIVISION 290203 2/29/2024 THE TIGER KIDS, 2/14/2024 02/14/24 $1,596.00 PARKS-AG19-217 MARTIALART CLA 290122 2/29/2024 JIMENEZ PRODUCTIONS, DAV2/13/2024 0027 $70 00 IT-AG23-010 VIDEO PRODUCTION S 290185 2/29/2024 SEMISI-TUPOU, VAIVAO T 2/13/2024 02/13/24 $140.00 MC -INTERPRETER SERVICES 290122 2/29/2024 JIMENEZ PRODUCTIONS, DAV2/20/2024 0028 $157.50 IT-AG23-010 VIDEO PRODUCTION S 290179 2/29/2024 SAFAROVA-DOWNEY, ALMIRA2/20/2024 02/20/24 $140.00 MC -INTERPRETER SVC 290185 2/29/2024 SEMISI-TUPOU, VAIVAO T 2/20/2024 02/20/24 $175.00 MC -INTERPRETER SERVICES 290131 2/29/2024 LANE POWELL PC, 2/13/2024 3920498 $12.692 00 PW-AG19-225 LEGALSERVICES- 290144 2/29/2024 MOSS & BARNETT, 2/16/2024 802068 $378 00 LAW-18-046 LEGAL SVC CABLE FRA 290122 2/29/2024 JIMENEZ PRODUCTIONS, DAV2/15/2024 0029 $1,960 00 IT-AG23-010 VIDEO PRODUCTION S 290199 2/29/2024 SUMMIT LAW GROUP, 2/21/2024 151769 $3,619.00 HR-LEGAL SVCS 290185 2/29/2024 SEMISI-TUPOU, VAIVAO T 2/7/2024 02/07/24 $140 00 MC -INTERPRETER SERVICES 290178 2/29/2024 SAFAROVA-DOWNEY,ALMIRA2/7/2024 02/07/24 $140.00 MC -INTERPRETER SVC 290185 2/29/2024 SEMISI-TUPOU, VAIVAO T 2/6/2024 02/06/24 $140.00 MC -INTERPRETER SERVICES 290235 3/5/2024 HARMONY KINGS, 3/5/2024 12/28/23 $5,000.00 MOED-REISSUE CHECK#289853 290238 3/6/2024 FEDERAL WAY SYMPHONY OF12/16/2023 2023-2 $4,800.00 PARKS-AG23-101 CONCERT SERIES- 227249983 3/9/2024 WA STATE DEPT OF LICENSIN2/27/2024 0-082-609-983 $60.00 HR-DRIVING RECORDS 290326 3/15/2024 HELIX DESIGN GROUP INC; 2/23/2024 A23-08702232024 $559,925.68 PW-AG20-925 OPT & MAINT FACILI 290337 3/15/2024 JIMENEZ PRODUCTIONS, DAV2/27/2024 0030 $87.50 CC-AG23-010 FEDRAC MTG Key Bank Page 34 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290332 3/15/2024 INTERCOM LANGUAGE SVCS2/23/2024 24-102 $2,717.50 MC -INTERPRETER SVC 290278 3/15/2024 CODE PUBLISHING COMPANY2/23/2024 GC10013319 $232-87 CK-REVISED CODE 290340 3/15/2024 KAY CATERING, 3/7/2024 3406 $20,993.10 DBC-AG23-024 DUMAS BAY CATERIN 290337 3/15/2024 JIMENEZ PRODUCTIONS, DAV3/712024 0034 $875 00 IT-AG23-010 VIDEO PRODUCTION S 290293 3/15/2024 EDWARD NELSON LAW OFFIC3/1/2024 2024-02 $2.065.00 MO-AG21-160 PUBLIC DEFENSEATT 290337 3/15/2024 JIMENEZ PRODUCTIONS, DAV3/4/2024 0031 $140 00 CC-AG23-010 LUTC MTG 290337 3/15/2024 JIMENEZ PRODUCTIONS, DAV3/5/2024 0032 $157.50 IT-AG23-010 REG COUNCIL MTG 290405 3/15/2024 SEMISI-TUPOU, VAIVAO T 3/5/2024 3/05/24 $140.00 - MC -INTERPRETER SERVICES 290381 3/15/2024 PIERCE COUNTY SECURITY 113/5/2024 431878 $22,385.00 PKM-AG23-207 SECURITY SERVICES 290362 3/15/2024 MINUTEMAN PRESS OF FEDE2/29/2024 6105 $269.39 SWR-AG22-140 PRINT & DISTRIBUT- 290416 3/15/2024 SOUTH SOUND OUTREACH S5/1612023 2ND QTR 2023 REISSUE $2,582.83 CDHS-AG21-076 COVID RESPONSE F 290244 3/15/2024 ACCOUNTEMPS (ROBERT HAS/1212024 63326960 $1,539.20 MO-ADMINSTRATIVE TEMP 290381 3/15/2024 PIERCE COUNTY SECURITY 1112/6/2023 428545 $180.00 PKM-AG23-207 SECURITY SERVICES 290381 3/15/2024 PIERCE COUNTY SECURITY 1112/6/2023 428752 $375 00 PKM-AG23-207 SECURITY SERVICES 290381 3/15/2024 PIERCE COUNTY SECURITY 1112/6/2023 428472 $180.00 PKM-AG23-207 SECURITY SERVICES 290381 3/15/2024 PIERCE COUNTY SECURITY 1112/6/2023 428500 $175.00 PKM-AG23-207 SECURITY SERVICES 290381 3/15/2024 PIERCE COUNTY SECURITY 1112/6/2023 428501 $180.00 PKM-AG23-207 SECURITY SERVICES 290381 3/15/2024 PIERCE COUNTY SECURITY 1112/6/2023 428544 $180.00 PKM-AG23-207 SECURITY SERVICES 290416 3/15/2024 SOUTH SOUND OUTREACH S5/16/2023 1ST QTR 2023 REISSUE $2,959.97 CDHS-AG21-076 COVID RESPONSE F 290381 3/15/2024 PIERCE COUNTY SECURITY 1112/6/2023 428764 $180.00 PKM-AG23-207 SECURITY SERVICES 290381 3/15/2024 PIERCE COUNTY SECURITY 1112/6/2023 428467 $300.00 PKM-AG23-207 SECURITY SERVICES 290274 3/15/2024 CITY OF RENTON, 2/28/2024 59863 $57,980.00 CDHS-RENTON MOU 2024 290416 3/15/2024 SOUTH SOUND OUTREACH S10/13/2023 3RD QTR 2023 REISSUE $2,918.35 CDHS-AG21-076 COVID RESPONSE F 290275 3/15/2024 CITY OF TUKWILA, 2/23/2024 MR000116 $8,000.00 CDHS-MOU CHILD THERAPY CENTR 290261 3/15/2024 BID DECON SOLUTIONS LLC, 2/8/2024 3624 $4,287-29 CD -WASTE DISPOSAL 290293 3/15/2024 EDWARD NELSON LAW OFFIC2/6/2024 2024-01 $4.595.00 MO-AG21-160 PUBLIC DEFENSE ATT Key Bank Page 35 of 48 Check No. Date Vendor _ Invoice Date Invoice Description AmountGL Total 290388 3/15/2024 PRISMA INTERNATIONAL INC,2/8/2024 108491 $177.50 SWR-WRITTEN WORD TRANSLATION S 290438 3/15/2024 UTILITIES UNDERGROUND, 2/29/2024 4020155 $414.48 SWM-LOCATING SVC AG13-018- 290419 3/15/2024 STYRO RECYCLE LLC, 2/26/2024 335-FEB $1,600.00 SWR-PROVIDE COLLECTION PO# 069 290270 3/15/2024 CHRIS LEAVITT PHOTOGRAP027/2024 52771 $1,387 26 MO -PHOTOGRAPHY SERVICES 290244 3/15/2024 ACCOUNTEMPS (ROBERT HAl2/27/2024 63266571 $615.68 MO-ADMINSTRATIVE TEMP 290389 3/15/2024 PROTECT YOUTH SPORTS, 2/29/2024 1141004 $230 00 HR-BACKGROUND CHECKS 290284 3/15/2024 CORRECTIONS SOFTWARE, cl/l/2024 55076 $500.00 MC-02/24 PROBATION COMPUTER SY 290269 3/15/2024 CENTERSTAGE THEATREAR11/13/2024 11324-KFTJANDEC23 $6,420 00 DBC-AG23-138 THEATRE PRODUCTIO 290407 3/15/2024 SEQUENTIAL ENVIRON SVCS217/2024 260511 $165 15 FWCC-GREASE TRAP SVCS 290413 3/15/2024 SKCSRA-SOCCER REFEREES2/12/2024 2599 $1,104 00 PARKS-AG18-009 SOCCER REFEREE 290381 3/15/2024 PIERCE COUNTY SECURITY 113/5/2024 431896 $300 00 PKM-AG23-207 SECURITY SERVICES 290381 3/15/2024 PIERCE COUNTY SECURITY ll3/5/2024 431901 $180.00 PKM-AG23-207 SECURITY SERVICES 290381 3/15/2024 PIERCE COUNTY SECURITY 113/5/2024 431932 $175.00 PKM-AG23-207 SECURITY SERVICES 290381 3/15/2024 PIERCE COUNTY SECURITY 113/5/2024 431933 $180.00 PARKS-AG23-207 SECURITY SERVIC 290381 3/15/2024 PIERCE COUNTY SECURITY 113/5/2024 431978 $180.00 PARKS-AG23-207 SECURITY SERVIC 290381 3/15/2024 PIERCE COUNTY SECURITY 113/5/2024 431979 $180 00 PARKS-AG23-207 SECURITY SERVIC 290381 3/15/2024 PIERCE COUNTY SECURITY 113/5/2024 432185 $375.00 PARKS-AG23-207 SECURITY SERVIC 290381 3/15/2024 PIERCE COUNTY SECURITY 113/5/2024 432196 $180.00 PARKS-AG23-207 SECURITY SERVIC 290381 3/15/2024 PIERCE COUNTY SECURITY ll3/5/2024 432223 $300 00 PARKS-AG23-207 SECURITY SERVIC 290381 3/15/2024 PIERCE COUNTY SECURITY 113/5/2024 432260 $180.00 PARKS-AG23-207 SECURITY SERVIC 290428 3/15/2024 THUILLIER, JENNIFER 3/1/2024 202411 $113 00 SWM/SWR-GRAPHIC DESIGN FOR OUT 290388 3/15/2024 PRISMA INTERNATIONAL INC,2/29/2024 109373-X $107.30 SWM-WRITTEN WORD TRANSLATION S 290405 3/15/2024 SEMISI-TUPOU, VAIVAO T 2/21/2024 02/21/24 $140.00 MC -INTERPRETER SERVICES 290250 3/15/2024 AHBL INC, 1/31/2024 143468 $23,020.00 PKM-AG23-174 BROOKLAKE & STEEL 290370 3/15/2024 NARRIANA SILVA, MAGIC IN T12/14/2024 02/14/24 $112.00 PARKS -CHARACTER ENTERTAINMENT 290269 3/15/2024 CENTERSTAGE THEATRE ART1/15/2023 121323-KFTDEC2022 $512.50 DBC-AG23-138 THEATRE PRODUCTIO Key Bank Page 36 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290246 3/15/2024 ADURO LLC, 11/30/2023 INV6865 $1,686.93 HR-AG19-209 WELLNESS PGM 290244 3/15/2024 ACCOUNTEMPS (ROBERT HA13/5/2024 63295772 $1,539.20 MO-ADMINSTRATIVE TEMP 290337 3/15/2024 JIMENEZ PRODUCTIONS, DAV3/7/2024 0033 $805.00 IT-AG23-010 VIDEO PRODUCTION S 290332 3/15/2024 INTERCOM LANGUAGE SVCS3/1/2024 24-111 $942.50 MC -INTERPRETER SVC 290322 3/15/2024 H2 GOVERNMENT RELATION;3/l/2024 H2_CFW 2550 $3,500.00 MO-AG21-013 LOBBYING SVC— PUBLIC UTILITY SERVICES $54.89 290092 2/29/2024 COMCAST OF WASHINGTON 12/1/2024 8498 34 016 1554623 $54,89 FWCC-02/24 CABLE SVC PW - CLAIMS PROPERTY $4,878.27 290125 2/29/2024 KING COUNTY FINANCE DIVIS1/31/2024 131863-131865 $4.878.27 RM-RSD FW#131863-131865 RENTAL CARS/GROUND TRANSPORT $45.92 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $25 27 MO -TAXIS 225244759 2/25/2024 US BANK, 2125/2024 JAN 2024 CITY VISA $20.65 FI-TAXI S RENTAL OF FURNITUREIEQUIPMENT $6,563.22 290356 3/15/2024 MACHINERY POWER & EQUIP2/20/2024 G2141801 $2,841 68 PKM-EQUIPMENT RENTAL 290324 3/15/2024 HEAD -QUARTERS PTS, 2/29/2024 63196 $2,480 00 PKM-AG18-017 PORTABLE TOILETS 290357 3/15/2024 MACHINERY POWER & EQUIP10131/2023 G2111601 $1,241.54 PWST-MAINT SUPPLIES REPAIR & MAINT SUPPLIES $17,529.62 225244759 2/25/2024 US BANK, 2/25/2024 JAN 2024 CITY VISA $166.40 FWCC-MAINT SUPPLIES 290186 2/29/2024 SHERWIN-WILLIAMS CO, 2/6/2024 4840-6 $518.68 PKM-FACILITIES PAINT SUPPLIES 290156 2/29/2024 ORCA PACIFIC INC, 2/16/2024 INV0607923 $991 93 PARKS -POOL CHEMICALS AG17-002 290156 2/29/2024 ORCA PACIFIC INC, 2/9/2024 INV0607860 $1.551.18 FWCC-POOL CHEMICALS MAINTAG09 290156 2/29/2024 ORCA PACIFIC INC, 1/5/2024 INV0607471 $1,122.07 PARKS -POOL CHEMICALS AG17-002 290156 2/29/2024 ORCA PACIFIC INC, 1/12/2024 INV0607557 $1,157.64 PARKS -POOL CHEMICALS AG17-002 290104 2/29/2024 FERGUSON ENTERPRISES, IM/30/2024 2270646 $16.10 PKM-REPAIR/MAINTENANCE SUPPLIE 290097 2/29/2024 CORLISS RESOURCES INC, 2/7/2024 2041536 $252.16 FWCC-CONCRETE SUPPLIES 290096 2/29/2024 CORLISS RESOURCES INC, 2/8/2024 2041642 $293.83 FWCC-CONCRETE SUPPLIES 290096 2/29/2024 CORLISS RESOURCES INC, 2/9/2024 2041739 $538.45 FWCC-CONCRETE SUPPLIES 290096 2/29/2024 CORLISS RESOURCES INC, 2/12/2024 2041845 $809.97 FWCC-CONCRETE SUPPLIES Key Bank Page 37 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290079 2/29/2024 AGRISHOP INC, 2/20/2024 C76129/1 $495.86 PKM-MAINT SUPPLIES 290116 2/29/2024 HOME DEPOT-DEPT 32-250072/9/2024 7025527 $18 29 PKM-REPAIR & MAINT SUPPLIES 290096 2/29/2024 CORLISS RESOURCES INC, 2/13/2024 2041935 $1,931.00 FWCC-CRUSHED ROCK 290212 2/29/2024 ULINE, 2/18/2024 173344315 $363.73 CHB-MAINT SUPPLIES 290156 2/29/2024 ORCA PACIFIC INC, 2/5/2024 INV0607780 $1.208.83 PARKS -POOL CHEMICALS AG17-002 290317 3/15/2024 GRAINGER INC, 2/22/2024 9028728237 $178.02 CHB-MAINT SUPPLIES 290317 3/15/2024 GRAINGER INC, 1/30/2024 9003451102 $176 09 CHB-MAINT SUPPLIES 290414 3/15/2024 SOLID WASTE SYSTEMS INC, 3/11/2024 2541138 $1,776.44 FLT-PURCHASE OF NEW INSPECTI 290249 3/15/2024 AGRISHOP INC, 3/5/2024 71594/1 $25 97 PKM-EQUIPMENT PARTS & REPAIRS 290327 3/15/2024 HOME DEPOT-DEPT 32-250073/4/2024 3614846 $10.94 PKM-REPAIR/MAINTENANCE SUPPLIE 290249 3/15/2024 AGRISHOP INC, 3/6/2024 71607/1 $653.84 PKM-EQUIPMENT PARTS & REPAIRS 290307 3/15/2024 FLAGS A' FLYING LLC, 2/23/2024 100519 $860.12 PKM-FLAGS/ACCESSORIES 290327 3/15/2024 HOME DEPOT-DEPT 32-250072/29/2024 7032811 $190.44 PKM-REPAIR & MAINT SUPPLIES 290327 3/15/2024 HOME DEPOT-DEPT 32-250072/27/2024 9072739 $241-12 PKM-REPAIR & MAINT SUPPLIES 290373 3/15/2024 ORCA PACIFIC INC, 2/26/2024 INV0608014 $959.68 FWCC-POOL CHEMICALS AG17-002 290373 3/15/2024 ORCA PACIFIC INC, 3/1/2024 INV0608084 $1,020.84 FWCC-POOL CHEMICALS AG17-002 REPAIR PARTS $9,680.35 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $180.82 PD-MAINT SVCS 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $5 95 PD-MAINT SVCS 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $585 25 PD-OPER SUPPLIES 290149 2/29/2024 NAPA AUTO PARTS, 2/15/2024 142644 $7613 FLT-REPAIR & MAINT SUPPLIES 290157 2/29/2024 O'REILLYAUTO PARTS, 2/16/2024 3710-229061 $19.81 FLT-SUPPLIES 290149 2/29/2024 NAPA AUTO PARTS, 2/14/2024 142544 $196.19 FLT-REPAIR & MAINT SUPPLIES 290181 2/29/2024 SEATTLE AUTOMOTIVE, DIST12/7/2024 S5-8757174 $-17.62 FLT-REPAIR PARTS 290181 2/29/2024 SEATTLE AUTOMOTIVE, DIST12/2/2024 S5-8744089 $72,53 FLT-REPAIR PARTS 290181 2/29/2024 SEATTLE AUTOMOTIVE, DISTF1/3/2024 S5-8657171 $87.26 FLT-REPAIR PARTS Key Bank Page 38 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290149 2129/2024 NAPA AUTO PARTS, 2/20/2024 142961 $12 10 FLT-REPAIR & MAINT SUPPLIES 290149 2/29/2024 NAPA AUTO PARTS, 2/20/2024 143019 $65 42 FLT-REPAIR & MAINT SUPPLIES 290084 2/29/2024 ARG INDUSTRIAL, 2/14/2024 T062825 $48 69 FLT-MAINT SUPPLIES 290084 2/29/2024 ARG INDUSTRIAL, 2/14/2024 T062849 $267.45 FLT-MAINT SUPPLIES 290084 2/29/2024 ARG INDUSTRIAL, 2/15/2024 T062866 $13.42 FLT-MAINT SUPPLIES 290099 2/29/2024 DOBBS PETERBILT, 2/16/2024 033P89289 $685.86 FLT-MAINT SUPPLIES 290208 2/29/2024 TITUS-WILL FORD SLS INC, 2/8/2024 304751F $39.22 FLT-REPAIR PARTS 290084 2/29/2024 ARG INDUSTRIAL, 2/16/2024 T062912 $57.97 FLT-MAINT SUPPLIES 290369 3/15/2024 NAPAAUTO PARTS, 2/23/2024 143251 $40.92 FLT-REPAIR & MAINT 290255 3/15/2024 ARG INDUSTRIAL, 2/22/2024 T063024 $115.28 FLT-REPAIR PARTS 290255 3/15/2024 ARG INDUSTRIAL, 2/22/2024 T063056 $9.81 FLT-REPAIR PARTS 290302 3/15/2024 FASTENAL, 2/23/2024 WAAUB100679 $102.47 FLT-MAINT SUPPLIES 290255 3/15/2024 ARG INDUSTRIAL, 2/23/2024 T063081 $8 86 FLT-REPAIR PARTS 290255 3/15/2024 ARG INDUSTRIAL, 2/27/2024 T063175 $95.43 FLT-REPAIR PARTS 290420 3/15/2024 SYNOVIA SOLUTIONS LLC, 11/29/2023 478182 TAX $81.13 FLT-CABLE 290369 3/15/2024 NAPA AUTO PARTS, 2/26/2024 143450 $774.77 FLT-REPAIR & MAINT 290369 3/15/2024 NAPA AUTO PARTS, 2/26/2024 143480 $4.39 FLT-REPAIR & MAINT 290369 3/15/2024 NAPA AUTO PARTS, 2/27/2024 143517_ $58.53 FLT-REPAIR & MAINT 290369 3/15/2024 NAPA AUTO PARTS, 2/27/2024 143572 $137.36 FLT-REPAIR & MAINT 290291 3/15/2024 DON SMALL & SONS OIL DIST2/15/2024 S252213 $2,206 75 FLT-DIESEL FUEL 290378 3/15/2024 PEAK INDUSTRIAL INC, PEAK 1/11/2024 PSI-322985 $259.36 FLT-REPAIR PARTS 290378 3/15/2024 PEAK INDUSTRIAL INC, PEAK 1/1212024 PSI-323370 $110.03 FLT-REPAIR PARTS 290445 3/15/2024 VILMASIGNS, 2/15/2024 4499 $2,674.88 FLT-MAINT SUPPLIES 290442 3/15/2024 VERMEER NORTHWEST SALE2/8/2024 08105063 $62 51 FLT-REPAIR PARTS 290369 3/15/2024 NAPA AUTO PARTS, 1/31/2024 141499 $189 93 FLT-REPAIR & MAINT 290369 3/15/2024 NAPA AUTO PARTS, 2/22/2024 143202 $202 12 FLT-REPAIR & MAINT Key Bank Page 39 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290369 3/15/2024 NAPA AUTO PARTS, 2/21/2024 143109 $149.37 FLT-REPAIR & MAINT REPAIRS AND MAINTENANCE $138,607.12 225243793 2/25/2024 US BANK, 2/25/2024 JAN 2024 PD VISA $208.03 PD-MAINT SVCS 290147 2/29/2024 MV TOWING LLC, 1/21/2024 30437 $77.07 PD-VEHICLE TOW 290158 2/29/2024 PAPE MACHINERY INC, 1/30/2024 6608950 $884.01 FLT-AG24-021 24-26 PK&REC GUID 290147 2/29/2024 MV TOWING LLC, 2/2/2024 30866 $77.07 PD-VEHICLE TOW 290095 2/29/2024 COPIERS NORTHWEST INC, 1/31/2024 INV2779186 $155.49 IT-AG21-019 PRINTER/COPIER MAI 290095 2/29/2024 COPIERS NORTHWEST INC, 1/31/2024 INV2779186 $894.03 IT-AG21-019 PRINTER/COPIER MAI 290095 2/29/2024 COPIERS NORTHWEST INC, 1/31/2024 INV2779186 $894.04 IT-AG21-019 PRINTER/COPIER MAI 290143 2/29/2024 MORGAN SOUND, INC, 8/2/2017 MS1091753 $-1,115.73 FWCC-SERVICE CALL 290195 2/29/2024 SPRAGUE PEST CONTROL, 2/7/2024 5354843 $146.54 PKM-FACILITIES PEST CONTROL S 290147 2/29/2024 MVTOWING LLC, 2/9/2024 31419 $77.07 PD-VEHICLE TOW 290230 2/29/2024 WHITMAN GLOBAL CARPET C2/9/2024 553963 $2,455.53 CHB-AG20-949 CARPET CLEANING S 290230 2/29/2024 WHITMAN GLOBAL CARPET C2/9/2024 553964 $130.20 CHB-AG20-949 CARPET CLEANING S 290168 2/29/2024 PRO TOUCH AUTO INTERIOR 2/5/2024 63360 $495.45 PD-VEH MAINT SVC 290145 2/29/2024 MT VIEW LOCATING SERVICE2/6/2024 22351.35381 $237,50 PKM-LOCATING SVC 290147 2/29/2024 MV TOWING LLC, 2/6/2024 30867 $220.20 PD-VEHICLE TOW 290147 2/29/2024 MV TOWING LLC, 2/6/2024 31354 $77.07 PD-VEHICLE TOW 290169 2/29/2024 PRS GROUP INC, 2/13/2024 105227 $1,255,23 SWM-WASTE DISPOSAL 290168 2/29/2024 PRO TOUCH AUTO INTERIOR 2/16/2024 63395 $176,16 PD-VEH MAINT SVC 290168 2/29/2024 PRO TOUCH AUTO INTERIOR 2/16/2024 63396 $176,16 PD-VEH MAINT SVC 290168 2/29/2024 PRO TOUCH AUTO INTERIOR 2/16/2024 63397 $385.35 PD-VEH MAINT SVC 290168 2/29/2024 PRO TOUCH AUTO INTERIOR 2/16/2024 63398 $385.35 PD-VEH MAINT SVC 290168 2/29/2024 PRO TOUCH AUTO INTERIOR 2/21/2024 63512 $176.16 PD-VEH MAINT SVC 290143 2/29/2024 MORGAN SOUND, INC, 2/19/2024 MS1116727 $1,749,49 FWCC-SERVICE CALL 290168 2/29/2024 PRO TOUCH AUTO INTERIOR 2/13/2024 63386 $160.00 PD-VEHICLE CLEANING SVC Key Bank Page 40 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGLTotal 290168 2/29/2024 PRO TOUCH AUTO INTERIOR 2/13/2024 63386 $16.16 Sales Tax 290206 2/29/2024 THUNDERING OAK ENTERPRI2/21/2024 12501 $1,073.48 PKM-AG19-115 TREE SVC AGREEMEN 290100 2/29/2024 EAGLE TIRE &AUTOMOTIVE (2/17/2024 201210 $208.67 FLT-VEH MAINT 290100 2/29/2024 EAGLE TIRE & AUTOMOTIVE (2/19/2024 201255 $2,955.13 FLT-VEH MAINT 290133 2/29/2024 LARSEN SIGN CO., 2/20/2024 33822 $814.74 PD-VEH GRAPHICS 290100 2/29/2024 EAGLE TIRE & AUTOMOTIVE (2/15/2024 201165 $28.63 PD-VEH MAINT 290100 2/29/2024 EAGLE TIRE & AUTOMOTIVE (2/15/2024 201172 $688.72 PD-VEH MAINT 290100 2/29/2024 EAGLE TIRE &AUTOMOTIVE (2/15/2024 201173 $1,314.16 PD-VEH MAINT 290100 2/29/2024 EAGLE TIRE & AUTOMOTIVE (2/15/2024 201177 $1,094.74 PD-VEH MAINT 290194 2/29/2024 SPEEDY GLASS - TACOMA, 2/16/2024 i-6005-1013834-o $33.03 PD-VEHICLE WINDSHIELD REPAIR 290116 2/29/2024 HOME DEPOT-DEPT 32-250072/8/2024 8213747 $43.42 SWM-REPAIR & MAINT SUPPLIES 290100 2/29/2024 EAGLE TIRE & AUTOMOTIVE (217/2024 200974 $231.23 PD-VEHICLE MAINT 290100 2/29/2024 EAGLE TIRE & AUTOMOTIVE (2/2/2024 200881 $373.81 PD-VEHICLE MAINT 290202 2/29/2024 TERMINIX, 2/2/2024 443094929 $116.71 FWCC-PEST CONTROL 290100 2/29/2024 EAGLE TIRE & AUTOMOTIVE (2/5/2024 200932 $184 58 PD-VEHICLE MAINT 290100 2/29/2024 EAGLE TIRE &AUTOMOTIVE (2/5/2024 200942 $141.85 PD-VEHICLE MAINT 290100 2/29/2024 EAGLE TIRE &AUTOMOTIVE (2/1/2024 200855 $97.99 PD-VEHICLE MAINT 290100 2/29/2024 EAGLE TIRE &AUTOMOTIVE (2/1/2024 200856 $295.76 PD-VEHICLE MAINT 290100 2/29/2024 EAGLE TIRE &AUTOMOTIVE (2/16/2024. 201187 $300.98 FLT-VEH MAINT 290201 2/29/2024 SYSTEMS FOR PUBLIC SAFE12/16/2024 46145 $505.04 PD-VEH MAINT SVCS 290136 2/29/2024 MACMOR INC, 2/13/2024 18812 $6,22122 PWST/SWR-AG23-006 2023 RIGHT-O 290136 2/29/2024 MACMOR INC, 2/13/2024 18812 $1,020.76 PWST/SWR-AG23-006 2023 RIGHT-O 290229 2/29/2024 WHIRLWIND SERVICES INC, V2/9/2024 4124 $62.76 PARKS-AG24-004 PARKING LOT SWE 290105 2/29/2024 FERRELLS FIRE EXTINGUISHI2/8/2024 37960 $2,082.54 PKM-FIRE EXTING SVC 290100 2/29/2024 EAGLE TIRE &AUTOMOTIVE (2/7/2024 200994 $184.44 FLT-VEH MAINT 290100 2/29/2024 EAGLE TIRE &AUTOMOTIVE (2/8/2024 201001 $144.24 FLT-VEH MAINT Key Bank Page 41 of 48 Check No. Date Vendor Invoice Date Invoice _ Description AmountGL Total 290140 2/29/2024 MCDONOUGH & SONS INC, 1/31/2024 272845 $10,964.66 SWM-AG23-008 2023 STREET SWEEP 290063 2/29/2024 ACTION SERVICES CORPORA9/25/2023 116633 $5,909,85 SWM-AG21-023 VACTOR & INFASTRU 290071 2/29/2024 SCARFF FORD, 12/19/2023 79786 $231.36 PD-VEH MAINT SVC 290069 2/29/2024 MORGAN SOUND, INC, 12/612023 MS1115907 $396.36 FWCC-MAINT & REPAIR 290182 2/29/2024 SECOMA FENCE INC, 1/31/2024 28470 $192.41 Sales Tax 290210 2/29/2024 TRUSTED PLUMBING & HEATII/8/2024 10709 $9,028,20 PKM-REPAIR AND MAINT SVCS. 290210 2/29/2024 TRUSTED PLUMBING & HEATII/30/2024 10707 $5.725,95 PKM-REPAIR AND MAINT SVCS. 290182 2/29/2024 SECOMA FENCE INC, 1/31/2024 28470 $1.905.00 PWST-FOR REPAIR OF DAMAGED FEN 290100 2/29/2024 EAGLE TIRE &AUTOMOTIVE (2/15/2024 201160 $131.84 PD-VEHICLE MAINT 290100 2/29/2024 EAGLE TIRE &AUTOMOTIVE (2/12/2024 201105 $233.36 PD-VEHICLE MAINT 290100 2/29/2024 EAGLE TIRE & AUTOMOTIVE (2/13/2024 201121 $334,04 PD-VEHICLE MAINT 290100 2/29/2024 EAGLE TIRE & AUTOMOTIVE (2/14/2024 201142 $211.71 PD-VEHICLE MAINT 290236 3/5/2024 MONARCH COLLISION CENTE3/5/2024 1997 $242.41 PD-REISSUE CHECK#287229 290290 3/15/2024 DMX LLC DBA MOOD MEDIA, 3/1/2024 58064332 $56 20 IT-03/24 MEDIA SERVICES 290282 3/15/2024 COPIERS NORTHWEST INC, 2/29/2024 INV2787334 $903.16 IT-AG21-019 PRINTER/COPIER MAI 290429 3/15/2024 THUNDERING OAK ENTERPRI3/1/2024 12510 $2,917 65 PKM-AG19-115 TREE SVC AGREEMEN 290417 3/15/2024 SPRAGUE PEST CONTROL, 2/20/2024 5353488 $151 38 DBC-FACILITIES PEST CONTROL 290453 3/15/2024 WASHDUP, LLC, 3/12/2024 636 $183 30 PD-JANUARY CAR WASH SERVICE 290417 3/15/2024 SPRAGUE PEST CONTROL, 3/5/2024 5384189 $146-54 PKM-FACILITIES PEST CONTROL 290390 3/15/2024 PRS GROUP INC, 3/1/2024 105593 $2,524.83 SWM-WASTE DISPOSAL 290277 3/15/2024 COASTAL FARM & HOME SUPI2/8/2024 5290/45 $264.31 SWM-UNIFORM SUPPLIES 290344 3/15/2024 KING COUNTY FINANCE DIVIEl/31/2024 131739-131744,131865 $5,112,81 PWTR/PW-RSD PJ#131739-131744,1 290459 3/15/2024 WHIRLWIND SERVICES INC, %Pl/29/2024 3078 $139.11 PKM-AG24-004 PARKING LOT SWEEP 290390 3/15/2024 PRS GROUP INC, 2/23/2024 105463 $1,469.13 SWM-WASTE DISPOSAL 290247 3/15/2024 ADVANCED PRO FITNESS REI1/8/2024 12282402T $484A4 FWCC-FITNESS EQUIP 290453 3/15/2024 WASHDUP, LLC, 1/31/2024 636 $7.99 FLT-JANUARY CAR WASH SERVICE Key Bank Page 42 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290245 3/15/2024 ACTION SERVICES CORPORA10/25/2023 117072 $2,510.28 SWM-VACTOR & INFASTRUCTURE MAI 290355 3/15/2024 MACDONALD MILLER SERVIC2/28I2024 PM139065 $9,834.13 FWCC-AG 1 9-042B HVAC SVC- 290355 3/15/2024 MACDONALD MILLER SERVIC2/28/2024 SCV290644 $1,304.57 FWCC-AG19-042B HVAC SVC- 290327 3/15/2024 HOME DEPOT-DEPT 32-250072/26/2024 0613990 $108.56 SWM-REPAIR/MAINTENANCE SUPPLIE 290376 3/15/2024 PACIFIC POWER GROUP LLC,2/23/2024 6578749-00 $776.89 CHB-AG23-124 GENERATOR MAINTEN 290355 3/15/2024 MACDONALD MILLER SERVIC2/22/2024 SVC290216 $1,363.04 CHBIFWCC-AG19-042B HVAC SVC- 290320 3/15/2024 GREENPOINT LANDSCAPING 2/25/2024 1271415812 $1,647.10 FWCC-AG19-119 LANDSCAPE MAINT 290385 3/15/2024 PRECISION CONCRETE CUTT2/23/2024 WA96405BC $24,753.45 PWST-AG21-098 CONCRETE BEVELIN 290330 3/15/2024 HTR GLASS & CONSTRUCT102/23/2024 24002-1 $5,136.17 CHB-AG20-018 DOOR & WINDOW MAI 290421 3/15/2024 SYSTEMS FOR PUBLIC SAFE12/2312024 44895 $52.02 PD-VEH MAINT SVC 290421 3/15/2024 SYSTEMS FOR PUBLIC SAFE12/23/2024 46090 $1,250.33 PD-VEH MAINT SVC 290366 3/15/2024 MT VIEW LOCATING SERVICE3/4/2024 22351.35638 $525,00 PKM-LOCATING SERVICES 290408 3/15/2024 SEQUENTIAL ENVIRON SVCS 3/5/2024 262724 $165.15 DBC-GREASE TRAP SVCS 290327 3/15/2024 HOME DEPOT-DEPT 32-250072/29/2024 7514446 $95.47 SWM-REPAIR/MAINTENANCE SUPPLIE 290327 3/15/2024 HOME DEPOT-DEPT 32-250073/l/2024 6614503 $23.05 SWM-REPAIR & MAINT SUPPLIES 290435 3/15/2024 TRUSTED PLUMBING & HEAT12/27/2024 10824 $5,499.99 PKM-REPAIR AND MAINT SVCS 290361 3/15/2024 METRO GLASS CO INC, 2/26/2024 230901 $1,301.38 CHB-MAINT SVC 290417 3/15/2024 SPRAGUE PEST CONTROL, 2/28/2024 5354809 $86.59 PKM-FACILITIES PEST CONTROL 290282 3/15/2024 COPIERS NORTHWEST INC, 2/27/2024 INV2785466 $530.17 IT-AG21-019 PRINTER/COPIER MAI 290282 3/15/2024 COPIERS NORTHWEST INC, 2/27/2024 INV2785465 $132.98 IT-AG21-019 PRINTER/COPIER MAI 290432 3/15/2024 TOTAL LANDSCAPE CORPOR2/29/2024 94568 $1,030.54 DBC-AG19-224 LANDSCAPE MAINT S ROAD SVCSIPERMITS-INTGVT $21,932.16 290447 3/15/2024 WA STATE DEPT OF ECOLOG12/23/2024 24-WAR045516B-1 $19,755.00 SWM-FY 2024 FEE 24-WAR045516B- 290449 3/15/2024 WA STATE DEPT OF TRANSPC2113/2024 RE 41 JZ1812 L007 $809.46 PW-PROJECT JZ1812 FEES 290344 3/15/2024 KING COUNTY FINANCE DIVIS1/31/2024 131739-131744,131865 $162.69 PWTR/PW-RSD PJ#131739-131744.1 290344 3/15/2024 KING COUNTY FINANCE DIVIS1/31I2024 131739-131744,131865 $1,205.01 PWTR/PW-RSD PJ#131739-131744,1 SALES TAX PAYABLE $6,116.19 Key Bank Page 43 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290222 2/29/2024 WA STATE REVENUE DEPART2/27/2024 601-223-538 $6,113.37 FI-01/24 REMIT SALES TAX 290222 2/29/2024 WA STATE REVENUE DEPART2/27/2024 601-223-538 $1 82 FI-01/24 REMIT SALES TAX SALES TAX PAYABLE-RECREAT $15,053.75 290222 2/29/2024 WA STATE REVENUE DEPART2/27/2024 601-223-538 $398.48 FI-01/24 REMIT SALES TAX 290222 2/29/2024 WA STATE REVENUE DEPART2/27/2024 601-223-538 $12.216 69 FI-01/24 REMIT SALES TAX 290222 2/29/2024 WA STATE REVENUE DEPART2/27/2024 601-223-538 $2,438.58 FI-01/24 REMIT SALES TAX SEWER BILLINGS $840.15 290129 2/29/2024 LAKEHAVEN UTILITY DISTRIC'2/9/2024 460602 $564.10 PKM-01 /24 2645 312TH ST S #191 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC'2/9/2024 3671801 $69.70 PKM-12/23 31600 20TH AVE S. M# 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC'2/15/2024 888302 $85 15 PKM-12/23 31104 28TH AVE S M#2 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC'2/15/2024 899802 $12120 PKM-12/23 2410 312TH ST S BEAC SMALL OFFICE APPARATUS $12,744.63 290216 2/29/2024 VARI SALES CORPORATION, 2/5/2024 91055296 $5.375.64 PWST-ENG DIV REMODEL 290073 2/29/2024 VARI SALES CORPORATION, 12/28/2023 91038686 $153,59 SWM/PWST/PWfR-ENG DIV REMODEL 290073 2/29/2024 VARI SALES CORPORATION, 12/28/2023 91038687 $128.82 SWM/PWST/PWTR-ENG DIV REMODEL 290073 2/29/2024 VARI SALES CORPORATION, 12/28/2023 91039113 $3.402.09 SWM/PWST/PWTR-ENG DIV REMODEL 290073 2/29/2024 VARI SALES CORPORATION, 12/28/2023 91039113 $3,402.09 SWM/PWST/PWTR-ENG DIV REMODEL 290073 2/29/2024 VARI SALES CORPORATION, 12/28/2023 91038686 $153.59 SWM/PWST/PWTR-ENG DIV REMODEL 290073 2/29/2024 VARI SALES CORPORATION, 12/28/2023 91038687 $128.81 SWM/PWST/PWTR-ENG DIV REMODEL SMALL TOOLS - SHOP $1,651.89 290067 2/29/2024 JENNINGS EQUIPMENT INC, 12/11/2023 49245P $225.82 PWST-MAINT SUPPLIES 290067 2/29/2024 JENNINGS EQUIPMENT INC, 11/16/2023 48781P $236 35 PWST-MAINT SUPPLIES 290121 2/29/2024 JENNINGS EQUIPMENT INC, 2/6/2024 50247P $166 79 PWST-MOWER REPAIR PARTS/SUPPLI 290121 2/29/2024 JENNINGS EQUIPMENT INC, 1/26/2024 50041P $438.12 PWST-REPAIR PARTS/SUPPLIES 290116 2/29/2024 HOME DEPOT-DEPT 32-2500721912024 7213750 $1.65 PWST-REPAIR/MAINTENANCE SUPPLI 290116 2/29/2024 HOME DEPOT-DEPT 32-250072/21/2024 5213824 $12.63 PWST-REPAIR/MAINTENANCE SUPPLI 290327 3/15/2024 HOME DEPOT-DEPT 32-250073/1/2024 6021376 $134.21 CHB-REPAIR & MAINT SUPPLIES 290249 3/15/2024 AGRISHOP INC, 2/28/2024 71545/1 $354.81 PWST-EQUIPMENT PARTS & REPAIRS Key Bank Page 44 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGLTotal 290249 3/15/2024 AGRISHOP INC, 3/1/2024 71561/1 $81.51 PWST-EQUIPMENT PARTS & REPAIRS STATE COVID-19 GRANT BUSIN REIME $20,186.22 290358 3/15/2024 MADCAP MARKETING, 2/27/2024 4435 $8,571.22 MOED-AG23-264 PEOPLE PLACES & 290279 3/15/2024 COLLABORATIVE PARTNERS,2/1/2024 1421 $4,132.50 MOED-AG23-257 GRANT WRITER SER 290336 3/15/2024 JAYRAY ADS & PR INC, DBAJf2/15/2024 008458 $7,482 50 MOED-AG24-006 ECON DEV COMMUN STONE & GRAVEL $10,396.52 290226 2/29/2024 WASHINGTON ROCK QUARRI12/10/2024 92092 $1.415-73 PKM-MAINT SUPPLIES 290096 2/29/2024 CORLISS RESOURCES INC, 2/15/2024 2042140 $2,754.24 PKM-CONCRETE SUPPLIES 290096 2/29/2024 CORLISS RESOURCES INC, 2/14/2024 2042048 $2,568.55 PKM-CONCRETE SUPPLIES 290283 3/15/2024 CORLISS RESOURCES INC, 2/29/2024 2043058 $354.58 SWM-CONCRETE SUPPLIES 290283 3/15/2024 CORLISS RESOURCES INC, 2/12/2024 2041846 $322.86 SWM-CONCRETE SUPPLIES 290283 3/15/2024 CORLISS RESOURCES INC, 2/23/2024 2042653 $195 15 SWM-CONCRETE SUPPLIES 290283 3/15/2024 CORLISS RESOURCES INC, 2/27/2024 2042858 $37421 SWM-CONCRETE SUPPLIES 290283 3/15/2024 CORLISS RESOURCES INC, 2/22/2024 2042574 $2,411.20 SWM-CONCRETE SUPPLIES TAXES/ASSESSMENTS-INTERGOVT $-2,262.68 290222 2/29/2024 WA STATE REVENUE DEPART2/27/2024 601-223-538 $175.90 FI-01/24 REMIT SALES TAX 290222 2/29/2024 WA STATE REVENUE DEPART2/27/2024 601-223-538 $-2,438.58 FI-01/24 REMIT SALES TAX TIRES $5,189.43 290100 2/29/2024 EAGLE TIRE &AUTOMOTIVE (2/8/2024 201009 $1,774.40 PD-VEHICLE MAINT 290100 2/29/2024 EAGLE TIRE & AUTOMOTIVE (2/6/2024 200967 $559.46 PD-VEHICLE MAINT 290100 2/29/2024 EAGLE TIRE & AUTOMOTIVE (2/9/2024 201040 $207.99 PD-VEHICLE MAINT 290100 2/29/2024 EAGLE TIRE & AUTOMOTIVE (2/12/2024 201104 $1,216 08 PD-VEHICLE MAINT 290100 2/29/2024 EAGLE TIRE & AUTOMOTIVE (2/1/2024 200854 $285.31 PD-VEHICLE MAINT 290100 2/29/2024 EAGLE TIRE & AUTOMOTIVE (2/14/2024 201143 $207 99 PD-VEHICLE MAINT 290100 2/29/2024 EAGLE TIRE & AUTOMOTIVE (2/14/2024 201147 $880 95 PD-VEHICLE MAINT 290100 2/29/2024 EAGLE TIRE & AUTOMOTIVE (2113/2024 201136 $57 25 PD-VEHICLE MAINT TOPSOIL $105.12 290064 2/29/2024 CORLISS RESOURCES INC, 11/17/2023 2037249 $105.12 PWST-CONCRETE SUPPLIES TRAFFIC INFRACTIONS $2,743.53 Key Bank Page 45 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290406 3/15/2024 SENATUS, TERRY 2/28/2024 0992100070802 $72.53 MC -REFUND VIOLATION DISMISSAL 290342 3/15/2024 KELLEY, ANDREW 2/27/2024 0992300176037 $139 00 MC -REFUND VIOLATION DISMISSAL 290424 3/15/2024 THE HOME DEPOT, 2/27/2024 0992300181516 $164.00 MC -REFUND VIOLATION DISMISSAL 290314 3/15/2024 GODFREY, CHELSEA 2/27/2024 0992300186788 $164.00 MC -REFUND VIOLATION DISMISSAL 290397 3/15/2024 RAMOS, JOHANAN ROBLES 2/27/2024 0992300196647 $139 00 MC -REFUND VIOLATION DISMISSAL 290393 3/15/2024 PV HOLDING CORP, 2/27/2024 0992300212949 $139 00 MC -REFUND VIOLATION DISMISSAL 290257 3/15/2024 ATTAWAY, RONAL 2/27/2024 0992300270178 $25.00 MC -REFUND VIOLATION DISMISSAL 290305 3/15/2024 FEDERAL WAY SCHOOL DISTF2/27/2024 0992300325345 $305.00 MC -REFUND VIOLATION DISMISSAL 290319 3/15/2024 GREEN, LAMONT 2/20/2024 0992300082508 $164.00 MC -REFUND VIOLATION DISMISSAL 290295 3/15/2024 ELLINGSON, KAY L. 2/20/2024 099230009300 $250 00 MC -REFUND VIOLATION DISMISSAL 290331 3/15/2024 HUSAIN. NAILA 2/20/2024 0992300137179 $90.00 MC -REFUND VIOLATION DISMISSAL 290456 3/15/2024 WAWERU, MARGARET 2/20/2024 0992300149133 $139 00 MC -REFUND 0992300149133 290444 3/15/2024 VILLA, FRANCIS 2/20/2024 0992300162441 $164.00 MC -REFUND VIOLATION DISMISSAL 290400 3/15/2024 SALAS, JOE 2/20/2024 0992300162490 $25.00 MC -REFUND VIOLATION DISMISSAL 290354 3/15/2024 LOZANO, SUSANO MARTINEZ2/20/2024 0992300169677 $25.00 MC -REFUND VIOLATION DISMISSAL 290311 3/15/2024 GARCIA. JAMES VALENTIN 2/20/2024 0992300169966 $210.00 MC -REFUND VIOLATION DISMISSAL 290258 3/15/2024 ATWAL, AMANPREET 2/20/2024 0992300196555 $164.00 MC -REFUND VIOLATION DISMISSAL 290350 3/15/2024 KRAUS. ALBERT JOHN 2/20/2024 0992300248893 $150.00 MC -REFUND VIOLATION DISMISSAL 290343 3/15/2024 KEMP. BOB 2/20/2024 0992300298773 $62.00 MC -REFUND VIOLATION DISMISSAL 290323 3/15/2024 HA, MIN 2/20/2024 0992300321047 $153.00 MC -REFUND VIOLATION DISMISSAL TRANSPORTATION EQUIPMENT $312,723.28 290135 2/29/2024 LICENSING SERVICES LTD DP2/23/2024 2/23/24 $42.50 PD-LICENSING FEES 290414 3/15/2024 SOLID WASTE SYSTEMS INC,3/11/2024 2541138 $312.680.78 FLT-PURCHASE OF ANEW INSPECTI WASTE DISPOSAL BILLINGS $15,445.23 290227 2/29/2024 WASTE MANAGEMENT OF WP2/1/2023 3463917-1055-2 $1,117.58 PW-01/01/24 - 01/31/24 WOOLEY 290227 2/29/2024 WASTE MANAGEMENT OF WP2/1/2024 3463892-1055-7 $5,045.00 PW-01/01/24 - 01/31/24 JACOBS 290227 2/29/2024 WASTE MANAGEMENT OF WA21112024 3463914-1055-9 $3,842.99 PW-01/01/24 - 01/31/24 CALVO Key Bank Page 46 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGLTotal 290227 2/29/2024 WASTE MANAGEMENT OF WA21112024 3463922-1055-2 $449 45 PW-12/01/23 - 12/31/23 JACOBS 290308 3/15/2024 FOX, ERIC 3/4/2024 FOX 2024 $105.00 PWST-TIRE RECYCLE REIMB 290335 3/15/2024 JAMES SANTERELLI ENTERPf3/5/2024 224328 $675.00 SWR-PROVIDE COLLECTION, SHREDD 290454 3/15/2024 WASTE MANAGEMENT OF WA3/1/2024 3472566-1055-6 $2,294.21 PW-02/01/24 - 02/29/24 JACOBS 290454 3/15/2024 WASTE MANAGEMENT OF WA311/2024 3472572-1055-4 $197.14 PW-02/01/24- 02/29/24 PARRIS 290454 3/15/2024 WASTE MANAGEMENT OF WA3/1/2024 3472585-1055-6 $98.93 PW-02/01/24 - 02/29/24 KONG RE 290418 3/15/2024 STERICYCLE INC, 2/16/2024 8006199480 $179 50 PD-MEDICAL WASTE REMOVAL SVC 290251 3/15/2024 ALL BATTERY SALES & SERVI2/20/2024 300-10134607 $46.99 SWR-COLLECTION, TRANSPORTATION 290251 3/15/2024 ALL BATTERY SALES & SERVI2115/2024 300-10133969 $185 24 SWR-COLLECTION, TRANSPORTATION 290251 3/15/2024 ALL BATTERY SALES & SERVI2/26/2024 300-10134740 $197.23 SWR- COLLECTION, TRANSPORTATIO 290327 3/15/2024 HOME DEPOT-DEPT 32-2500712/29/2024 7201844 $725.74 PWST-REPAIR/MAINTENANCE SUPPLI 290251 3/15/2024 ALL BATTERY SALES & SERVI2/10/2024 300-10133603 $55.31 SWR-COLLECTION, TRANSPORTATION 290251 3/15/2024 ALL BATTERY SALES & SERVI2/14/2024 300-10133866 $229.92 SWR-COLLECTION. TRANSPORTATION WATER BILLINGS $3,257.38 290129 2/29/2024 LAKEHAVEN UTILITY DISTRIC'2/9/2024 460602 $452.64 PKM-01 /24 2645 312TH ST S #191 290129 2/29/2024 LAKEHAVEN UTILITY DISTRIC'2/9/2024 2049903 $32.10 PKM-01 /24 31531 1 ST AVE S M#59 290129 2/29/2024 LAKEHAVEN UTILITY DISTRIC2/9/2024 1941803 $310.45 PKM-01/24 31600 20 AVE S M#191 290129 2/29/2024 LAKEHAVEN UTILITY DISTRIC'2/15/2024 924602 $32.10 PKM-01/24 2301 S 292ND ST IRR 290129 2/29/2024 LAKEHAVEN UTILITY DISTRIC'2/15/2024 3200201 $32.10 PWST-01/24 2000 312 ST S IRR M 290129 2/29/2024 LAKEHAVEN UTILITY DISTRIC'2/15/2024 3642501 $32 10 PWST-01/24 30801 14TH AVE S M# 290129 2/29/2024 LAKEHAVEN UTILITY DISTRIC'2/15/2024 3653601 $325.64 PWST-01/24 2000 312 ST S IRR M 290129 2/29/2024 LAKEHAVEN UTILITY DISTRIC'2/15/2024 3657701 $30 19 PWST-01/24 1456 S 308TH ST 308 290129 2/29/2024 LAKEHAVEN UTILITY DISTRIC2/15/2024 3702201 $34.28 PWST-01/24 1119 S DASH POINT R 290129 2/29/2024 LAKEHAVEN UTILITY DISTRIC'2/15/2024 3791001 $32.10 PWST-01/24 2139 S 316TH #19211 290129 2/29/2024 LAKEHAVEN UTILITY DISTRIC'2/15/2024 835904 $32.10 PWST-01/24 30421 16AVE S IRR 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC'2/15/2024 101 $32,10 PKM-12/23 30009 16TH AVE S IRR Key Bank Page 47 of 48 Check No. Date Vendor Invoice Date Invoice Description AmountGL Total 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC2/15/2024 822402 $32.10 PKM-12/23 30009 16TH AVE S IRR 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC2/15/2024 824102 $296.84 PKM-12/23 30009 16TH AVE S IRR 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC2/15/2024 888103 $151.62 CHB-12/23 31132 28TH AVE S M#2 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC2/15/2024 3837901 $42.26 PKM-12/23 31201 28TH AVE S M#2 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC2/15/2024 2322804 $55.84 PKM-12/23 31600 20TH AVE S. M# 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC2/15/2024 2814401 $32.10 PKM-12/23 2645 312TH IRR/ANNEX 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC2/9/2024 3586001 $72.88 PKM-12/23 31531 1STAVE S M#42 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC2/9/2024 3671801 $137 40 PKM-12/23 31600 20TH AVE S. M# 290351 3/15/2024 LAKEHAVEN UTILITY DISTRICW6/2024 2961401 $32.10 PWST-01/24 34727 PACIFIC HWY S 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC3/6/2024 3238401 $32 10 PWST-01/24 32001 PACIFIC HWY S 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC'3/6/2024 3336201 $32.10 PWST-01/24 32409 PACIFIC HWY S 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC'3/6/2024 3336301 $32.10 PWST01/24 32402 PACIFIC HWY S 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC'3/6/2024 3383601 $32.10 PWST-01/24 33300 PACIFIC HWY S 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC'3/6/2024 3383701 $32,10 PWST-01/24 32500 PACIFIC HWY S 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC'3/6/2024 3513001 $147.76 PWST-01/24 33647 20TH AVE S IR 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC'3/6/2024 3518001 $70.61 PWST-01/24 35205 PACIFIC HWY S 290351 3/15/2024 LAKEHAVEN UTILITY DISTRICW6/2024 3541001 $32.10 PWST-01/24 930 348TH ST S IRR 290351 3/15/2024 LAKEHAVEN UTILITY DISTRICW6/2024 3552401 $32 10 PWST-01/24 35503 PACIFIC HWY S 290351 3/15/2024 LAKEHAVEN UTILITY DISTRICW612024 3578601 $129.78 PWST-01/24 1283 S 336TH ST M#4 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC2/15/2024 896402 $32.10 PKM-12/23 31104 28TH AVE S M#2 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC2/15/2024 899802 $234.20 PKM-12/23 2410 312TH ST S BEAC 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC211512024 888302 $49.88 PKM-12/23 31104 28TH AVE S M#2 290351 3/15/2024 LAKEHAVEN UTILITY DISTRIC2/21/2024 3033601 $137.31 PKM-12/23 28159 24TH PL S M#22 WORK RELEASE $663.00 290065 2/29/2024 EHM WASHINGTON LLC, 12/31/2023 29908 $325.50 PD-MONITORING SVC 290065 2/29/2024 EHM WASHINGTON LLC, 12/31/2023 29910 $155.00 PD-MONITORING SVC Key Bank Page 48 of 48 Check No. Date Vendor Invoice Date Invoice Descriotion AmountGL Total 290068 2/29/2024 MOON SECURITY SVC INC, 12/31/2023 1219091 $7.00 PD-HOUSE ARREST 290068 2/29/2024 MOON SECURITY SVC INC, 12/31/2023 1223213 $175 50 PD-HOUSE ARREST Total $3,633,185.02 2/20/2024 CW-PAYROLL VOUCHERS 2/1-2/15 $1,973,293.50 3/05/2024 CW-PAYROLL VOUCHERS 2/16-2/29 $2,449,811.59 TOTAL FEBRUARY 2024 PAYROLL $4,423,105.09 00- COUNCIL MEETING DATE: April 2, 2024 -ITEM #: CITY OF FEDERAL WAY CITY COUNCIL AGENDA BILL SUBJECT: WSCJTC TEACHER ADMINISTRATOR COACH (TAC) OFFICER INTERAGENCY AGREEMENT POLICY QUESTION: Should the Council approve the Interagency Agreement between the City of Federal Way and the Washington State Criminal Justice Training Commission for a FWPD officer to be assigned as an instructor at the Basic Law Enforcement Academy? COMMITTEE: FEDRAC MEETING DATE: March 26, 2024 CATEGORY: ® Consent ❑ Ordinance ❑ Public Hearing ❑ City Council Business ❑ Resolution ❑ Other STAFF REPORT BY: Commander Kyle Buchanan DEPT: Police Attachments: 1. Staff Report 2. WSCJTC Teacher Administrator Counselor (TAC) Officer Interagency Agreement Options Considered: 1. Approve the proposed Interagency Agreement. 2. Do not approve proposed Interagency Agreement and provide direction to staff. MAYOR'S RECOMMENDATION: Option 1. MAYOR APPROVAL: f 2• 1?, f DIRECTOR APPROVAL: Can n dPce cuneiI f Initial/Date Initial/Date lnitial tc COMMITTEE RECOMMENDATION: I move to forward the proposed Interagency Agreement to the April 2, 2024, consent agenda for approval. Coml lttee air Ca nittee Member Committee Member PROPOSED COUNCIL MOTION: "I move approval of the proposed Interagency Agreement and authorize the Mayor to execute said agreement. " (BELOW TO BE COMPLETED BY CITY CLERK'S OFFICE) COUNCIL ACTION: ❑ APPROVED COUNCIL BILL # ❑ DENIED First reading ❑ TABLED/DEFERRED/NO ACTION Enactment reading ❑ MOVED TO SECOND READING (ordinances only) ORDINANCE # REVISED - 4/2019 RESOLUTION # CITY OF FEDERAL WAY MEMORANDUM DATE: March 26, 2024 TO: FEDRAC VIA: Jim Ferrell, Mayor FROM: Andy J. Hwang, Chief of Police SUBJECT: WSCJTC Teacher Administrator Coach (TAC) Officer Interagency Agreement Financial Impacts: This item will save the City of Federal Way the costs of salary and benefits (including overtime) for one FWPD officer in exchange for the officer serving as a TAC Officer (instructor) at the Washington State Criminal Justice Training Commission's (WSCJTC) Basic Law Enforcement Academy (BLEA). Background Information: The BLEA utilizes full-time law enforcement officers, on contract, as instructors of state mandated courses required for student officers from law enforcement agencies across the region. This service is a recognition of the high quality of the officers from those law enforcement agencies with officers contracted to serve as BLEA instructors. As an added benefit, participating agencies also receive priority enrollment for student officers from that agency. This means that participating agency students are immediately accepted into BLEA classes without the normal extended wait times of up to 6 months. Instead, agencies with contracted officer instructors will typically receive academy dates within 1-2 months of application for BLEA students. This reduction of wait times will mean that FWPD BLEA students will more quickly get through the academy and return to Federal Way for their field training and eventual deployment as solo officers, becoming force multipliers to better address the needs of our community. By accepting this agreement, the FWPD would send a commissioned law enforcement officer (1 FTE) to work at the BLEA for a 3-year period, with the possibility of a 1-year extension. WASHINGTON STATE CRIMINAL JUSTICE TRAINING COMMISSION y kJASHiNGr4N Monica A. Alexander, Executive Director 19010 1 st Avenue South • Burien, WA 98148 • Phone: 206-835-7300 • www.cotc.wa.gov INTERAGENCY AGREEMENT No. This agreement, hereinafter referred to as the "Agreement", is made and entered into by and between the Washington State Criminal Justice Training Commission, hereinafter referred to as the "WSCJTC", and the Federal Way Police Department, hereinafter referred to as the "Agency". Whereas the WSCJTC, pursuant to Chapter 43.101 RCW, is empowered to provide programs and standards for the training of criminal justice personnel and in conjunction therewith may contract with individuals and agencies for the purpose of training; and Whereas William Lemmon is employed by the Agency as an employee, holding the position of Detective therein; and Whereas the Agency has the ability to provide the full-time services of William Lemmon (hereinafter referred to as the "TAC Officer" and the part-time services of Agency personnel (hereinafter referred to as "Instructors") for the purposes of administering and conducting Basic Training Academies, including the Basic Law Enforcement Academy; and Now therefore, for and in consideration of the mutual promises set forth hereafter, the parties hereto mutually agree as follows: 1. Term This Agreement shall commence on the 1st day of April, 2024 and terminate on the 31st day of March, 2027, subject to prior termination as provided herein and unless as extended by written mutual agreement of the parties hereto. 2. Full -Time TAC Officer The Agency shall provide the full-time services of a TAC Officer to the WSCJTC for the purpose of administering, conducting, and presenting the Washington State Basic Training Academies held at the Headquarters Campus. Services provided can be found in Section (4). a. Payment for TAC Officer WSCJTC will reimburse to the Agency the full salary, and overtime worked in service to the WSCJTC, of the TAC Officer, including all benefits and all increases to said salary or benefits, during the period of the TAC Officer's service to the WSCJTC as a TAC Officer. WSCJTC shall pay said reimbursement amount upon submission by the Agency of an invoice to WSCJTC. 3. Part -Time Instructors The Agency may provide to the WSCJTC the part-time services of on -duty and qualified Agency personnel to provide academy instruction and instructional support. These part-time Instructors must be approved by the WSCJTC Basic Training Division Commander prior to instructing WSCJTC courses. Assignments will be submitted to the WSCJTC Basic Training Division Commander for approval. Services provided can be found in Section (4). The Agency will send detailed invoices to WSCJTC at the end of each month that include the following: TRAINING THE GUARDIANS OF DEMOCRACY March 11, 2024 Page 2 • Appropriate Statewide Vendor Number ■ Instructor name ■ Subject taught ■ Dates and hours worked ■ Dollar amount • Academy class number a. Payment for Part -Time Instructors WSCJTC will reimburse the Agency for the payment of part-time Instructors, which are the Agency's employees. The hourly rate assigned to each Tnstructor will be based on the WSCJTC Contractor Pay Scale. WSCJTC will notify the Agency upon the approval of any revision to the pay scale. WSCJTC shall pay said reimbursement amount upon submission by the Agency of an invoice to WSCJTC. 4. Instructional Services Provided The TAC Officer and Instructors provide academy instruction and instructional support. Such services may include, but not be limited to: • Being familiar with, and adhering to, the policies and procedures of the Basic Training Division and the WSCJTC • Coordinating with the Assistant Commander to ensure that all training materials and equipment are available and ready for use and are in good working order ■ Being familiar with the course lesson plan prior to instruction • Participating in course briefing and debriefing • Providing instruction and delivering written and practical exercises in assigned courses as prescribed in the course lesson plan(s) • Supporting and assisting with practical training exercises • Tutoring/counseling academy attendees • Proctoring recruit testing to ensure compliance with established expectations • Evaluating recruit performance in accordance with established rubrics • Maintaining accurate student attendance and performance records as required • Ensuring that all equipment used in the instruction are properly stored and/or cleaned upon the completion of instruction and any damaged or dysfunctional equipment is reported to the Assistant Commander, or their designee, as soon as possible after the training session • Suggesting revisions to academy programs, and curriculum in accordance with the policies and procedures of the WSCJTC to ensure that all materials are current, relevant, and rigorous S. Payment Compensation for the work provided in accordance with this Agreement has been established under the terms of RCW 39.34.130. All costs shall be reimbursed monthly, when applicable. 6. Billing Procedures The Agency shall submit an invoice to WSCJTC at the end of each month in which services were provided. WSCJTC shall pay the Agency for all approved and completed work by warrant or account transfer within thirty (30) days of invoicing. All invoices shall be submitted to: Registered Mail Electronic Mail March 11, 2024 Page 3 WSCJTC basictraining@cjtc.wa.gov Attn: Brian Elliott, Fiscal Manager 19010 1st Ave S Burien, WA 98148 7. Agreements Outside of this Agreement This Agreement contains the complete agreement between the parties and shall, as of the effective date hereof, supersede all agreements, either written or oral, between the parties. The parties agree that neither of them has made any representations with respect to the subject matter of this Agreement or any representations, including the executing and delivery hereof, except such representations as are specifically set forth herein; and each of the parties hereto acknowledges that it has relied on its own judgment in entering into this Agreement. 8. Modification No waiver or modification of this Agreement or any covenants, conditions, or limitations herein contained shall be valid unless in writing and duly executed by the parties to be charged therewith; and no evidence of any waiver or modification shall be offered or received in evidence of any proceeding or litigation between the parties hereto arising out of or affecting this Agreement, or the rights or obligations of the parties herein under, unless such waiver or modification is in writing duly executed as aforesaid; and the parties further agree that the provisions of this section may not be waived except as herein set forth. 9. Termination of Agreement This Agreement may be terminated in part or whole without cause at any time by mutual agreement of the parties hereto, or by either party after thirty -days (30) following the other party's receipt of a written intent to terminate. The parties retain the right to cancel this Agreement in part or whole upon ten (10) days written notice to the other party if either party fails to properly keep any of the provisions of this Agreement. In the event of termination under this section, the Agency will be entitled to receive, to the date of such termination on a pro rata basis, the compensation as set forth in Section (2a and 3a) herein. 10. Health and Safety To protect the health and safety of the WSCJTC and the students of the WSCJTC, the TAC Officer, and Instructors employed by the Agency understand the WSCJTC maintains control over its operations and agrees to submit to directions and protocols put in place to carry out its mission, including submitting to infectious disease testing when directed to do so by the WSCJTC. The Instructors must report the results to WSCJTC's confidential appointee. The Instructors agree to follow the health and safety protocols put in place by WSCJTC during scheduled academy sessions. Failure to abide by these requirements may result in their release from WSCJTC's service and termination of the Agreement as set forth in Section (9). 11. Employment Obligations of Parties The Agency agrees to pay to the TAC Officer the full salary and benefits, including all increases to said salary and benefits, accruing to them as employees of the Agency during the period of their services herein under. Additionally, the Agency agrees to extend to the TAC Officer all rights, privileges, and benefits attendant to and resulting from their employment by the Agency, including any and all March 11, 2024 Page 4 promotional opportunities otherwise available to them. The Agency further agrees that upon completion and conclusion of the TAC Officer's service herein under, and in the absence of any promotion or upgrading in classification which has occurred during the duration of this Agreement and in the absence of any disciplinary action taken during the duration of this Agreement, they will be returned and reinstated to the Agency at the same or equal commissioned rank or position which they held on the beginning date of this Agreement. The WSCJTC agrees to complete all necessary evaluation and documentation regarding the TAC Officer during the period of their service herein under and as required by the Agency. The Agency reserves the right to discipline the TAC Officer for any violation of the Agency's rules in the same manner as other Agency employees. The WSCJTC additionally agrees to provide the TAC Officer a work and learning experience and professional opportunities for career development and enrichment at no special cost or direct cost to the Agency. 12. Independent Capacity The employees or agents of each party who are engaged in the performance of this Agreement shall continue to be employees or agents of that party and shall not be considered for any purpose to be employees or agents of the other party. 13. Mutual Indemnification/Hold Harmless To the extent allowed by law, the Agency shall be responsible for and shall indemnify and hold WSCJTC harmless for all claims resulting from the acts or omissions of the Agency and its officers, officials and employees. To the extent allowed by law, WSCJTC shall be responsible for and shall indemnify and hold the Agency harmless for all claims resulting from the acts or omissions of WSCJTC and its officers, officials and employees. 14. Medical/Health and Workers' Compensation Benefits In the event of any injury to, or the illness or death of the TAC Officer or an Instructor while acting in performance of this Agreement, the Agency agrees to extend to the TAC Officer or Instructor medical / health and workers' compensation benefits and other compensation, to the same extent and in the same manner as if such injury, illness, or death had occurred during work assignment in and for the Agency. 15. Venue Stipulation This Agreement shall be construed as having been made and delivered with the State of Washington, and the laws of the State of Washington shall be applicable to its construction and enforcement. Any action at law, suit in equity, or judicial proceeding for the enforcement of this Agreement or any provision hereto shall be instituted in King County, Seattle, Washington. 16. Assignment Each party to this Agreement stipulates that the Agreement is one for personal services and accordingly neither party hereto may assign, sublet, or transfer any interest in this Agreement. 17. Compliance with Laws The parties hereto agree to comply in carrying out the terms of this Agreement with all applicable federal, state, and local laws, ordinances, and regulations, including but not necessarily limited to, the March 11, 2024 Page 5 laws pertaining to civil rights and laws pertaining to the WSCJTC and the Agency, including merit system rules. 18. Rights in Data Material created from this Agreement shall be "works for hire" as defined by the U.S. Copyright Act of 1976 and shall be owned by the WSCJTC, including but not limited to reports, documents, videos, curricular material, exams or recordings. Such materials are subject to RCW 42.56, the Public Records Act; The WSCJTC may disclose such documents in accordance with the PRA. 19. Notices All notices given herein shall be in writing and shall be sent by registered mail to the parties at their recognized business addresses. 20. Headings The article headings contained in this Agreement are inserted solely as a matter of convenience and for reference and in no way define, limit, or describe the scope or intent of the provisions of this Agreement. IN WITNESS WHEREOF, the parties have affixed their signatures on the dates below. Washington State Criminal Justice Training Commission Federal Way Police Department, Washington Monica Alexander, Executive Director Criminal Justice Training Commission 19010 1st Avenue South Burien, Washington 98148 Date Andy Hwang, Chief of Police Federal Way Police Department 33325 81h Avenue South Federal Way, WA 98003 cc: Brian Elliott, Fiscal Manager, WSCJTC William Lemmon, Detective, Federal Way PD Nadia Fiorini, Basic Training Division Commander, WSCJTC Jerrell Wills, Deputy Director, WSCJTC Date 0 COUNCIL MEETING DATE: April 2, 2024 ITEM #: CITY OF FEDERAL WAY CITY COUNCIL AGENDA SILL SUBJECT: PUBLIC HEARING REGARDING PROPOSED DEVELOPMENT AMENDMENTS FOR THE CITY -OWNED TC-3 PROPERTIES. POLICY QUESTION: N/A COMMITTEE: Land Use & Transportation MEETING DATE: March 4, 2024 CATEGORY: ❑ Consent ❑ Ordinance ® Public Hearing ❑ City Council Business ❑ Resolution ❑ Other STAFF REPORT BY: Keith Niven L--IU DEPT: CD Background: The public hearing is being held regarding the proposed development agreement (FVWRC 19.85.150) for the City -owned TC-3 properties. The City and Trent Development have negotiated a proposed 30- year agreement for development of the properties that could include up to: 1,600 residential units, 50,000 sf of retail, 175,000 sf of office, 170,000 sf of entertainment, and 175 rooms of lodging. The hearing is a code requirement and provides an opportunity for the community to comment on this proposed agreement before the Council takes action. MAYOR'S RECOMMENDATION: N/A Z_�] MAYOR APPROVAL: N/A Committee InitiaUDate DIRECTOR APPROVAL: 6 Mar 24 YInitiaUDate COMMITTEE RECOMMENDATION: N/A Committee Chair Committee Member Committee Member PROPOSED COUNCIL MOTION: N/A (BELOW TO BE COMPLETED BY CITY CLERK'S OFFICE COUNCIL ACTION: ❑ APPROVED COUNCIL BILL # ❑ DENIED First reading ❑ TABLED/DEFERRED/NO ACTION Enactment reading ❑ MOVED TO SECOND READING (ordinances only) ORDINANCE # REVISED — 1/2022 RESOLUTION # COUNCIL MEETING DATE: q G Zt 9-v,;- f CITY OF FEDERAL WAY CITY COUNCIL AGENDA BILL ITEM #: awl SUBJECT: ORDINANCE: TC-3 DEVELOPMENT AGREEMENT POLICY QUESTION: Should the City enter into a development agreement with Trent Development Inc. for the acquisition and development of the City -owned TC-3 properties? COMMITTEE: Land Use & Transportation MEETING DATE: March 4, 2024 CATEGORY: ❑ Consent ® Ordinance ❑ Public Hearing ❑ City Council Business ❑ Resolution ❑ Other STAFF REPORT BY: Keith Niven DEPT: CD Attachments: 1. Staff Report 2. Ordinance Options Considered: 1. Adopt the proposed ordinance. 2. Do not adopt the proposed ordinance and provide direction to staff. MAYOR'S RECOMMENDATION: Option 1. MAYOR APPROVAL: DIRECTOR APPROVAL: 2.26.24 mm se Caunril � Initial/Date lnitial'DaEc Initial D to COMMITTEE RECOMMENDATION: I move to forward the proposed ordinance to first reading on March 19, 2024. c. cl700m tte Ch r Dovey Commi ee Member Tran Committee Member Walsh PROPOSED COU CIL MOTION(S): FIRST READING OF ORDINANCE (3/19/24): "I move to forward the proposed ordinance to the April fV 2024 Council Meeting for second reading and enactment. " SECOND READING OF ORDINANCE (4/2/24): "I move approval of the proposed ordinance and authorize the Mayor to execute the proposed development agreement with Trent Development Inc. for the TC-3 properties. " (BELOW TO BE COMPLETED BY CITY CLERK'S OFFICE) COUNCIL ACTION: ❑ APPROVED COUNCIL BILL # ❑ DENIED First reading ❑ TABLED/DEFERRED/NO ACTION Enactment reading ❑ MOVED TO SECOND READING (ordinances only) ORDINANCE # REVISED — 11/2019 RESOLUTION # �1 CITY OF FEDERAL WAY MEMORANDUM DATE: January 24, 2024 TO: Land Use & Transportation Committee VIA: Jim Ferrell, Mayor FROM: Keith Niven, AICP, CEcD W I., SUBJECT: TC-3 Development Agreement (DA) Financial Impacts: The execution of the proposed development agreement will lead to the sale of the TC-3 properties to Trent Development, LLC. for $10,000,000. In addition, development of the properties will lead to one-time sales tax on construction and on -going sales tax from future residents and businesses. Also, the developer will fund design of the Civic Plaza; incorporate public art; incorporate enhanced design of street fixtures, furniture, and lighting; provide an enhanced Road A design; maintain public access to remaining surface parking stalls North of the PAEC and on the west leg of Road A on the property during Phase I construction; allow public access to surface parking stalls in the Northwest Block during Phase II and III construction at no cost to the City; and, will construct an elevator in the Southeast Block building that will connect the sidewalk on 316th St. to the Civic Plaza, which will be available to the public. Background _Information: In November 2014, the Mayor and City Council voted for the acquisition of a 7.48 acre parcel adjacent to the soon to be developed Performing Arts and Conference Center in downtown. The effort envisioned eventual development of a dense mix of uses featuring a conference hotel for the Performing Arts and Conference Center along with housing, educational/classroom space, specialty retail, civic uses and open space. A primary goal for the town center redevelopment consists of encouraging strategic investment in a compact environment that contains a variety of uses and creates a unique sense of place. In November 2022, the City issued a Request for Proposals (RFP) to solicit proposals from developers looking to purchase the property from the City and develop it. The City received six qualified proposals and selected Trent Development as the preferred developer. In April 2023, the City Council authorized the Mayor to execute a Letter of Intent to Award with Trent Development for the TC-3 properties. B. PROPOSED DEVELOPMENT AGREEMENT (SUMMARY) Rev. 7/18 Section 2_ Project Description and Entitlements Residential: up to 1,600 units Office: up to 175,000 sf Entertainment: up to 170,000 sf Lodging: up to 75 rooms and 50,000 sf of accessory space Civic Plaza: up to $5M in cost to the City Civic Buildings: option for City (at cost) until 1/1/2028 Section 3 — Civil Improvements Street and ROW improvements are depicted in an Exhibit to the DA Phasing is depicted in an Exhibit to the DA Road A is a circular road that connects to S 314'' Street in two locations. Section 4 — Public Benefits Catalyst project for Downtown Tax revenue to the City Residential ownership opportunities (approximately 38 units) Developer will pay for Civic Plaza design Allowing parking for PAEC on unused portion of the property for 5+ years Providing public art as part of the project Helping to design downtown street furniture No 12-year MFTE unless 8-year MFTE is terminated by the State Section 5 — Property Acquisition Trent Development will pay the City $10,000,000 Section 7 — Development Regulation Modification Ground floor residential uses in lieu of non-residential around perimeter Allow S 314t' Street improvements to sync with project phases Road A street section deviations Exchange of Inclusionary requirement Allow the ground floor non-residential use to be calculated on a project basis, and not building -by -building Rev. 7/18 Allow portions of the non -driving surface of Road A to count toward required open space Allow building lengths to exceed 250 feet Section 10 — Vesting School Impact fees = $0 Park Impact fee = $2,200 Transportation Impact fee = vested to current rates for 10 years. Section 12 — Flexibility and Future Agreement Amendments Increase to project entitlement of 20% or less, developer discretion Increase in project phase by up to 3 years, developer discretion Change of Term of the DA, City Council Substantive change to the Conceptual Plan, City Council Substantive change to the Phasing and Timing Plan, City Council Section 18 — Term The DA is for 30 years C. DECISION CRITERIA FWRC 19.85.120 provides factors to be considered in review of a development agreement (DA). The City may consider, but is not limited to, the following factors when considering a DA: (1) Compatibility with and impact on adjacent land uses and surrounding neighborhoods; The City is looking to the development that is envisioned for these properties to set an example of future redevelopment for Downtown Federal Way. Mid -rise, mixed use buildings meet many of the expectations set in the City's Comprehensive Plan for this area. (See applicable Goals and Policies below under #4). (2) Adequacy of and impact on community facilities including utilities, roads, public transportation, parks, recreation, and schools; The development that is entitled with this DA will be required to provide street improvements, stormwater improvements, and open space consistent with the City's codes, unless explicitly modified under Section 7 (see summary above). It is not anticipated development entitled by this DA will have unmitigated impacts on community facilities. Prior to the construction of any of the entitlement, the developer must obtain a project -level Rev. 7/18 SEPA decision and land use permit. These processes will ensure that there are no unanticipated impacts on community facilities. (3) Potential benefits of the proposal to the community; and The public benefits are summarized above under Section 4. For a detailed description of these benefits, refer to the draft DA. (4) Effect upon the comprehensive plan. The proposed DA is consistent with the City's Comprehensive Plan. Specifically, the following Goals and Policies are supported by its adoption: CCG1 Create an identifiable City Center that serves as the social, cultural, and economic focus of the City. Define a City Center with distinct boundaries, unique building types, and special features. CCG4 Encourage a mix of compatible uses to maintain a lively, attractive, and safe place to live, work, and visit. CCG8 Develop land use patterns that will encourage less dependency on the single occupant automobile. CCG9 Provide a balanced transportation network that accommodates public transportation, high occupancy vehicles, pedestrians, bicyclists, automobiles, and integrated parking. CCG10Create an environment that attracts high quality housing, commercial, and office uses. Continue to enforce requirements for quality design in buildings, streetscape, and site planning. CCG12Focus new growth in the City Center and allow for higher intensity uses and densities. CCP2 Develop an attractive City Center that will attract quality development. CCP3 Continue to support land use regulations that allow the higher intensity development expected over the next 15 to 30 years. CCP5 Utilize the SEPA Planned Action to provide streamlined permit review in the City Center in order to accelerate progress towards meeting the vision. CCP7 Allow for a variety of uses and mixed -use development within buildings, or complexes. Ensure that mixed -use development complements and enhances the character of the surrounding residential and commercial areas. CCP8 Provide incentives to encourage residential development in City Center. CCP9 Promote the siting of cultural and civic uses within the City Center. The City should always consider City Center sites in siting analyses and decisions regarding potential civic and cultural uses that it develops. In addition, incentives should be explored that could attract cultural and civic uses over which the City does not have direct control. CCP11 Continue to provide amenities such as community services, parks, and public spaces to meet residential needs. CCG14Promote and facilitate the effective use of non -motorized transportation. Create a safe, efficient, and enjoyable pedestrian and bicycle system. CCP15 Emphasize pedestrian and bicycle circulation, as well as other travel modes in all aspects of developing the City Center transportation system. Include public sidewalks, street trees, and other pedestrian amenities for streets. CCP16 Continue to enforce and refine zoning codes, site planning requirements, and street design standards, as necessary, to establish a more pedestrian and bicycle friendly environment. Rev. 7/18 CCP17 Encourage new development to include active ground floor uses such as shops, community services, office, and restaurants. CCP18 Provide pedestrian connections between adjacent buildings where possible to provide for streetscape continuity and develop clear and safe pedestrian paths through large parcels to enhance the pedestrian network. CCG16Develop civic and cultural facilities in addition to a public space and park system within the City Center to meet the needs of residents, employees, and visitors. These facilities and spaces should connect to the Citywide and regional system of public spaces, parks, and trails. CCP31 Promote a diversity of public and privately funded recreational and cultural facilities throughout the City Center. Promote partnerships between the City and other agencies, private organizations, and individuals to develop and meet the needs of the community for these types of facilities. CCG17Encourage the development of a higher -density, mixed -use City Center that in turn will reduce parking demand per square foot or per unit. CCP34 Encourage the provision of structured parking. CCP38 Encourage shared parking between uses to maximize the use of available parking within the City Center. Rev. 7/18 ORDINANCE NO.24- AN ORDINANCE of the City of Federal Way, Washington, relating to entering into a development agreement with Trent Development Inc. for the TC-3 properties pursuant to the provisions of Chapter 19.85 Federal Way Revised Code. WHEREAS, the Washington State legislature has authorized local governments to enter into development agreements under state law pursuant to RCW 36.70B.170 through 36.70B.210; and WHEREAS, the City of Federal Way ("City") has authorized the use of development agreements in the City pursuant to Chapter 19.85 Federal Way Revised Code ("FWRC"); and WHEREAS, in November, 2014, the City approved acquisition of a 7.48-acre property ("TC-3") adjacent to the then soon to be developed Performing Arts and Event Center in the City's downtown; and WHEREAS, in February, 2022, the City contracted with Perkins Eastman Architects to work with the City in creating a land use and development plan for the City -owned TC-3 properties; and WHEREAS, on November 23, 2022, the City issued a request for proposals ("RFP") to find a developer for the TC-3 properties; and WHEREAS, Trent Development Inc. submitted a proposal for development of the TC-3 properties; and WHEREAS, on April 18, 2023, the City Council selected Trent Development Inc. ("Trent") as the City's preferred developer, and authorized execution of a Letter of Intent to Award and initiation of development agreement negotiations with Trent; and Ordinance No. 24- Page I of 36 WHEREAS, on April 21, 2023, the City and Trent executed an Agreement Regarding Intent to Award; and WHEREAS, as part of that agreement the City and Trent Development Inc. jointly agreed to negotiate in good faith a development agreement to present to the City Council governing the development of TC-3; and WHEREAS, on May 12, 2023, the City received an appraisal report from CBRE determining the market value of the TC-3 properties, which was subsequently revised and updated on January 5, 2024; and WHEREAS, an Environmental Determination of Nonsignificance ("DNS") was properly issued for the proposed development agreement on October 6, 2023, the City received no comments and the DNS was finalized on October 20, 2023, and no appeals were filed and the appeal period expired on November 10, 2023; and WHEREAS, on March 8, 2024, the Director of Community Development provided public notice for the public hearing consistent with the provisions of FWRC 19.85.130; and WHEREAS, the proposed development agreement is consistent with the Federal Way Comprehensive Plan; and WHEREAS, the Land Use & Transportation Committee of the Federal Way City Council was briefed on the proposed development agreement on March 4, 2024; and WHEREAS, the City Council held a public hearing on April 2, 2024, and reviewed the staff report and considered all of the testimony provided. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF FEDERAL WAY, WASHINGTON, DO ORDAIN AS FOLLOWS: Ordinance No. 24- Page 2 of 36 Section 1. Findings and Conclusions. The City Council of the City of Federal Way makes the following findings and conclusions with respect to the proposed development agreement attached as Exhibit A: (a) The recitals set forth above are hereby adopted and restated as findings of fact. (b) The City is authorized to enter into a development agreement pursuant to the provisions of Chapter 36.70B.170 RCW, Growth Management. (c) The development agreement review process has followed the proper procedures required under FWRC 19.85. (d) The development agreement, as set forth in Exhibit A, is consistent with RCW 36.70B, RCW 43.21C, and FWRC 19.85. (e) The development envisioned under the development agreement is compatible with and results in positive impacts on adjacent land uses and surrounding neighborhoods because it will set an example for future redevelopment for downtown Federal Way, and mid -rise, mixed use buildings meet many of the expectations set in the City's Comprehensive Plan for the area. (f) Community facilities including utilities, roads, public transportation, parks, recreation, and schools are adequate to support the development, and the development will not have a negative impact on such community facilities. Development under the development agreement will be required to provide street improvements, stormwater improvements, and open space consistent with FWRC, with some explicit modifications under the development agreement. Prior to the construction of any of the entitlements under the development agreement, the developer must obtain applicable project -level SEPA decisions and land use permits, which will ensure there are no unanticipated or unmitigated impacts on community facilities. Ordinance No. 24- Page 3 of 36 (g) Approving the development agreement is in the best interest of the residents of the City and will benefit the City as a whole because the proposed development agreement provides for the investment of approximately $450,000,000 of private capital into the city of Federal Way; includes the provision of opportunities for home ownership in addition to rental housing options; will result in the increased production of housing and employment opportunities thereby adding to the public health, safety, and welfare of the community; will act as a catalyst for public and private investment in the City's downtown; and, contains several other public benefits as detailed in Section 4 of the development agreement. (h) The proposed development agreement is consistent with, and substantially implements, the Federal Way Comprehensive Plan, including the following specific goals and policies: CCG1 Create an identifiable City Center that serves as the social, cultural, and economic focus of the City. Define a City Center with distinct boundaries, unique building types, and special features. CCG4 Encourage a mix of compatible uses to maintain a lively, attractive, and safe place to live, work, and visit. CCG8 Develop land use patterns that will encourage less dependency on the single occupant automobile. CCG9 Provide a balanced transportation network that accommodates public transportation, high occupancy vehicles, pedestrians, bicyclists, automobiles, and integrated parking. CCG10 Create an environment that attracts high quality housing, commercial, and office uses. Continue to enforce requirements for quality design in buildings, streetscape, and site planning. CCG12 Focus new growth in the City Center and allow for higher intensity uses and densities. CCP2 Develop an attractive City Center that will attract quality development. Ordinance No. 24- Page 4 of 36 CCP3 Continue to support land use regulations that allow the higher intensity development expected over the next 15 to 30 years. CCPS Utilize the SEPA Planned Action to provide streamlined permit review in the City Center in order to accelerate progress towards meeting the vision. CCP7 Allow for a variety of uses and mixed -use development within buildings, or complexes. Ensure that mixed -use development complements and enhances the character of the surrounding residential and commercial areas. CCP8 Provide incentives to encourage residential development in City Center. CCP9 Promote the siting of cultural and civic uses within the City Center. The City should always consider City Center sites in siting analyses and decisions regarding potential civic and cultural uses that it develops. In addition, incentives should be explored that could attract cultural and civic uses over which the City does not have direct control. CCP11 Continue to provide amenities such as community services, parks, and public spaces to meet residential needs. CCG14 Promote and facilitate the effective use of non -motorized transportation. Create a safe, efficient, and enjoyable pedestrian and bicycle system. CCP15 Emphasize pedestrian and bicycle circulation, as well as other travel modes in all aspects of developing the City Center transportation system. Include public sidewalks, street trees, and other pedestrian amenities for streets. CCP16 Continue to enforce and refine zoning codes, site planning requirements, and street design standards, as necessary, to establish a more pedestrian and bicycle friendly environment. CCP17 Encourage new development to include active ground floor uses such as shops, community services, office, and restaurants. CCP18 Provide pedestrian connections between adjacent buildings where possible to provide for streetscape continuity and develop clear and safe pedestrian paths through large parcels to enhance the pedestrian network. CCG16 Develop civic and cultural facilities in addition to a public space and park system within the City Center to meet the needs of residents, employees, and visitors. These facilities and spaces should connect to the Citywide and regional system of public spaces, parks, and trails. CCP31 Promote a diversity of public and privately funded recreational and cultural facilities throughout the City Center. Promote partnerships between the City and other Ordinance No. 24- Page 5 of 36 agencies, private organizations, and individuals to develop and meet the needs of the community for these types of facilities. CCG17 Encourage the development of a higher -density, mixed -use City Center that in turn will reduce parking demand per square foot or per unit. CCP34 Encourage the provision of structured parking. CCP38 Encourage shared parking between uses to maximize the use of available parking within the City Center. Section 3. Development Agreement Adopted. The City of Federal Way hereby adopts the development agreement attached as Exhibit A ("Development Agreement") by and between the City of Federal Way and Trent Development Inc., for the purchase and sale of the City -owned TC- 3 properties and the development of the properties. Section 4. Severability. The provisions of this ordinance are declared separate and severable. The invalidity of any clause, sentence, paragraph, subdivision, section, or portion of this ordinance, or the invalidity of the application thereof to any person or circumstance, shall not affect the validity of the remainder of the ordinance, or the validity of its application to any other persons or circumstances. Section 5. Corrections. The City Clerk and the codifiers of this ordinance are authorized to make necessary corrections to this ordinance including, but not limited to, the correction of scrivener/clerical errors, references, ordinance numbering, section/subsection numbers and any references thereto. Section 6. Effective Date. This ordinance shall be effective five (5) days after passage and publication as provided by law. PASSED by the City Council of the City of Federal Way this day of 52024. Ordinance No. 24- Page 6 of 36 CITY OF FEDERAL WAY: JIM FERRELL, MAYOR ATTEST: STEPHANIE COURTNEY, CMC, CITY CLERK APPROVED AS TO FORM: RYAN CALL, CITY ATTORNEY FILED WITH THE CITY CLERK: PASSED BY THE CITY COUNCIL: PUBLISHED: EFFECTIVE DATE: ORDINANCE NO.: Ordinance No. 24- Page 7 of 36 EXHIBIT A DEVELOPMENT AGREEMENT THIS AGREEMENT is entered into this day of , 2024 (the "Effective Date") by and between Trent Development Inc., a Washington corporation ("Developer"), or its assignee, and the City of Federal Way, a Washington municipal corporation ("City"). Developer and the City are each a "Party" and collectively the "Parties" to this Agreement. RECITALS A. The Washington State Legislature has authorized the execution of development agreements between a local government and an entity having ownership or control of real property within its jurisdiction, pursuant to RCW 36.70B.170 through 36.70B.210 ("Development Agreement Statute"). This Agreement is authorized pursuant to the Development Agreement Statute and Chapter 19.85 of the Federal Way Revised Code ("FWRC"). B. The City of Federal Way owns parcels 857500-0010, 857500-0020, and 092104- 9017, commonly referred to as Town Center 3 ("TC-3 Property"), located generally at the southwest corner of 23rd Avenue S and S 314th Street, legally described on Exhibit A, which is attached hereto and incorporated herein by reference. The TC-3 Property is designated City Center Core in the City's Comprehensive Plan, located in the City Center Core zone ("CC-C"), and located within the Downtown Architectural Overlay ("Downtown"). C. In September 2006, the City adopted a planned action Environmental Impact Statement for the City Center. The City subsequently adopted a Supplemental Environmental Impact Statement ("SEIS") via Ordinance 16-811, which contemplated 475,000 sq. ft. of retail, 400,000 sq. ft. of office, 600 hotel rooms, and 2,400 housing units (collectively "Planned Action EIS"). The TC-3 Property is located within the Planned Action EIS boundary and the Planned Action EIS has been incorporated into the SEPA decision (DNS 23-102418-SE) for this Agreement. D. In 2022, the City contracted with VIA Architecture, a Perkins Eastman Studio, to prepare a preferred redevelopment plan ("Master Development Plan") for an approximately 7.45- acre portion of the TC-3 Property ("Property"), as depicted in the January 5, 2024, appraisal conducted by CBRE ("Appraisal"). The Master Development Plan envisioned five privately - owned building parcels to be developed with office, retail, hotel, residential units, a civic plaza and community building, and a public parking garage. The City and community expressed support for the Master Development Plan, believing it would create a sense of place and civic identity, reflective of the growing and diverse community; provide a catalyst for mixed use residential and pedestrian -focused retail; anchor the north downtown with a pedestrian -scale block structure, with smaller, active public spaces; and capitalize on momentum and timing of recent investments. -1- E. In November 2022, the City issued a Request for Proposals ("RFP") to identify a purchaser and developer for the Property. Developer submitted a proposal, which was selected by the City. In April 2023, the City Council authorized the Mayor to execute the Letter of Intent ("LOI") to authorize the Developer to initiate a Development Agreement with the City. F. The Developer is planning a phased redevelopment of the Property with a mix of land uses, generally consistent with the Master Development Plan ("Project"). The Developer has prepared a Conceptual Plan (Exhibit B), Phasing and Timing Plan (Exhibit C), and Conceptual Improvement Plan (Exhibit D) to provide for the coordinated redevelopment of the Property. These Exhibits are incorporated herein by reference. The Parties agree the Conceptual Plan is a conceptual guide for the Project as defined in this Agreement but does not constitute a "Development Plan" under FWRC 19.85.100. G. Redevelopment of the Property will be a substantial benefit to the City through implementation of the vision of the City Center Sub -Area Plan, new transit -oriented housing and job opportunities, and new destination retail and restaurants in Downtown. However, redevelopment of the Property entails significant financial, entitlement, and construction risk to Developer over the course of a multi -phased development. The City's partnership in the execution of this catalyst project is critical for success of the Project and Downtown. This Agreement is intended to ensure that public decisions regarding public investment and cooperation, and Developer predictability during the planning, entitlement and redevelopment of the Property, benefit both Parties in supporting the timely and cost-efficient delivery of housing, jobs, and other public benefits to the City of Federal Way. H. Environmental impacts of the Agreement were identified, considered and mitigation measures proposed through the provisions of this Agreement. The City issued a Determination of Non -Significance on October 6, 2023. I. Completion of the Project in accordance with the Conceptual Plan will promote the goals and policies of the Comprehensive Plan. J. By this Agreement, the Parties intend to set forth their mutual agreement and understandings as they relate to the development and sale of the Property and the Project. NOW THEREFORE, in consideration of the mutual benefits and agreements contained herein, as well as other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: AGREEMENT I. Definitions. Each term identified in this Section shall have the specific meaning identified in this Section. Each term defined elsewhere in this Agreement shall have the specific -2- meaning identified elsewhere in this Agreement. Undefined terms shall have their common and ordinary meanings. 1.1. "City Council" means the City Council of the City of Federal Way. 1.2. "Development Regulations" means those sections of the Federal Way Revised Code, Federal Way Zoning and Development Code, Federal Way Comprehensive Plan, Federal Way Zoning Map, and any implementing policies, regulations, procedures or guidelines addressing the zoning, building and site design, utilities, environmental review (including SEPA procedures and substantive authority), transportation concurrency, multifamily dwelling unit limited property tax exemption regulations, impact fees and any other elements that govern the development of real property within the City. A term defined in the Development Regulations shall have the meaning assigned to it within the Development Regulations. 1.3. "FWRC" means the Federal Way Revised Code. 1.4. "MDP" means the Master Development Plan prepared for the City in preparation for releasing the Request for Proposals for the Property. 1.5 "MFTE" means the Multifamily Dwelling Unit Limited Property Tax Exemption program administered by the City pursuant to FWRC 3.30. 1.6. "Developer" means Trent Development Inc., a Washington corporation, and its successors and permitted assigns pursuant to Section 26. 1.7. "SEPA" means the State Environmental Policy Act, RCW 43.21 C, and implementing regulations at WAC Ch.197-11. 1.8. "Development Director" or "Designated Official" is the Director of the Department of Community Development, also known as the Department of Community Development Services. 1.9. "Designer" means the consultant hired to prepare design and associated documents for the Civic Plaza. 2. Project Description. Developer proposes to develop the Project as depicted in the Conceptual Site Plan. 2.1 Entitlement. The Project is entitled for the following uses, which may be constructed at the discretion of Developer: -3- a. Residential. Up to 1,600 traditional, non -subsidized housing units. Residential uses may include a combination of apartments, townhomes, and condominium units. b. Retail (FWRC 19.225.020). Up to 50,000 sq. ft. Office (FWRC 19.225.010). Up to 175,000 sq. ft. d. Entertainment (FWRC 19.225.040). Up to 170,000 sq. ft. Lodging (FWRC 19.225.050). Up to 175 rooms and 50,000 sq. ft. accessory spaces. f. All required utilities; streets, drives, parking and other transportation facilities; park and open space improvements, and all other improvements needed to support and complete the development, including on -site and off -site improvements. 2.2 Civic Plaza. a. Design. The Parties shall collaborate on the design of a civic plaza ("Civic Plaza") to be located on City property, South of Road A and South and West of the Property as generally depicted on the Conceptual Plan. Developer shall select the Designer for the Civic Plaza, subject to City agreement, who will prepare a design for the Civic Plaza. The City shall incorporate community outreach as part of the design process. The design of the Civic Plaza must be approved by the Developer and City Council ("Approved Design"). After approval, Designer shall prepare a complete set of plans and specifications conforming to City standards for City's use in construction bidding. Developer shall provide a budget of no less than $350,000 for the development of, and modifications to, the Approved Design. Developer shall pay all reasonable costs to Designer associated with developing the Approved Design, and any required modifications to the Approved Design under section 2.2.b. b. City Construction. The City shall request competitive bids for construction of the Civic Plaza in accordance with Washington State public works contracting requirements based on the Approved Design. Bids shall be requested within six (6) months of completion of the Approved Design, or at a later time mutually agreed to by the Parties. Developer may submit a bid for construction. The City shall provide a project budget sufficient to fund construction of the Civic Plaza based on the Approved Design. If the lowest responsive, responsible bidder's bid would result in a project budget in excess of $5,000,000, the Approved Design must be modified in accordance with the process outlined in section 2.2.a to allow -4- for bids resulting in a lower project budget; the City Council must approve additional project budget to cover the additional amount; or the Developer can pay the City the additional amount. The City may, at its sole discretion, hire a consultant to manage construction of the Civic Plaza ("Construction Manager"). City shall include Developer in the selection process for the Construction Manager. The City's contract with the Construction Manager will require construction coordination with Developer, so that Civic Plaza construction is integrated with Developer's Phase I construction, which are both anticipated to occur at the same time. The City shall commence construction of the Civic Plaza within six (6) months of bid award. C. Developer Construction. Should the City not fulfill its obligations to secure sufficient funds to construct the Civic Plaza, request competitive bids for Civic Plaza construction within the timeline set forth in subsection b., and/or commence construction within the timeline set forth in subsection b., Developer may, at its sole discretion, proceed with construction of the Civic Plaza in accordance with standard Public Works contracting requirements. The City shall provide all necessary approvals and easements necessary to authorize and facilitate such construction. City shall reimburse Developer for actual project costs as they are incurred up to $5,000,000. City will pay Developer 5% of the actual construction costs for construction management costs, which will be in addition to the Plaza construction budget. d. Maintenance and Operation. Prior to completion of the Civic Plaza, the Parties shall negotiate a separate operational and maintenance agreement for the Civic Plaza ("Operational Agreement"). The Operational Agreement will allow Developer to supplement the City's maintenance and security measures and will provide for the Parties to coordinate on event programming. 2.3. Civic Buildings. a. City Hall and Community Space. The Northwest Block of the Project may include a City Hall and Community Space, as depicted on the Conceptual Plan. Unless otherwise agreed to by the Parties, the City shall notify Developer by January 1, 2028, whether or not to construct the City Hall and Community Space. Prior to commencing design, the Parties shall negotiate and execute an agreement that will include lease and/or future acquisition terms acceptable to the Parties. If the City notifies Developer not to construct the City Hall and Community Space; or, fails to notify Developer pursuant to the terms of this subsection; or, if the Parties cannot agree to the terms of lease or acquisition, Developer can, at its sole discretion, construct any improvements in the Northwest Block authorized by this Agreement. -5- b. Public Parking Garage. The Project may include a Public Parking Garage ("Garage"). Unless otherwise agreed to by the Parties, the City shall notify Developer by January 1, 2028, whether or not to construct the Garage. If Developer receives timely notice from the City, Developer shall construct approximately 365 public parking spaces at a location within the Project determined by Developer subject to Public Works contracting requirements. The City shall reimburse Developer for actual costs of construction within six (6) months of completion of construction. Prior to commencing design, the Parties shall negotiate and execute an agreement that will include lease and/or future acquisition terms acceptable to the Parties. If the City notifies Developer not to construct the Garage; or, if the City fails to notify Developer pursuant to the terms of this subsection; or, if the Parties cannot agree to the terms of lease or acquisition, Developer has no obligation to build the Garage. 2.4 Hotel. If a suitable Hotel, as determined by the Parties, seeks to locate in the Project, and Developer in its sole discretion determines that the Hotel will be economically -viable for the Project, Developer will build, sell the Phase, or execute an agreement to facilitate the construction of the Hotel in Phase II, III, or IV of the Project. 3. Civil Improvements. Developer will construct on -site street and right-of-way improvements as depicted on Exhibit D, the Conceptual Improvements Plan. Minor modifications to Exhibit D may be made if approved by the City through the Project Entitlement process at the Developer's option or as required by Project -specific technical analysis without amendment of this Agreement. Should Exhibit D be so modified, Developer shall submit revisions to Exhibit D. Such revisions will be processed as Developer Discretion amendments under Section 12.1. Amendments to Exhibit D may also be made outside of the Project Entitlement process through the provisions of Section 12. Developer shall provide a traffic impact analysis ("TIA") for the entire Project with the first implementing land use permit to evaluate consistency with the SEPA Planned Action and compliance with concurrency requirements. Exhibit D represents the Parties agreement on the scope and extent of required improvements and dedications, subject to additional project -level requirements required by future SEPA review/decisions and/or the TIA. The construction of any frontage improvement, and the dedication to the City of each completed frontage improvement, shall be completed prior to the occupancy of any building phase for which the improvement is required. Should Developer choose to construct improvements designed for future phases at an earlier time, such work shall be coordinated with the City. The Conceptual Improvements Plan outlines the following improvements per phase: 3.1 Site Access Driveways. The following proposed site access driveways will be provided for each phase: on a. The Southeast Block will have three (3) curb cuts: one on 23' Ave S. providing access to the upper level parking garage; one on S. 316th Street providing parking garage access to the lower -level garage; and one loading driveway on S. 316th Street. b. The North Block will have two (2) curb cuts: one on the east side of Road A providing access to the parking garage, which will also accommodate loading; and one on S. 314th Street for loading. C. The Northeast Block will have a single curb cut on 23rd Ave S. providing access to the parking garage, which will also accommodate loading. d. The Northwest Block will have two (2) curb cuts: one on Pete von Reichbauer Way (existing driveway shared with the PAEC) providing access to the parking garage, which may also accommodate loading; and one on either S. 314' Street or the west side of Road A, subject to City approval and associated conditions, which may provide access to the parking garage and which may also accommodate loading. 3.2 Frontage Improvements and Dedications if the Southeast Block is Phase I: a. The following improvements will occur in Phase I: i. Street improvements abutting the Southeast Block along S. 316th St. and 23rd Ave S. will be constructed per City standards; ii. The east portion of Road A will have a permanent street connection to S. 314th St.; iii. The existing curb cut in the middle of S. 314th St. west of Road A East Portion will be filled in with a new curb; iv. A new curb and sidewalk matching the existing curb and sidewalk will be constructed along S. 314th St. adjacent to the Northeast Block; V. If determined to be necessary by the TIA, street widening along S. 314th St. to City standards; vi. If determined to be necessary by the TIA, traffic signalization modification at S. 314th St./23rd Ave S. -7- Block): b. The following improvements will occur in Phase II (North Block): i. If street widening along S. 314th St. to City standards was not completed as part of Phase I, complete street widening along S. 314th St. to City standards; ii. New curb, streetlights and sidewalks on S. 314th St.; iii. Street trees added only to frontage abutting the North Block; iv. Access to Pete von Reichbauer Way from west leg of Road A will be preserved; V. If traffic signalization modification at S. 314th St./23rd Ave S. was not completed as part of Phase I, traffic signalization modification at S. 314th St./23rd Ave S. C. The following improvements will occur in Phase III (Northeast i. Street improvements adjacent to Northeast Block frontage along 23rd Ave S. to City standards; ii. Street trees will be added on S. 3141h St. on Northeast Block frontage. 3.3 Frontage Improvements and Dedications if the North Block is Phase I: a. The following improvements will occur in Phase I: i. Street widening on S. 314th St. adjacent to the North Block; ii. New curb and sidewalk to match existing curb/sidewalk abutting Northeast Block; iii. Road A will be built with permanent connection to S. 314th St.; iv. If determined to be necessary by the TIA, street widening and new curb and sidewalks along S. 314th St. adjacent to the Northeast Block; V. If determined to be necessary by the TIA, traffic signalization modification at S. 314th St.23rd Ave S. 10 b. The following improvements will occur in Phase II (Southeast Block): i. Street improvements adjacent to site along S. 316th St. and 23rd Ave S. will be brought up to City standards; ii. If not completed as part of Phase I, street widening along S. 314th St adjacent to the Northeast Block and new curb and sidewalks; iii. If not completed as part of Phase I, traffic signalization modification at S. 314th St./23ra Ave S. c. The following improvements will occur in Phase III (Northeast Block): i. Street improvements adjacent to site along 23rd Ave S.; ii. Street trees added on S. 314th St. adjacent to the Northeast Block. 3.4 Utility Infrastructure. Developer shall provide necessary utility infrastructure to support each phase prior to the occupancy of that phase, as determined through project -specific review and coordination with Lakehaven. Developer anticipates that all required utility work for each phase will occur within the phasing limits depicted on Exhibit D, based on preliminary review by its civil engineer and initial feedback from Lakehaven. Should utility extensions be required for a specific phase that extend beyond the phasing limits identified on Exhibit D, the City will allow Developer to construct an appropriate, interim level of improvements in the utility extension area, provided that a full curb to curb overlay will be provided, and provided that the interim improvement be in place no longer than seven years from the date of issuance of the associated right-of-way permit. After seven years, Developer will be required to install permanent improvements, regardless of timing of the phase for which that frontage is required in Section 3.2 or 3.3, and Exhibit D. Developer may elect to build additional infrastructure in earlier phases to support future phases, subject to Developer's execution of necessary easements to allow utility infrastructure to serve buildings and improvements on separate parcels. 4. Public Benefits. The Parties acknowledge that the Project will advance the City's vision for the Property, as expressed in the City's Comprehensive Plan, City -Center Sub -Area Plan, and MDP for the Property. The Project will benefit the City through the redevelopment of key contiguous parcels in the City Center Core with multifamily housing, retail, entertainment and office uses that will support the vision of mixed -use, transit -oriented development ("TOD") and catalyze future investment and high -quality development in the vicinity. Specifically, the Project will provide the following public benefits: M1 4.1 Pioneering TOD Neighborhood. This Project will fulfill the City's Comprehensive Plan Goals (See adopting ordinance for applicable Goals and Policies) and MDP Vision by creating the City's first high -density, transit -oriented neighborhood. It will improve, activate, and create an identifiable Downtown to serve as the social, cultural, civic, and economic hub of the City, establishing a sense of identity and place and attracting capital for future high -quality TOD development. 4.2 Job Creation and Revenue. The Project will create temporary jobs and significant construction tax revenue. Once completed, it will generate permanent jobs close to housing, add to the City's tax base, and generate an estimated $55-plus million in local, state, and federal taxes and revenue. 4.3 Residential Ownership Opportunities. The Project proposes approximately 38 for -sale residences, which will diversify the City's housing stock and increase ownership opportunities for City residents. 4.4 PAEC Parking. To the extent feasible, in addition to the access to surface parking stalls described in Section 5, Developer will maintain access to remaining surface parking stalls utilized by the PAEC on the Property during Project construction. 4.5 Public Art. Developer will coordinate with the City's Arts Commission to incorporate public art into the Project, further establishing the Downtown's unique identity and sense of place. 4.6 Interim Uses. Developer will work with the City to identify interim uses (pop -ups, food trucks, etc.) to energize the site during the entitlement and construction period. Developer shall control location and timing of interim uses but will allow their use of the Property at no cost. 4.7 Civic Buildings. Developer has offered to incorporate the City Hall, Community Space building and Public Parking Garage into the Project, as outlined in this Agreement. 4.8 Street Furniture. Developer, as part of the Designer's work for the Civic Plaza, will provide enhanced design for street fixtures, furniture, and lighting. These designs, approved by the City, shall be utilized throughout the Project for consistency with those provided in the Civic Plaza. 4.9 Enhanced Road A Design. The Project will incorporate a two-way "woonerf lane" ("Road A"), as depicted on Exhibit B. Road A's enhanced design and functionality will integrate the surrounding blocks with the Civic Plaza, which will be shared by pedestrians, bicyclists, and vehicles. -10- The City agrees that the public benefits listed in Section 4 are sufficient to meet or exceed the public benefit requirement in FWRC 19.85.120(3). No additional public benefits or voluntary mitigation shall be required for the Project or any Project -phases, except as mutually agreed by the Parties. 5. Prope]ly Acquisition. As a condition of issuance of the first construction permit for the residential building in Phase I, or earlier at Developer's sole discretion, Developer shall acquire the approximately 7.45-acre Property, as depicted in the Appraisal ("Closing"). The exact legal boundaries of the Property to be acquired shall be determined via the subdivision process in Section 6. Closing shall occur pursuant to a Purchase and Sale Agreement ("PSA") acceptable to the Parties. The Property will be conveyed by Statutory Warranty Deed, with standard contingencies, and acquisition will occur through escrow, with escrow agent and title company to be selected by Developer. If the Parties are unable to negotiate an acceptable PSA, either Party may terminate this Agreement. 5.1 The purchase price is $10,000,000. The purchase price is derived from, and takes into account, the following: a. The appraised value of the Property is $12,800,000 to $13,800,000, based on the Appraisal. b. Developer shall fund design of the Civic Plaza in an amount no lower than $350,000, as further detailed in Section 2.2.a. c. Developer shall incorporate public art into the Project at Developer's expense, and in an amount no lower than $750,000, at least half of which will be expended during Phases I and II. d. Developer shall incorporate enhanced design of street fixtures, furniture, and lighting into the Project at Developer's expense, the cost of which shall be no lower than $200,000 including design and implementation. e. Developer shall provide an enhanced Road A design at Developer's expense, and the overall cost of design and implementation of the enhanced Road A design shall be no less than $480,000. f. Developer shall maintain public access to remaining surface parking stalls North of the PAEC and on the west leg of Road A on the Property during Phase I construction at no cost to the City. The estimated value of that parking is $600 per stall per year, and the total value of the one -hundred twenty-four (124) stalls over the estimated duration of six years is $446,400. -11- g. Until construction in that area commences, Developer shall allow public access to surface parking stalls in the Northeast Block during Phase II and III construction at no cost to the City. The estimated value of that parking is $900 per stall per year, and the total value of the ninety-six (96) stalls over the estimated duration of seven years is $604,800. h. Public Elevator. Developer will construct an elevator near the Southeast Block building that will connect the sidewalk on 3161h St. to the Civic Plaza, which will be available to the public and tenants of the building. Construction of the elevator is anticipated to cost $250,000, half of which ($125,000) represents value to the public. 5.2 At Closing, Developer shall execute an easement to benefit the City, in a form agreed to by Developer and City, allowing for continued public access and travel to and from the PAEC and the south leg of Road A north to 314th Street and west to Pete von Reichbauer Way. 5.3 Should Developer not submit its first Phase I building permit by January 1, 2027, the City shall have the option to terminate this Agreement. Similarly, should Developer not commence each Phase (acquire its first building or construction permit) within two years of the Phase date listed on Exhibit C (unless the failure to commence is caused by force majeure, or events outside Developer's reasonable control), the City may purchase the parcel at a price determined by a new appraisal approved by both Parties. 6. Subdivision. Prior to Closing, Developer will record a subdivision creating legal lots for transfer of the approximately 7.45-acre Property and development of the Project, which will generally be consistent with the Phasing and Timing Plan in Exhibit C. The size, configuration and number of legal lots or development parcels within the Property may be modified if approved by the City without amendment of this Agreement through boundary line adjustments (`BLA"), lot consolidations, binding site plans (`BSP"), short plats, or subdivisions. Should the legal lots or development parcels within the Property be so modified, Developer shall submit revisions to all Exhibits to this Agreement. Such revisions will be processed as Developer Discretion amendments under Section 12. L 7. Development Regulation Modifications. As a component of this Agreement, the City Council approves the following modifications from City Development Regulations for this Project: 7.1 Perimeter Residential Uses Permitted. Residential units will be permitted along the perimeter streets of the Project as depicted in the Conceptual Plan (in addition to all other permitted uses, to include retail and live/work). These units shall be allowed in lieu of the entertainment or retail uses which would otherwise be required per FWRC 19.225.070. -12- 7.2 Road A. The City will authorize reasonable deviations from public road standards to accommodate the enhanced design of Road A. Temporary parking spaces may be located along Road A right-of-way but shall be reviewed and approved by the City. 7.3 S. 314th Street. The City will authorize reasonable deviations necessary to accommodate access points and curb separation on S. 314th Street, as depicted in Exhibit D. 7.4 InclusionM Zoning. Deviation from FWRC 19.110.010 shall be authorized as described in Section 15. 7.5 Non -Residential Ground Floor space. The City will allow the 15% non- residential ground level space requirement in FWRC 19.225.070 to be met on a cumulative basis, considering all Project phases. 7.6 Open Space. Calculation of the open space requirement in FWRC 19.225.070 will include pedestrian areas of Road A (areas not including the driving surface or parking stalls), and any future open space fee in lieu will be based on the Appraisal. 7.7 Building Length. Building lengths in excess of 250' shall be allowed and are consistent with the community design guidelines in FWRC 19.115.020(5). 8. Density and Intensity of Uses. The Entitlements approved through this Agreement (Section 2.1) shall be allowed on the Property without limit to maximum density or intensity of the CC-C zone. 9. Phasing. The Project is anticipated to be built in phases. The Phasing and Timing Plan provided in Exhibit C ("Phasing and Timing Plan"), establishes outside construction dates. Developer will work in good faith to initiate construction as soon as practicable, subject to market conditions and financing. Regardless of whether the Southeast or North Block is Phase I, Phase I is proposed to be constructed first, but the other phases may be constructed out of order (i.e., Phase III or IV may precede Phase II), as long as adequate infrastructure is provided to support each constructed phase. If the phases are constructed out of order, the frontage improvements and dedications detailed in Sections 3.2 and 3.3, and depicted in Exhibit D, shall be adjusted to reflect the new phase order. Such an adjustment to the frontage improvements and dedications shall be processed as a Minor Amendment. If the phases are constructed out of order, the phasing timeline will automatically adjust to reflect the constructed order of phases. 10. Vesting. Developer is entitled to develop the Project under the Development Regulations and land use controls in effect as of the Effective Date of this Agreement ("Vested Code Provisions"), which shall apply for the Term of this Agreement. 10.1. Exemptions. The following are exempt from vesting under this Agreement: -13- a. Plan review fees, inspection fees, and land use application fees; b. Connection charges, general facilities charges and monthly service charges; C. Amendments to building, plumbing, fire and other construction codes adopted pursuant to RCW Ch. 19.27 or 19.27A; d. Impact fees, except as modified in Section 10.3 of this Agreement; e. City enactments that are adopted pursuant to state or federal mandates (such as the City's NPDES Municipal Stormwater Permits) that preempt the City's authority to vest regulations; f. City enactments regarding MFTE required to be adopted pursuant to a state repeal, amendment, or modification of RCW Ch. 84.14 or other applicable state law terminating the City's authority to implement an MFTE program. 10.2. Reserved Rights. Notwithstanding any provision in this Agreement, the City reserves authority pursuant to RCW 36.70B.170(4) to impose new or different Development Regulations to the extent required by a serious threat to public health or safety, as determined by the City Council after written notice and an opportunity to be heard by Developer. 10.3 Impact Fees. The Project is vested to the following impact fees in effect on the date this Agreement is executed: a. A school impact fee of zero; b. A park impact fee of $2,200/ residential unit. C. The transportation impact fee in place as of the Effective Date of this Agreement, for a period of ten (10) years after the Effective Date, with yearly increases based on CPI, as allowed in FWRC 19.85. 10.4 Property Tax Exemption. The Project qualifies for a Multifamily Dwelling Unit Tax Exemption under FWRC 3.30 and is vested to the provisions of Chapter 3.30 FWRC as of the Effective Date of this Agreement for the term of the Agreement. The Parties acknowledge that the Project is located within an eligible residential targeted area for participation in the tax exemption program for both the 8 and 12-year option. Developer may elect, at its sole discretion, to apply for the 8-year MFTE program. The 12-year option (FWRC 3.30.040(1)(b)(ii)) shall not be utilized for the Project, unless a repeal, amendment, or modification of RCW Ch. 84.14 or other applicable state law terminates the City's -14- authority to implement the 8-year MFTE program, in which case Developer will be entitled to utilize the 12-year option. At the end of the initial exemption period, Developer may elect to apply for a 12-year extension to the exemption period as authorized by RCW 84.14.020(6), provided that the City has adopted provisions in FWRC authorizing the 12- year extension within the City. 11. Future Code Amendments. Developer may request to develop the Property or Project -phases thereof in accordance with new Code provisions, Development Regulations and other regulations, policies, or guidelines hereinafter adopted by the City after the Effective Date, including but not limited to future SEPA and/or Planned Action amendments for City Center, without obligation to bring other portions of the Property into conformance with newly -adopted Code provisions, Development Regulations and other regulations. Application of any future Code amendments under this provision shall be on a Project -phase basis and shall be processed as a Minor Amendment, unless expressly listed as a Major Amendment. Application of any future state legislation and/or implementing Code amendments under this provision shall be on a Project -phase basis and shall be processed as a Minor Amendment, unless expressly listed as a Major Amendment. 12. Flexibility and Future Agreement Amendments. During the Term of this Agreement, Developer or City may request amendments to this Agreement. Developer -requested Amendments will be classified as: 1) "Developer Discretion"; 2) "Minor Amendments" subject to review and approval by the Designated Official; or 3) "Major Amendments" requiring City Council approval. As a rule of construction, all ambiguities with respect to whether a Developer - requested amendment is classified as Developer Discretion, a Minor Amendment, or a Major Amendment shall be resolved in favor of treating the proposed amendment as a Minor Amendment. 12.1 Developer Discretion amendments are: a. Any increase to any aspect of the Entitlement of 20% or less. b. An increase to the timeline for any Project Phase by up to three years. C. All other Developer -requested amendments that result, as determined by the Designated Official, in comparable benefit or functional equivalence with no more than a de-minimis reduction of public benefits, reduction in environmental protection, or increase in material public cost. City review of Developer Discretion amendments is limited only to determining whether a requested amendment is properly categorized as Developer Discretion under this subsection. -15- 12.2 Minor Amendments are all amendments that are not Developer Discretion or Major Amendments. 12.3 Major Amendments are: a. Changes to the Term of the Agreement. b. Substantive change, as determined by the Designated Official, to the Conceptual Plan (Exhibit B). Substantive changes to the Conceptual Plan are changes that (1) propose a land use that is not included in the current Entitlement, as set forth in Section 2.1 of this Agreement; or (2) propose an increase to any aspect of the Entitlement in excess of 20%. C. Substantive change, as determined by the Designated Official, to the Phasing and Timing Plan (Exhibit C). A substantive change is one that would increase the timeline for any Project Phase by more than three years. 13. Project Review. Developer shall be responsible to apply for all required City permits, including but not limited to applications for planning and zoning permits, clearing and grading permits, building permits and other such permits and approvals required under the FWRC and necessary to authorize development of the Project or each respective Project -phase ("Project Entitlement"). Each Project Entitlement application must demonstrate consistency with the vested Development Regulations and this Agreement, including any Modifications as provided herein. The City will review the application as provided by the FWRC. The Parties may agree to expedited review procedures for a Project Entitlement Application subject to Developer's commitment to fund expedited review and City's ability to secure resources necessary for permit issuance. 14. SEPA Compliance. SEPA review for this Agreement is a non -project level review. Project -level SEPA review will be required as part of the Project Entitlement Application process unless exempt under FWRC 14.15.030. 15. Inclusionary Zoning. The Project is subject to affordable housing requirements in Chapter 19.110 FWRC. The City is accepting a retail subsidy in satisfaction of this requirement. Developer will provide a 20% discount from market retail lease rates for at least 12,000 sq. ft. of leasable space in the Project, at least half of which will be provided during Phases I and II, for a period of 50 years. Developer will use best faith efforts to lease retail spaces to businesses incorporated in and/or primarily operating in Washington state. 16. Concurrency Review. The Project will be subject to transportation concurrency review under Chapter 19.90 of the FWRC. Concurrency review will be conducted during Project Entitlement review for each Project Phase. Any Project Entitlement application submitted while the City Center Planned Action is in effect will be evaluated under the Planned Action and will be exempt from concurrency review if the trip generation is below the Planned Action threshold. -16- 17. Agreement to Run with the Land. For the term of this Agreement, the benefits and obligations of this Agreement shall run with the land and continue following the subdivision, leasing, or transfer of ownership to Developer's successors and assigns. 18. Term. The term of this Agreement shall be thirty (30) years from the Effective Date of this Agreement ("Expiration Date") unless the Term is modified under the provisions of Section 12 of this Agreement. The Parties recognize that neither Party can anticipate all of the potential changes in Developer's business needs, lease matters, construction techniques, or architectural design that may occur during that time period. The Vested Code Provisions are not intended to preclude future interpretations and adjustments in conjunction with specific development applications for a Project -phase. 19. Construction of Documents. In the event there are any conflicts or ambiguities between the terms of the body of this Agreement and the terms in any of the Exhibits, the terms of the body of this Agreement shall control. 20. Recitals. The Recitals are incorporated herein as material terms of this Agreement. 21. Indemnification. Except as otherwise specifically provided elsewhere in this Agreement and any Exhibits hereto, each Party shall protect, defend, indemnify and hold harmless the other Party and their officers, agents, and employees, or any of them, from and against any and all claims, actions, suits, liability, loss, costs, expenses, and damages of any nature whatsoever, which are caused by or result from any negligent act or omission of the Party's own officers, agents, and employees in performing services pursuant to this Agreement. In the event that any suit based upon such a claim, action, loss, or damage is brought against a Party, the Party whose sole negligent actions or omissions gave rise to the claim shall defend the other Party at the indemnifying Party's sole cost and expense; and if final judgment be rendered against the other Party and its officers, agents, and employees or be rendered jointly against the Parties and their respective officers, agents, and employees, the Party whose sole negligent actions or omissions gave rise to the claim shall satisfy the same; provided that, in the event of concurrent negligence, each Party shall indemnify and hold the other Party harmless only to the extent of the indemnifying Party's negligence. The indemnification to the City hereunder shall be for the benefit of the City as an entity, and not for members of the general public. 22. Agreement Consistency with RCW 82.02.020. The Developer agrees that the improvements, mitigation payments and dedications established by this Agreement shall be consistent with the requirements of RCW 82.02.020 and mitigate the Project's direct impacts. 23. Recording. This Agreement shall be recorded by Developer with the King County Recorder's Office. 24. Binding Effect; Assi na�bilitX. This Agreement shall bind and inure to the benefit of the Parties hereto and their respective successors, heirs, legatees, representatives, receivers, -17- trustees, successors, transferees and assigns. Developer shall have the right to assign or transfer its rights, subject to approval of the Designated Official which shall not be unreasonably withheld, in whole or in part, under this Agreement. Developer shall provide City with written notice of any transfer or assignment at least thirty (30) days prior to the closing of any transaction. 25. Interpretation. This Agreement has been reviewed and revised by legal counsel for both Parties, and no presumption or rule construing ambiguity against the drafter of the document shall apply to the interpretation or enforcement of this Agreement. Nothing herein shall be construed as a waiver of the City's constitutional and statutory powers. Nothing herein shall be construed or implied that the City is contracting away its constitutional and statutory powers, except as otherwise authorized by law. 26. Authority. Each signatory to this Agreement represents and warrants that he or she has full power and authority to execute and deliver this Agreement on behalf of the Party for which he or she is signing, and that he or she will defend and hold harmless the other Parties and signatories from any claim that he or she was not fully authorized to execute this Agreement on behalf of the person or entity for whom he or she signed. Upon proper execution and delivery, this Agreement will have been duly entered into by the Parties, will constitute as against each Party a valid, legal and binding obligation that shall run with the land, and will be enforceable against each Party in accordance with the terms herein. 27. Delays. If either Party is delayed in the performance of its obligations in this Agreement due to Force Majeure, then performance of such obligation shall be excused for the period of delay. Force Majeure means extraordinary natural events or conditions such as war, riot, pandemic (including but not limited to COVID-19 or its variants) or other causes beyond the reasonable control of the Developer, but does not include labor disputes. The City's or Developer's inability to fund, or decision not to fund, any of its obligations shall not be an acceptable reason for delay. 28. Notices. All notices, requests, demands, and other communications called for or contemplated by this Agreement shall be in writing, and shall be duly given by mailing the same by certified mail, return receipt requested; or by delivering the same by hand, to the following addresses, or to such other addresses as the Parties may designate by written notice in the manner aforesaid: Owner: Trent Development Inc. Attn: Trent Mummery 166 Roy Street Seattle, WA 98109 Phone: 206-234-6543 Email: trent(d,onetrent.com And to its Attorney: McCullough Hill PLLC Attn: Courtney Flora 701 5th Avenue, Suite 6600 Seattle, WA 98104 Phone: 206-812-3376 Email: cflora(abmhseattle.com City of Federal Way: Designated Official Attn: Keith Niven 33325 8th Avenue South Federal Way, WA Phone: 253-835-2612 Email: keith.nivengfederalwaMa.gov And to its Attorney: City Attorney Attn: Ryan Call 33325 8th Avenue South Phone: 253-835- Email: ryan.callkfederalwaywa.gov 29. Dispute Resolution. It is the Parties' intent to work cooperatively and to resolve disputes in an efficient and cost-effective manner. All disputes arising out of or relating to this Agreement shall be resolved as follows: 29.1. Settlement Meeting. If any dispute arises between the parties relating to this Agreement, then the parties shall meet and seek to resolve the dispute, in good faith, within ten (10) days after a Party's request for such a meeting. The City shall send the Designated Official and persons with information relating to the dispute, and Developer shall send a representative and any consultant or other person with technical information or expertise related to the dispute. 29.2 Mediation. If the Parties cannot resolve the issue within ten (10) days then they shall mediate the matter using a mediator from Judicial Dispute Resolution, LLC or if that entity fails or declines to serve, such other similar service or organization as agreed by the parties, or as appointed by the court if the parties cannot agree (collectively "JDR"), within seven (7) days of their failure to agree pursuant to Section 29.1. The Parties shall evenly split any fees charged by JDR, regardless of the outcome of the mediation. Each Party shall bear its own attorneys' fees in connection with the mediation. 29.3. Arbitration. If the Parties have still not resolved the matter, then and only then shall arbitration be permitted. "Arbitration" for purposes of this Agreement shall be limited exclusively to arbitration by one arbitrator, administered by JDR in accordance -19- with the rules of practice and procedure from the American Association of Arbitration. The arbitrator shall be someone other than the mediator who served under Section 29.2. The arbitrator shall establish the procedures and allow presentation of written and oral information but shall render its final decision within thirty (30) days after the matter is referred to arbitration. The Parties shall pay equally the cost of the arbitration. Pursuant to Section 32, the prevailing Party (or the substantially prevailing Party, if no one Party prevails entirely) shall be entitled to an award of reasonable attorneys' and expert witness fees and costs. The arbitration proceedings shall be binding, conclusive and, except as provided below, not appealable, and any Party to any award rendered in any such arbitration proceeding shall be entitled to have judgment entered thereon. In no event, however, shall mediation or arbitration be available pursuant to this Section after the date when institution of legal or equitable proceedings based on such claim, dispute, or other matter in question would be barred by the applicable statute of limitations. 30. Governiniz Law and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Washington. To extent permitted, venue for any judicial action arising out of or relating to this Agreement shall lie in King County Superior Court. 31. Specific Performance. The Parties specifically agree that damages are not an adequate remedy for breach of this Agreement and that the Parties are entitled to compel specific performance of all material terms of this Agreement by any Party in default hereof. All terms and provisions of this Agreement are material. 32. Attorneys' Fees. In any arbitration or judicial action to enforce or determine a Party's rights under this Agreement, the prevailing Party (or the substantially prevailing Party, if no one Party prevails entirely) shall be entitled to reasonable attorneys' fees, expert witness fees, and costs, including fees and costs incurred in the appeal of any ruling of a lower court. 33. No Third -Party BeneficiarX. This Agreement is made and entered into for the sole protection and benefit of the Parties hereto and their successors and assigns. No other person shall have any right of action based upon any provision of this Agreement. 34. Severability. This Agreement does not violate any federal or state statute, rule, regulation or common law known; but any provision which is found to be invalid or in violation of any statute, rule, regulation or common law shall be considered null and void, with the remaining provisions remaining viable and in effect. 35. Cooperation in Execution of Documents. The Parties agree to properly and promptly execute and deliver any and all additional documents that may be necessary to render this Agreement practically effective. This Paragraph shall not require the execution of any document that expands, alters or in any way changes the terms of this Agreement. -20- 36. Exhibits. This Agreement includes the following exhibits which are incorporated by reference herein: Exhibit A - Legal Description of TC-3 Property Exhibit B — Conceptual Plan Exhibit C — Phasing and Timing Plan Exhibit D - Conceptual Improvement Plan 37. Full Understanding. The Parties each acknowledge, represent and agree that they have read this Agreement; that they fully understand the terms thereof; that they have had the opportunity to be fully advised by their legal counsel and any other advisors with respect thereto; and that they are executing this Agreement after sufficient review and understanding of its contents. 38. No Joint Venture. This Agreement is not intended to and nothing in this Agreement shall create any partnership, joint venture or other arrangement between the Parties. 39. Final and Complete Agreement. This Agreement is integrated and constitutes the final and complete expression of the Parties on all subjects relating to the development of the Project. This Agreement may not be modified, interpreted, amended, waived or revoked orally, but only by a writing signed by all Parties. This Agreement supersedes and replaces all prior agreements, discussions and representations on all subjects discussed herein, without limitation. No Party is entering into this Agreement in reliance on any oral or written promises, inducements, representations, understandings, interpretations or agreements other than those contained in this Agreement and the Exhibits hereto. 40. Covenant of Good Faith and Cooperation. The Parties agree to take further actions and execute further documents, either jointly or within their respective power and authority, to implement the intent of this Agreement. Each Party covenants to use its best efforts and work cooperatively in order to secure the benefits and rights under this Agreement. The Parties shall not unreasonably withhold approvals or consents provided for in this Agreement. [SIGNATURE PAGES FOLLOW] -21- IN WITNESS, the Parties execute this Agreement below. CITY OF FEDERAL WAY: ATTEST: Jim Ferrell, Mayor DATE: -22- Stephanie Courtney, CMC, City Clerk APPROVED AS TO FORM: J. Ryan Call, City Attorney TRENT DEVELOPMENT INC.: Trent Mummery, President DATE: STATE OF WASHINGTON ) ) ss. COUNTY OF APPROVED AS TO FORM: Courtney Flora, Attorney On this day personally appeared before me Trent Mummery, to me known to be the President of Trent Development Inc. that executed the within and foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and deed of said corporation, for the uses and purposes therein mentioned, and on oath stated that he or she was authorized to execute said instrument and that the seal affixed, if any, is the corporate seal of said corporation. GIVEN under my hand and official seal this day of , 20_. Notary's signature Notary's printed name Notary Public in and for the State of Washington. My commission expires -23- rr • V ' Northwest Block Potential City Hall Offices I 9 AF Awn 1khow 1 S. 314th Street I - Y..'tl ►' (NLY! Ii Y_'tl ,ye.'..t! � �L�y �.Y.t� • • •• _awl '_•�j j_•� j_►1 !_•il North Block +4! _ I( _- E Q ' W � Q o _ mo�o// LL - +n. t _ RoarT«raoe - Pk= �w.0 MLRwd 3 Level 3 F,' Rod Garden Roof Garden Road 6 - — Ono Way -C_ +475- — — — Road A — — +47s ' U O 10O - ks L.i • u Truck P A E C SE 1 Event Pavilion LJ - - o- _- O+4 74' • - p _ - _ - N J all.. am - - 'ft f - . � -. ��• m - Roof Grdeu _ r _• , +• - �a .. eN• AA � � qua A 01116 l i• Exhibit B CONCEPTUAL SITE PLAN - FULL BUILD OUT 0' 100' N I., 0 Northeast Block p C - Lod R� Garden V�J •.�mews Southeast Block -J - LrM Qm"rd �41 0 0 o� I� �. POTENTIAL PEDESTRIAN Sound Transit BRIDGE TO ST GARAGE - FEASIBILITY TBD Parking Garage . _ I C +475' 0 �- SE 2 +472' (- PZ�otlnp — r —1 +44r S . 316th Street _- - 71' i A PERKIN% FASTMAN STL DID 1809 7TH AVE SUITE 800 SEATTLE 98101 PROJECT: TC-3 Masterplan Federal Way, WA C� 1 Q Preliminary - :- Planning �-- Concept CIO Development Agreement 1 Exhibits •'' Dec. 4, 2023 1- Ire �s `h III��= per. Illustrations shown here are preliminary and conceptual only to show general massing, planning intent and design direction. Information shown is subject to change with more detailed design, engineering, development agreement negotiations and municipal review. 01 � JF c � L Ca V /Vc:> -t%7 S t C/ty /-/za// Oti9'ces wow rw. 111 i .r Truck • Pin= . Y J � +4 74 An �qb North Block Northeast 8\oc\c _ ^ 1 _ v 114. �- 111 r 1 AAL Southeast - Civic .,• _ Plaza , SE 1 -- Event Pavilion ■ 1 Level:.l - � 1 Roof Oofdan _� •1 , v J I, ai sr +474' 0 lob qb L iv 0 P2 Parkln Acco Ground level Courtyard 9 ,I 1 Mr Pry AW O For16th Sir eel Sound Transit Parking Garage IV VIA 1809 7TH AVE SUITE 800 SEATTLE 98101 PROJECT: TC-3 Masterplan Federal Way, WA Preliminary Planning Concept Development Agreement NOV. 30, 2023 Illustrative Drawings CONCEPTUAL BUILDING MASSING - AERIAL VIEW Illustrations shown here are preliminary and conceptual only to show general massing, planning intent and design direction. Information shown is subject to change with more detailed design, engineering, development agreement negotiations and municipal review. 02 r Northwest - Block m Potential City Hall Offices Q L.L f / +4 rr ` L 1 �•47�' \ L" 4 \ Ro01 T�rtste PM . Access La" '— — - `1 fR Level 3 •••• Rod Garden S. 314th Street +481.5 1 1 y +480' . �.-� - ` . u E L• W � North Block Q o _ . 1 Level I 1 Roof Garden .UJ Li\� t 4 a r *47 O .� ♦ O \ FoTruod' ' •I Plaza Q ..... ' O O Southeast Block I GrouM Level courtyard y f474'-- \ SE 1 490; Event Pavilion 0 I� VIA r� —A PFRIKINS FA.5TMAN STUQ1Q �-. `•r,. - 1809 7TH AVE SUITE 800 y - ` SEATTLE 98101 c +477 4 Northeast Block V� O o c UW 30 Garden P A E C 1 -. • O . � +474• .J � ♦ ';�w ���_ _ � - ter...__ .-- .-- , Oft M-011111.. 'i 4-_ +�449' *4W AIffa ■ICINA -ter Qi II� 11 Sound Transit Parking Garage C n um" A. K I _ r 6 +4W -iA 14 SE 2 �S. 316th Street II Illustrations shown here are preliminary and conceptual only to show general massing, planning intent and design direction. Information shown is subject to change with more detailed design, engineering, development agreement negotiations and municipal review. PROJECT: TC-3 Masterplan Federal Way, WA Preliminary Planning Concept Development Agreement Exhibits Dec. 4, 2023 - I - _ _ I • ` s i ..;:.. .. •. ,.:.mow► T♦ —V A A RFRIKINS FA.5TMAN STUQ1fi 1809 7TH AVE ` SUITE 800 SEATTLE 98101 irk 0MOWN, itt r • •�_ PROJECT: • tV vv' = ' ` TC-3 — Masterplan kra Federal Way, WA Uj •• >DEVELOPMENT irTRENT lb of r • 0 Preliminary - • -- - �.Planning �.."'- ---_ ':f - . • , , , • . Concept ,uv, •�;� _ ;,-- _ :-�• - Development Agreement '--. ,;'� _ - _ • �;` Exhibits Dec. 4, 2023 S. 316th Street - Exhibit C Im F Vr law- � ---- --- � � 111 PHASE ImSE (AS SOUTHEAST BLOCK OPTION) PHASING & TIMING PLAN 0' 100' N Sound Transit Parking Garage II lustrations shown here are preliminary and conceptual only to show eneral massing, planning intent and design direction. Information hown is subject to change with more detailed design, engineering, evelopment agreement negotiations and municipal review. 02 - I - _ _ I • ` s i ..;:.. .. •. ,.:.mow► T♦ —V A A RFRIKINS FA.5TMAN STUQ1fi 1809 7TH AVE ` SUITE 800 SEATTLE 98101 irk 0MOWN, itt r • •�_ PROJECT: • tV vv' = ' ` TC-3 — Masterplan kra Federal Way, WA Uj •• >DEVELOPMENT irTRENT lb of r • 0 Preliminary - • -- - �.Planning �.."'- ---_ ':f - . • , , , • . Concept ,uv, •�;� _ ;,-- _ :-�• - Development Agreement '--. ,;'� _ - _ • �;` Exhibits Dec. 4, 2023 S. 316th Street - Exhibit C Im F Vr law- � ---- --- � � 111 PHASE ImSE (AS SOUTHEAST BLOCK OPTION) PHASING & TIMING PLAN 0' 100' N Sound Transit Parking Garage II lustrations shown here are preliminary and conceptual only to show eneral massing, planning intent and design direction. Information hown is subject to change with more detailed design, engineering, evelopment agreement negotiations and municipal review. 03 - I - _ _ I • ` s i ..;:.. .. •. ,.:.mow► T♦ -V A A RFRIKINS FA.5TMAN STUQ1fi 1809 7TH AVE ` SUITE 800 SEATTLE 98101 irk 0MOWN, itt r •r.•�_ _ PROJECT: • tV vv' = ' ` TC-3 — Masterplan kra Federal Way, WA Uj •• >DEVELOPMENT irTRENT lb of r • 0 Preliminary - • -- - �. Planning �..� "'- ---_ ':f - . • , , , • . Concept �,uv, •�;� _ ;,-- _ :-�• - Development Agreement '--. ,;�'� _ - _ • �;` Exhibits Dec. 4, 2023 S. 316th Street _ to �� • � •- Sound Transit , Parking Garage e PHASE ImN (AS NORTH BLOCK OPTION) PHASING & TIMING PLAN Illustrations shown here are preliminary and conceptual only to show general massing, planning Intent and design direction. Information .* shown is subject to change with more detailed design, engineering, 04 o' 100' N development agreement negotiations and municipal review. - I - _ _ I • ` s i ..;:.. .. •. ,.:.mow► T♦ -V A A RFRIKINS FA.5TMAN STUQ1fi 1809 7TH AVE ` SUITE 800 SEATTLE 98101 irk 0MOWN, itt r •r.•�_ _ PROJECT: • tV vv' = ' ` TC-3 — Masterplan kra Federal Way, WA Uj •• >DEVELOPMENT irTRENT lb of r • 0 Preliminary - • -- - �.Planning �..� "'- ---_ ':f - . • , , , • . Concept �,uv, •�;� _ ;,-- _ :-�• - Development Agreement '--. ,;�'� _ - _ • �;` Exhibits Dec. 4, 2023 S. 316th Street _ to �� • � •- Sound Transit , Parking Garage e PHASE IImSE SOUTHEAST BLOCK OPTION) PHASING & TIMING PLAN Illustrations shown here are preliminary and conceptual only to show general massing, planning Intent and design direction. Information ME + shown is subject to change with more detailed design, engineering, 06 o' 100' N development agreement negotiations and municipal review. - I - _ _ I • ` s i ..;:.. .. •. ,.:.mow► T♦ -V A A RFRIKINS FA.5TMAN STUQ1fi 1809 7TH AVE ` SUITE 800 SEATTLE 98101 irk 0MOWN, itt r •r.•�_ _ PROJECT: • tV vv' = ' ` TC-3 — Masterplan kra Federal Way, WA Uj •• >DEVELOPMENT irTRENT lb of r • 0 Preliminary - • -- - �.Planning �..� "'- ---_ ':f - . • , , , • . Concept �,uv, •�;� _ ;,-- _ :-�• - Development Agreement '--. ,;�'� _ - _ • �;` Exhibits Dec. 4, 2023 S. 316th Street _ to �� • � •- Sound Transit , Parking Garage e PHASE IImSE SOUTHEAST BLOCK OPTION) PHASING & TIMING PLAN Illustrations shown here are preliminary and conceptual only to show general massing, planning Intent and design direction. Information ME + shown is subject to change with more detailed design, engineering, 06 o' 100' N development agreement negotiations and municipal review. - I - _ _ I • ` s i ..;:.. .. •. ,.:.mow► T♦ —V A A RFRIKINS FA.5TMAN STUQ1fi 1809 7TH AVE ` SUITE 800 SEATTLE 98101 irk 0MOWN, itt r • •�_ PROJECT: • tV vv' = ' ` TC-3 — Masterplan kra Federal Way, WA Uj •• >DEVELOPMENT irTRENT lb of r • 0 Preliminary - • -- - �.Planning �.."'- ---_ ':f - . • , , , • . Concept ,uv, •�;� _ ;,-- _ :-�• - Development Agreement '--. ,;'� _ - _ • �;` Exhibits Dec. 4, 2023 S. 316th Street - Exhibit C PHASE III - SITE PLAN (PHASING & TIMING PLAN 0' 100' N law- � ---- --- � ._ �. Sound Transit Parking Garage II Illustrations shown here are preliminary and conceptual only to show general massing, planning intent and design direction. Information shown is subject to change with more detailed design, engineering, development agreement negotiations and municipal review. 07 - I - _ _ I • ` s i ..;:.. .. •. ,.:.mow► T♦ —V A A RFRIKINS FA.5TMAN STUQ1fi 1809 7TH AVE ` SUITE 800 SEATTLE 98101 irk 0MOWN, itt r • •�_ PROJECT: • tV vv' = ' ` TC-3 — Masterplan kra Federal Way, WA Uj •• >DEVELOPMENT irTRENT lb of r • 0 Preliminary - • -- - �.Planning �.."'- ---_ ':f - . • , , , • . Concept ,uv, •�;� _ ;,-- _ :-�• - Development Agreement '--. ,;'� _ - _ • �;` Exhibits Dec. 4, 2023 S. 316th Street - Exhibit C Im F Vr law- � ---- --- � ._ �. PHASE IV - SITE PLAN (PHASING & TIMING PLAN) Sound Transit Parking Garage II Illustrations shown here are preliminary and conceptual only to show general massing, planning intent and design direction. Information shown is subject to change with more detailed design, engineering, development agreement negotiations and municipal review. r Northwest - Block m Potential City Hall Offices Q L.L f / +4 rr ` L 1 �•47�' \ L" 4 \ Ro01 T�rtste PM . Access La" '— — - `1 fR Level 3 •••• Rod Garden S. 314th Street +481.5 1 1 y +480' . �.-� - ` . u E L• W � North Block Q o _ . 1 Level I 1 Roof Garden .UJ Li\� t 4 a r *47 O .� ♦ O \ FoTruod' ' •I Plaza Q ..... ' O O Southeast Block I GrouM Level courtyard y f474'-- \ SE 1 490; Event Pavilion 0 I� VIA r� —A PFRIKINS FA.5TMAN STUQ1Q �-. `•r,. - 1809 7TH AVE SUITE 800 y - ` SEATTLE 98101 c +477 4 Northeast Block V� O o c UW 30 Garden P A E C 1 -. • O . � +474• .J � ♦ ';�w ���_ _ � - ter...__ .-- .-- , Oft M-011111.. 'i 4-_ +�449' *4W AIffa ■ICINA -ter Qi II� 11 Sound Transit Parking Garage C n um" A. K I _ r 6 +4W -iA 14 SE 2 �S. 316th Street II Illustrations shown here are preliminary and conceptual only to show general massing, planning intent and design direction. Information shown is subject to change with more detailed design, engineering, development agreement negotiations and municipal review. PROJECT: TC-3 Masterplan Federal Way, WA Preliminary Planning Concept Development Agreement Exhibits Dec. 4, 2023 EWL�.--� . I. PRECEDENT EXAMPLE -ROAD A r FP Sidewalk & Tree Street Trees mAm 12' to 14' ►--Q 9 Planter Or Par' STRFFT1% � � 0 SECTION1W - ROAD A ,%W 0 0 Exhibit D Two Way Travel Lane Planter Or Parking No Street Parking This Side Road A West Arm Only 0iaewa1K a Tree Street Trees 12' to 14' Illustrations shown here are preliminary and conceptual only to show general massing, planning intent and design direction. Information shown is subject to change with more detailed design, engineering, development agreement negotiations and municipal review. VIA 1809 7TH AVE SUITE 800 SEATTLE 98101 PROJECT: TC-3 Masterplan Federal Way, WA Preliminary Planning Concept Development Agreement Exhibits Dec. 4, 2023 10 9b COUNCIL MEETING DATE: April 2, 2024 ITEM #: CITY OF FEDERAL WAY CITY COUNCIL AGENDA BILL SUBJECT: ORDINANCE: TAX INCREMENT FINANCING POLICY QUESTION: Should the City create a Tax Increment Area to help fund public projects in the Downtown/City Center area? COMMITTEE: N/A MEETING DATE: N/A CATEGORY: ❑ Consent ® Ordinance ❑ Public Hearing ❑ City Council Business ❑ Resolution ❑ Other STAFF REPORT BY: Keith Niven DEPT: CD Attachments: 1. Staff Report 2. Ordinance Options Considered: 1. Adopt the proposed ordinance. 2. Do not adopt the proposed ordinance and provide direction to staff. MAYOR'S RECOMMENDATION: Option 1. MAYOR APPROVAL: N/A DIRECTOR APPROVAL: 2.26.24 Committee d C ncil Initial/Date Initial/Date Ini i Date COMMITTEE RECOMMENDATION: N/A Committee Chair Dovev Committee Member Tran Committee Member Walsh PROPOSED COUNCIL MOTION(S): FIRST READING OF ORDINANCE (4/2/24): "1 move to forward the proposed ordinance to the April 16, 2024 Council Meetingfor second reading and enactment. " SECOND READING OF ORDINANCE (4/16/24): "I move approval of the proposed ordinance to create a Tax Increment Area in Federal Way. " (BELOW TO BE COMPLETED BY CITY CLERK'S OFFICE) COUNCIL ACTION: ❑ APPROVED COUNCIL BILL # ctf ❑ DENIED First reading ❑ TABLED/DEFERRED/NO ACTION Enactment reading ❑ MOVED TO SECOND READING (ordinances only) ORDINANCE # REVISED—11/2019 RESOLUTION # CITY OF FEDERAL WAY MEMORANDUM DATE: 27 March 2024 TO: City Council VIA: Jim Ferrell, Mayor FROM: Keith Niven, AICP, CEcD6j Community Development Director SUBJECT: Tax Increment Financing Financial Impacts: The financial impact to the City for consideration of a Tax Increment Financing district contemplates both future property tax revenues, as a result of private development and investment, and the construction of public improvements and their associated costs, without which development would not occur at the rate and scale anticipated. It has been forecast that the Tax Increment Area (TIA) will generate between $30M and $65M over a 25-year period. A portion of this property tax revenue, approximately $6.5M - $13.7 M, would have gone to the City's General Fund without the creation of the TIA. Introduction: The purpose of this staff report is to provide an overview of the proposed Tax Increment Financing (TIF) initiative for Downtown Federal Way, including background information, outlining the TIF purpose, and detailing the adoption process to create a Tax Increment Area (TIA) in accordance with the Revised Code of Washington (RCW) 39.114. Background Information: In 2021, the Washington State Legislature passed House Bill 1189, granting municipalities the authority to establish Tax Increment Areas (TIAs). These areas enable the funding of public improvements to facilitate new private development. The City of Federal Way has long pursued a vision of creating a vibrant, mixed -use downtown and regional destination. Significant efforts have been made to plan, design, and execute key infrastructure improvements and amenities to realize this vision. The assist the City with this effort, the City hired Tiberius Solutions, a consulting firm from Portland specializing in Tax Increment Financing. TIA Implementation in Downtown Federal Way: The TIA for Downtown Federal Way aims to revitalize the currently suburban, auto -centric, and unremarkable downtown area into a vibrant and walkable neighborhood and regional destination. By utilizing tax increment financing, the city intends to generate funding for public improvements that will facilitate private development and create a distinct urban environment. On January 21, 2023, the concept of implementing a TIA for Downtown Federal Way was introduced at the Council Retreat. The proposal received initial support and marked the beginning of the comprehensive analysis and planning process. The soon -to -be -opened Sound Transit station in downtown Federal Way, coupled with the City's investment, presents an unprecedented opportunity to redefine the pace and character of downtown growth and redevelopment. By leveraging TIF funding, the City aims to implement transformative changes that will shape downtown Federal Way into a distinctive, mixed -use, and walkable central hub in the community. The transformation of City -owned property Downtown (TC-3) is already underway with the Development Agreement negotiations currently occurring between City staff and One Trent, the selected developer. A number of the conditions of the agreement are contingent on the timing of the public improvements such as the public parking garage, plaza, associated infrastructure. The draft City of Federal Way Tax Increment Area - Project Analysis Report, prepared by Tiberius Solutions (attached), plays a crucial role in providing a thorough evaluation of the TIA's feasibility and potential impact. This report assesses various aspects, including projected tax revenues, infrastructure improvements, and the overall viability of TIF for this area of Federal Way. Adoption Process: The adoption of a TIA in Washington State must adhere to the procedures outlined in the Revised Code of Washington (RCW) 39.114. These requirements emphasize the need for community engagement, review by the Office of Treasurer (Attachment 2), and a transparent adoption process. The Public Outreach conducted is presented in Appendix B of the Tax Increment Report (Attachment 1 of this Staff Report). City of Federal Way March 27, 2024 ii Attachment 1: TIA Report City of Federal Way Tax Increment Area Project Analysis Report CITY OF Ak., Federal Way Centered on Opportunity City of Federal Way March 27, 2024 iii Acknowledgments This report was prepared for the City of Federal Way by Tiberius Solutions, a limited liability corporation headquartered in Portland, Oregon. Tiberius Solutions specializes in infrastructure funding and tax increment financing analysis, helping clients achieve their economic and financial goals. Tiberius Solutions is not a registered municipal advisor as defined in Section 15B of the Securities Exchange Act, as amended by Section 975 of the Dodd -Frank Wall Street Reform and Consumer Protection Act. The contents of this report are intended to provide factual information and is not intended to be construed as advice or recommendations regarding any specific municipal financial products. The City should discuss any information and material contained in this report with any and all internal or external advisors and experts that the City deems appropriate before acting on this information. Other firms that contributed to this report include: ■ Elaine Howard Consulting, LLC led the City's efforts for public outreach and community engagement on this project. ■ Johnson Economics conducted technical analysis related to the forecast of future private development in the area, and economic impacts related to job creation and housing affordability. ■ PFM Financial Advisors LLC (PFM) served as the City's municipal financial advisor, providing advice on reasonable assumptions for the terms of future indebtedness. Tiberius Solutions acknowledges the assistance and data provided by staff at the City who were deeply involved in the preparation of this report, providing input on key assumptions and review of all analysis. Tiberius Solutions would also like to thank the valuable contributions made by the King County Assessor's Office and the Office of the Washington State Treasurer, who provided data used in the analysis and guidance on the content of this report. Despite the assistance of other public and private -sector entities, Tiberius Solutions is responsible for the contents of this report. TIBERIUS ELAINE HOWARD oe__e SOLUTIONS FE � CONSULTING LLC JOH NSON ECONOMICS City of Federal Way March 27, 2024 iv Table of Contents 1.1 BACKGROUND AND PURPOSE 1 1.2 BOUNDARY 1 1.3 OBJECTIVES III 2 ANTICIPATED DEVELOPMENT IV 2.1 PUBLIC IMPROVEMENTS 2.2 PRIVATE DEVELOPMENT 2.3 IMPACT OF PUBLIC PROJECTS ON PRIVATE DEVELOPMENT 3 FINANCE PLAN 3.1 FORECAST OF TAX ALLOCATION REVENUES 3.2 PROPOSED INDEBTEDNESS IV VI VIII IX IX XXI I 4 ECONOMIC IMPACTS XXV 4.1 JOB CREATION XXV 4.2 FISCAL IMPACTS XXIX 4.3 AFFORDABLE AND LOW-INCOME HOUSING XXXI 4.4 LOCAL BUSINESS COMMUNITY XXXIV 4.S LOCAL SCHOOL DISTRICT XXXIV 4.6 LOCAL FIRE SERVICE XXXVI S EVALUATION OF RISK FACTORS XXXVIII S.1 GENERAL ECONOMIC CONDITIONS XXXVIII S.2 FUTURE ASSESSED VALUES AND TAX RATES XL S.3 FUTURE PUBLIC COSTS OF CONSTRUCTION AND/OR BORROWING XLI SA OTHER CITY REVENUES XLI S.S NON -VOTED DEBT LIMIT XLII S.6 SEISMIC ACTIVITY AND OTHER NATURAL DISASTERS XLII S.7 INITIATIVES AND REFERENDA XLII S.8 CITY OF FEDERAL WAY'S APPROACH TO FINANCIAL UNCERTAINTY XLII APPENDIX A: TAX LOTS INCLUDED IN THE PROPOSED FEDERAL WAY TIA BOUNDARY XLIV APPENDIX B: SUMMARY OF PUBLIC OUTREACH XLVI APPENDIX C: ALTERNATE SCENARIO XLVIII City of Federal Way March 27, 2024 v Summary How Tax Increment Financing Works In 2021, the Washington State Legislature passed House Bill 1189, allowing some municipalities (cities, counties, and ports) to establish Tax Increment Areas (TIAs) to fund public improvements that allow for new private development to occur. I Revised Code of Washington (RCW) 39.114 describes the legislative requirements for tax increment financing in Washington. Each TIA must have a clearly defined boundary and a list of public improvement projects to be funded in the area. Some of the property taxes generated by increases in assessed value in a TIA are allocated to the TIA to help pay for the public projects in the area. The result is each TIA redirects some of the taxes that would have been collected by other taxing districts for the TIA projects instead. Revenues generated from the growth in assessed value within a TIA are not restricted by other RCW provisions that would otherwise limit the jurisdiction's levy amount to no more than 101 percent of the prior year's levy authority. With a TIA, a municipality can borrow money to fund important public projects in an area, and then pay back the cost of those projects with property tax revenues generated by the increased property value of new private development inside the TIA. TIAs can collect property taxes for no more than 25 years. The projects funded by a TIA are intended to stimulate new construction that occurs sooner or with higher values than would otherwise be expected to occur. Thus, some of the property taxes received by TIAs would not exist without the new public projects paid for by the TIA. When a municipality establishes a TIA, the current value of property in the TIA is "frozen" and called the base value. Property taxes paid on the base value are paid as usual to the taxing districts that collect property taxes in the area. Over time, the property values in the TIA are expected to increase. Property value above the base value is called the increment value. Some property taxes paid on the increment value are distributed to the TIA, called tax allocation revenues. Some taxes, like school district excess levies, are identified in RCW as not impacted by TIAs. Thus, some taxing districts continue to receive taxes paid on the increment value, like usual. Anticipated Public Improvements The proposed City of Federal Way (City) TIA includes 233.7 acres and is generally bordered by Interstate 5 to the East, S 312th Street to the North, Highway 99 to the West, and S 330th Street to the South. The development of this area is vital to the City's goal to transform a suburban, auto - centric and non -remarkable area of Federal Way into a distinct, vibrant, and walkable downtown. For this development to occur, the City must complete many significant infrastructure projects, including: ■ Public Parking ■ Recreation Projects ■ Mobility Projects 1 The tax increment financing program was subsequently amended by house bill 1527 in 2023. City of Federal Way March 27, 2024 vi ■ Community Building ■ Public Safety Projects ■ Placemaking Projects The cost of these projects is estimated to range between $72 and $170 million in 2023 dollars, and tax allocation revenues from the proposed TIA would provide essential funding for these projects. When considering the impacts of inflation and interest on debt, the cost of the public projects would be more than the amount of tax allocation revenues generated in the proposed TIA. The City assumes some of the project costs would need to be paid for by additional funding sources. Anticipated Private Development In 2023 the City issued a request for proposals for professional services to prepare a Town Center Master Development Plan for City -owned property that will be a cornerstone project in the City's effort to revitalize the downtown. As a result of this process, the City accepted a proposal from One Trent, a Seattle -based real estate development firm. As of the writing of this report, the City is currently negotiating a development agreement with One Trent, who plan to develop a four - phase mixed -use project within the proposed TIA, including residential opportunities in the form of rental apartments and townhomes for homeownership, retail and office, with an expected taxable value of $472 million (in 2023 dollars). Additional market analysis was completed to identify speculative future development opportunities based on current market conditions. It is estimated that future speculative development in the proposed TIA would result in an additional $1.1 billion (in 2023 dollars) in improvement value being added to the tax rolls over the life of the proposed TIA (by 2049). Impacts to Taxing Districts The proposed TIA is forecast to receive $68.9 million in tax allocation revenues over the course of 25 years, ending in 2049. This would result in an equal amount of "foregone" property tax revenues from impacted taxing district levies. However, RCW 84.55.010 allows taxing districts to increase the amount of their levy to account for growth in assessed value inside a TIA. This would result in slightly higher overall levy amounts and tax rates for impacted taxing districts. Thus, the net impact the TIA would have on taxing district levies is $64.1 million, which is less than the total amount of tax allocation revenues received. The proposed TIA would receive tax allocation revenues from the following levies: ■ King County: Regular, Lid Lifts, Transportation, Conservation Futures ■ County Flood Zone ■ County Ferry District ■ Port of Seattle: General Fund ■ EMS ■ Sound Transit ■ City of Federal Way City of Federal Way March 27, 2024 vii ■ King County Library System: General Fund ■ South King Fire & Rescue (Fire District 39) The following levies are not impacted by the proposed TIA, and therefore would receive additional property tax revenues from new private development in the proposed TIA as soon as construction is complete: ■ State Schools (Part 1 and 2) ■ King County Bonds (voted) levy ■ Port Bond Fund levy ■ Federal Way Public Schools (Maintenance & Operations, Construction, and Bond levies) ■ Library GO Bond levy ■ Fire District 39 / South King Fire and Rescue (Maintenance & Operations and GO Bond levies) Economic impact5 The proposed TIA is expected to generate substantial economic impacts for the local and regional economy. The infrastructure investments supported by the proposed TIA would support a significant level of development, with substantial employment from construction as well as ongoing business activity. The total estimated economic impacts (direct, indirect, and induced) from the construction phase are roughly 4,201 FTE positions and $351.3 million in labor income (2023 dollars). Following development, the completed structures are expected to generate ongoing impacts to the local and regional economy. Employees at the office and retail spaces are expected to generate income that would circulate in the local economy, supporting additional employment and tax revenues. The overall level of employment in the proposed TIA is estimated at 632 when completed and tenanted. The remainder of this Report details all assumptions used for the analysis of the potential TIA. City of Federal Way March 27, 2024 viii 1 Background 1.1 Background and Purpose The City of Federal Way incorporated as a city in 1990 in response to the community desire to take more control over how the city would develop and grow over time, as opposed to leaving the decisions to King County. Included in that vision was a recognizable downtown. The downtown, or "City Center" does not currently present an identifiable sense of a downtown or urban center. However, things are changing. With a population just over 100,000, the City is actively taking steps to transform itself into a welcoming city in the Puget Sound region, with an identifiable and memorable downtown. The City has taken initial steps in transforming the City Center into a true downtown for the community. The City built the Performing Arts & Entertainment Center (PAEC) and the Town Square Park as initial cornerstone elements aimed at defining the City Center neighborhood. In 2026, a Sound Transit light rail station will allow residents, employees, and visitors greater transit access to and from the City Center. As part of the station opening, Sound Transit will be selling approximately six acres in this neighborhood for transit -oriented development. The City owns approximately 7.5 acres of redevelopable property east of the PAEC and north of Town Square Park and the Federal Way Transit Center. The City sees the Town Center as a central gathering place for community where the whole community can congregate and celebrate. Civic and cultural facilities, including the PAEC, park, and open -space system, will meet the needs of residents, employees and visitors. These amenities will connect to the citywide and regional system of open spaces, parks, and trails. Public and private projects will contain design elements such as wayfinding, public art pieces, iconic infrastructure and decorative landscaping. 1.2 Boundary Exhibit 1 shows a map of the boundary for the proposed Federal Way Tax Increment Area (TIA), including all tax lots included within the boundary. The boundary includes 229 acres and is generally bordered by Interstate 5 to the East, S 312th Street to the North, Highway 99 to the West, and S 330th Street to the South. All parcels are zoned City Center Core, City Center -Frame, Community Business, or Multi -Family Residential. Excluding rights -of -way, parcels zoned City Center Core compose 52% of the acreage and 58% of the current taxable assessed real property value. Parcels zoned RM3600 (1 unit/3,600 square feet), a Multi -Family Residential zone, compose 30% of acreage and 23% of taxable assessed value. Parcels zoned City Center Frame compose 14% of acreage and 17% of taxable assessed real property value, and parcels zoned Community Business compose 4% of acreage, and 2% of taxable assessed real property value. Exhibit 1. Proposed Federal Wav TIA Bounda Q Tax Increment Ai Tax Increment Ai 0.5 HERE, Garmin, (c) OpenStreetMap contributors, and the user community Source: Tiberius Solutions with data from the King County Assessor's Office Appendix A provides a list of all 130 tax lots included within the proposed TIA boundary. These properties are located within tax code areas 1202 and 1205. They had a combined appraised value of $407,958,900 and assessed value of $196,019,600 for tax year 2024.2 RCW 39.114 establishes limits for the taxable assessed value of all property included within 2 This document was originally prepared in 2023 using tax year 2023 data. Portions of the analysis were subsequently updated in March 2024 with tax year 2024 data. Rev. 7/18 TIAs for a jurisdiction. When the ordinance establishing the TIA is passed, the TIA may not have an assessed valuation of more than $200 million or 20 percent of the total assessed valuation of the City of Federal Way (whichever is less). The total assessed valuation of the City in tax year 2023 was $17,270,222,086, which means that 20 percent of that assessed valuation is $3,454,044,417. Thus, $200 million is the applicable threshold for the maximum amount of assessed value that can be included in the proposed TIA. As stated previously, all of the tax lots within the proposed TIA boundary have a total taxable assessed value of $196,019,600 in tax year 2024. Thus, the proposed TIA boundary complies with the limitations on assessed value described in RCW. These calculations are shown below in Exhibit 2. Exhibit 2. Calculations of Limitations on Assessed Value, Proposed Federal Way TIA Total Assessed Value, City of Federal Way, 2023 $17,270,222,086 20% of Total Assessed Value Statutory Limit Assessed Value of TIA, 2024 In Compliance with RCW? Remaining Capacity $ 3, 454, 044, 417 $ 200, 000, 000 $ 196,019,600 Yes $ 3,980,400 Source: Tiberius Solutions with data provided by the King County Assessor's Office RCW 39.114 requires the City to identify any property that it intends to acquire within the proposed TIA boundary. At the time of writing this report, the City has not identified any specific properties it intends to acquire within the proposed TIA boundary. 1.3 Objecti ve5 The City has identified the following goal and objectives for the proposed TIA: Goal Transform a suburban, auto -centric and non -remarkable area of Federal Way into a distinct, vibrant, and walkable downtown. Objectives ■ Utilize creative funding tools to help achieve the Goal. ■ Leverage the regional investment in high -capacity transit; the sale of City -owned property; and, local investment to attract high -quality, private development that will catalyze redevelopment. ■ Prioritize walkability and enhanced non -motorized connections. Construct pedestrian - oriented infrastructure improvements that that improve mobility. ■ Invest in community gathering areas and placemaking to define the area and create a destination for the community. Rev. 7/18 2 Anticipated Development 2.1 Public lmprovements The following public improvements may be funded in part or whole by tax allocation revenues generated by the proposed TIA: A. Public Parking. These projects may include: ■ Land acquisition ■ A stand-alone parking garage ■ Public parking integrated into a private garage ■ Shared parking agreements w/ other parties ■ Other equivalent projects that would add parking B. Recreation Projects. These projects may include: ■ Land acquisition ■ New park or park expansion ■ Civic plaza ■ Park improvements ■ Other equivalent projects that would add recreational amenities C. Mobility Projects. These projects may include: ■ S 3201" Dip (Dipping S 3201" Street under 21" Ave S for a pedestrian/bicycle at -grade crossing) ■ Pedestrian promenade ■ Protected bike lanes ■ Transit shelters ■ Bicycle lockers ■ City Center Access ■ Other equivalent projects that would increase mobility D. Community Building. These projects may include: ■ Land acquisition ■ Public market ■ Senior center ■ City Hall Rev. 7/18 • Community Center north ■ Downtown meeting room ■ Other equivalent projects that would add an indoor community space to the district E. Public Safety Projects. These projects may include: ■ Land acquisition ■ Improvements to benefit Federal Way Police Department ■ Improvements to benefit South King Fire & Rescue ■ Improvements to lessen code compliance issues ■ Other equivalent projects that would improve public safety F. Placemaking Projects. These projects may include: ■ Gateway features ■ Wayfinding signs ■ Pedestrian nodes/public spaces ■ Public art ■ Lighting (e.g. catenary lights, etc.) ■ Special street furniture ■ Other equivalent projects that would improve placemaking Exhibit 3 summarizes the estimated cost and prioritization for each of these public improvements. Collectively, these projects are estimated to between $72 million and $170 million in 2023 dollars. Exhibit 3. Public Improvements to be Funded with Tax Allocation Revenues, Proposed Federal Wav TIA (2023 $) Estimated Project Cost Range (2023$) Project Low High Priority A Public Parking $ 27,000,000 $ 30,000,000 High B Recreation $ 10,000,000 $ 16,000,000 High C Mobility $ 30,000,000 $ 60,000,000 Medium D Community Building $ 3,000,000 $ 60,000,000 Medium E Public Safety $ 1,000,000 $ 1,000,000 Low F Placemaking $ 1,000,000 $ 3,000,000 Low Total $ 72,000,000 $ 170,000,000 Source: City of Federal Way RCW 39.114.020 requires the City to impose a deadline by which commencement of construction of the public improvements shall begin, "which deadline must be at least five years into the future..." Thus, for the proposed Federal Way TIA, the deadline for construction of public improvements to begin is 2028. Rev. 7/18 2.2 Private Development In 2023 the City issued a request for proposals for professional services to prepare a Town Center Master Development Plan for City -owned property that will be a cornerstone project in the City's effort to revitalize the downtown. As a result of this process, the City accepted a proposal from One Trent, a Seattle -based real estate development company. As of the writing of this report, the City is currently negotiating a development agreement with One Trent, who plan to develop a four -phase project within the proposed TIA (apartments and office or condos), with an expected taxable value of $472 million (in 2023 dollars). One Trent intends to apply for the City's Multifamily Tax Exemption (MFTE), which would result in an eight -year tax exemption on eligible value. The City's MFTE program is authorized by RCW 84.14 to incentivize residential construction in urban centers. The City has designated certain "residential targeted areas," where new construction is eligible for MFTE benefits. The proposed TIA overlaps with a designated residential targeted area. To qualify, new construction projects must be located within the designated residential targeted areas, and must include at least 16 new multifamily units. There are no affordability restrictions related to the 8-year exemption. However, to qualify for a 12-year exemption, projects must meet certain thresholds for housing affordability, as described in City code. This analysis assumes that for Phases 1, 2, and 3 of the One Trent development, over 95% of total taxable value would be eligible for the exemption. This analysis assumes Phase 4 would not be eligible for the exemption. Exhibit 4 summarizes the forecast assessed value from this development. Exhibit 4. One Trent Development Plan Taxable Value of Development Completion Development MFTE-Eligible Non MFTE- Phase Type Year (2023 $) Value Eligible Value Phase 1 Apartments 2027 $ 179,827,337 $ 172,312,858 $ 7,514,479 Phase 2 Apartments 2028 $ 110,900,540 $ 107,920,895 $ 2,979,645 Phase 3 Apartments 2030 $ 118,393,420 $ 115,507,471 $ 2,885,949 Phase 4 Condos 2032 $ 63,355,171 $ - $ 63,355,171 Total $ 472,476,468 $ 395,741,224 $ 76,735,244 Source: Tiberius Solutions with data and input from the City of Federal Way Additional market analysis was completed to identify speculative future development opportunities based on current market conditions. The analysis was conducted by Johnson Economics, using proprietary development models to evaluate the likelihood of future development on all tax accounts inside the proposed TIA that were not associated with the One Trent development. The analysis estimated the residual land value of each tax lot, based on zoning and current market conditions. Properties with the lowest ratio of real market value to estimated residual land value were forecast to have the highest likelihood of future development. The likelihood of development for each parcel over the 25-year forecast period ranged from 1 % to 22%. Of the 9.4 million square feet of potentially developable or redevelopable properties in the proposed TIA, the analysis estimates 17% would experience new development over the 25- year forecast period, resulting in a total of 5,208 new housing units, and $1.60 billion in speculative new construction value (in 2023 dollars). The analysis conservatively assumes that no speculative development would occur until the One Rev. 7/18 Trent development has broken ground (estimated 2026). Based on conversations with City staff regarding expectations of the use of the MFTE, this analysis assumes that 80% of new construction value within the proposed TIA would be multifamily, and that 100% of that value would be eligible for the 8-year MFTE. It is estimated that future speculative development in the proposed TIA would result in an additional $1.14 billion in improvement value (in tax year 2023 dollars) being added to the tax rolls over the life of the proposed TIA (construction occurring through 2047, and coming on the tax roll through 2049). Exhibit 5 summarizes the private development forecast to occur in the proposed TIA, both from One Trent and the speculative development through 2049. When new projects complete construction, there is a delay before that increase in assessed value is reflected on the tax roll. This evaluation conservatively assumes that new construction in the proposed TIA is added to the tax roll two years after construction is completed. Property value that qualifies for the MFTE exemption would have an additional eight -year delay (ten years after construction is completed) before being added to the tax roll. Exhibit S. Summary of Estimated Private Development, Proposed Federal Way TIA (2023 $) Taxable Aseesed Value (2023 $) Year on Tax Roll OneTrent Development Speculative Development 2028 $ - $ 14,583,047 2029 $ 7,514,479 $ 14,583,047 2030 $ 2,979,645 $ 14, 583, 047 2031 $ - $ 14, 583, 047 2032 $ 2,885,949 $ 14, 583, 047 2033 $ - $ 14, 583, 047 2034 $ 63, 355,171 $ 14, 583, 047 2035 $ - $ 14,583,047 2036 $ - $ 72,915,233 2037 $ 172,312,858 $ 72,915,233 2038 $ 107,920,895 $ 72,915,233 2039 $ - $ 72,915,233 2040 $ 115,507,471 $ 72,915,233 2041 $ - $ 72,915,233 2042 $ - $ 72,915,233 2043 $ - $ 72,915,233 2044 $ - $ 72,915,233 2045 $ - $ 72,915,233 2046 $ - $ 72,915,233 2047 $ - $ 72,915,233 2048 $ - $ 72,915,233 2049 $ - $ 72,915,233 Total $ 472,476,468 $ 1,137,477,637 Source: Johnson Economics and Tiberius Solutions with data and input from City of Federal Way Rev. 7/18 2.3 Impact of Public Projects on Private Development The development assumptions included in this analysis reflect a scenario where the TIA provides funding for a portion of the public projects identified in this report. Without these vital infrastructure improvements, we do not anticipate significant new construction to occur within the proposed TIA boundary in the near future. The private development forecast in this analysis would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future without the proposed public improvements. The increase in assessed value within the increment area that could reasonably be expected to occur without the proposed public improvements would be less than the increase in the assessed value estimated to result from the proposed development with the proposed public improvements. There are currently no projects in the proposed TIA boundary under construction, or with approved permits for construction. The City -owned property within the boundary is anticipated to be the site best situated for new private construction. The City received six responses to its RFP for a master developer for the City -owned property, and all respondents determined that public investments would be necessary on the part of the City to make private development feasible on the site. Additional speculative development is not expected to occur in the area until after construction begins on the City -owned property, which would include City investment in public infrastructure and amenities in the area. With these proposed investments in public projects, the City -owned site should act as a catalyst project for private development in the surrounding area, encouraging more private development activity to occur. Even with the projected public improvements, this analysis assumes that only 17% of the properties within the proposed TIA boundary would experience speculative future development over the 25-year life of the proposed TIA. Rev. 7/18 3 Finance Plan 3.1 Forecast of Tax Allocation Revenues Tax allocation revenues generated within the proposed TIA would provide a critical source of funding to pay for the public improvements identified in this report. The tax increment area is expected to take effect on June 1, 2024, following the adoption of the ordinance establishing the proposed TIA. Based on this timing, the first year the proposed TIA would be eligible to receive tax allocation revenues is 2025. The duration of the proposed TIA shall be no more than 25 years after the first year in which tax allocation revenues are collected. This analysis assumes that the final year the proposed TIA would be eligible to receive tax allocation revenues is 2049. In the remainder of this section, the assumptions and methods for forecasting future tax allocation revenues are described. Determine the Annual Levy Rates Property tax levies included in the calculation of tax allocation revenues are limited to "regular property taxes" as defined in RCW 84.04.140, except regular property taxes levied by port districts and public utility districts to repay general obligation debt and regular property taxes levied by the state for the support of common schools. Regular property taxes also do not include any levies that are exempt from aggregate limits for junior/senior limits in RCW 84.52.043 or excess property taxes levied by local school districts. Exhibit 6 shows the regular property tax levies that are included in the calculation of tax allocation revenues for the proposed TIA, and the rates associated with each of these levies in 2023. Although the proposed TIA overlaps two individual tax code areas (1202 and 1205), the property tax levies included in each are the same. This report therefore does not calculate tax allocation revenues nor report values by individual tax code area, but instead groups all tax code areas together. Rev. 7/18 Exhibit 6. Levies Included in Calculation of Tax Allocation Revenues, Proposed Federal Way TIA, All Tax Code Areas, Tax Year 2023 Taxing District 2023 Levy Rate(Per $1,000 AV) County -wide regular levy (non -voted) $ 0,481920 AFIS (Fingerprint ID) Lid Lift $ 0.026810 Parks Lid Lift $ 0.171430 Human Srvs/Vets Lid Lift $ 0,078790 Children/Familty Justice Ctr, Lid Lift $ - Best Start for Kids Lid Lift $ 0.162970 Radio Communications Lid Lift $ 0.041310 County -wide Transport levy $ 0.037210 County Cons. Futures $ 0,062500 County Flood Zone $ 0,067170 County Ferry District $ 0.007780 Port General Fund $ 0.054730 EMS (voted) $ 0.209220 Sound Transit $ 0.155760 City General Fund $ 0.687290 Library General Fund $ 0.234330 Fire 39 General Fund $ 1.251370 Total $ 3,730590 Source: Tiberius Solutions with data provided by the King County Assessor's Office These levy rates are expected to change over time, based on increases in each jurisdiction's levy authority and changes in assessed value of property within those jurisdictions. Historically, these tax rates have decreased over time, as growth in assessed value has outpaced growth in levy authority. This analysis assumes that those historical trends would continue, with rates decreasing over time. To forecast future changes in tax rates for jurisdictions impacted by the proposed Federal Way TIA, we forecast growth in assessed value for each jurisdiction, distinguishing between growth from appreciation of existing property and growth from new construction. Recent historical trends for assessed value growth in King County have been unsustainably high and are unrealistic to assume will continue for the 25-year duration of the proposed TIA. Instead, we look at long- term historical trends for per capita personal income growth as the basis for forecasting appreciation of existing property values, and we look at forecasts of population growth as the basis for forecasting the increase in assessed value from new construction. Per capita personal income growth is strongly correlated with growth in property values. Data from the Federal Reserve for personal income growth in King County shows that the five-year rolling average from 1977 to 2012 was between 4.4% to 6.6% per year.3 Growth has been more rapid over the last decade, but that rapid growth is unlikely to be sustainable in the future. Based on the long-term trends, we assume average annual growth of 5.1% for personal income, and thus 3 U.S. Bureau of Economic Analysis, Per Capita Personal Income in King County, WA [PCP153033], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/PCP153033, June 12, 2023. Rev. 7/18 5.1 % annual growth in assessed value from appreciation of existing properties for all years of the forecast period. Assessed value growth from new construction is correlated with population growth. The most recent State Growth Management Act (GMA) population forecasts for King County were conducted in 2022 and cover the period from 2025 to 2050. This forecast calls for gradual slowing of population growth in the County, with an average annual growth rate of 0.9% from 2025 to 2031, 0.8% from 2031 to 2038, 0.7% from 2039 to 2049, and 0.6% in 2049. We apply those same percentage growth assumptions to our forecast of assessed value from new construction countywide (and apply the 0.9% growth rate for the years before this forecast, 2023- 2025). This forecast of future growth in assessed value from new construction countywide is not directly tied to forecasts of construction activity within the proposed TIA, as the annual growth in assessed value in the proposed TIA is estimated to be only a fraction of the total forecast countywide in any given year. Exhibit 7, Exhibit 8, and Exhibit 9 show the forecast of future levy rates applicable for the TIA. The total applicable levy rate for the proposed TIA is forecast to decrease from $3.730590 in 2023 to $1.158482 in 2049. This analysis conservatively assumes that no potential future levies or extensions of current levy lid lifts would be approved by voters. Rev. 7/18 Exhibit 7. Forecast of Future Levy Rates, Proposed Federal Way TIA (1 of 3) Tax Year County -wide regular levy (non -voted) AFIS (Fingerprint ID) Lid Lift Parks Lid Lift Human Srvs/Vets Lid Lift Children/Fam ilyjustice Ctr. Lid Lift Best Start for Kids Lid Lift 2023 $ 0.481920 $ 0.026810 $ 0.171430 $ 0.078790 $ $ 0.162970 2024 $ 0,461511 $ 0.025676 $ 0.163327 $ - $ $ 0.155267 2025 $ 0.443665 $ - $ 0.157011 $ $ $ 0.149263 2026 $ 0,426504 $ $ - $ $ $ 0.143489 2027 $ 0.410007 $ $ $ $ $ 0.137939 2028 $ 0.394149 $ $ $ $ $ - 2029 $ 0.378904 $ $ $ $ $ 2030 $ 0.364248 $ $ $ $ $ 2031 $ 0.350160 $ $ $ $ $ 2032 $ 0.336603 $ $ $ $ $ 2033 $ 0.323572 $ $ $ $ $ 2034 $ 0.311045 $ $ $ $ $ 2035 $ 0.299003 $ $ $ $ $ 2036 $ 0,287427 $ $ $ $ $ 2037 $ 0.276300 $ $ $ $ $ 2038 $ U65606 $ $ $ $ $ 2039 $ 0.255316 $ $ $ $ $ 2040 $ 0,245423 $ $ $ $ $ 2041 $ 0.235914 $ $ $ $ $ 2042 $ 0,226773 $ $ $ $ $ 2043 $ 0.217985 $ $ $ $ $ 2044 $ 0,209539 $ $ $ $ $ 2045 $ 0.201419 $ $ $ $ $ 2046 $ 0,193614 $ $ $ $ $ 2047 $ 0.186112 $ $ $ $ $ 2048 $ 0.178900 $ $ $ $ $ 2049 $ 0.171961 $ $ $ $ $ Source: Tiberius Solutions Rev. 7/18 Exhibit Tax Year 8. Forecast of Radio Communicat- ions Lid Lift Future Levy County -wide Transport levy Rates, Proposed Federal Way TIA (2 of 3) County Cons. County Flood County Ferry Futures Zone District Port General Fund 2023 $ 0.041310 $ 0.037210 $ 0.062500 $ 0.067170 $ 0.007780 $ 0.054730 2024 $ 0,039561 $ 0.035634 $ 0.059675 $ 0.064341 $ 0.007452 $ 0.052412 2025 $ - $ 0.034257 $ 0.057367 $ 0,061853 $ 0.007163 $ 0.050385 2026 $ $ 0.032932 $ 0.055148 $ 0.059461 $ 0.006886 $ 0.048437 2027 $ $ 0.031658 $ 0.053015 $ 0,057161 $ 0.006620 $ 0.046563 2028 $ $ 0.030433 $ 0.050965 $ 0.054950 $ 0.006364 $ 0.044762 2029 $ $ 0.029256 $ 0.048993 $ 0,052824 $ 0.006118 $ 0.043031 2030 $ $ 0.028125 $ 0.047098 $ 0.050781 $ 0.005881 $ 0,041366 2031 $ $ 0,027037 $ 0,045277 $ 0,048817 $ 0,005654 $ 0,039766 2032 $ $ 0.025990 $ 0.043524 $ 0.046927 $ 0.005435 $ 0.038227 2033 $ $ 0.024984 $ 0,041839 $ 0,045110 $ 0,005224 $ 0.036747 2034 $ $ 0.024017 $ 0.040219 $ 0.043364 $ 0.005022 $ 0.035324 2035 $ $ 0.023087 $ 0.038662 $ 0.041685 $ 0.004828 $ 0.033957 2036 $ $ 0.022193 $ 0.037165 $ 0,040071 $ 0.004641 $ 0.032642 2037 $ $ 0.021334 $ 0.035726 $ 0.038520 $ 0.004461 $ 0.031378 2038 $ $ 0.020508 $ 0.034344 $ 0,037029 $ 0.004289 $ 0.030164 2039 $ $ 0.019714 $ 0.033013 $ 0.035595 $ 0.004122 $ 0.028995 2040 $ $ 0.018950 $ 0.031734 $ 0,034215 $ 0.003963 $ 0.027872 2041 $ $ 0.018216 $ 0.030504 $ 0.032890 $ 0.003809 $ 0.026792 2042 $ $ 0.017510 $ 0.029322 $ 0.031615 $ 0.003661 $ 0.025754 2043 $ $ 0.016831 $ 0.028186 $ 0.030390 $ 0.003520 $ 0.024756 2044 $ $ 0.016179 $ 0.027094 $ 0.029213 $ 0.003383 $ 0.023797 2045 $ $ 0.015552 $ 0.026044 $ 0.028081 $ 0.003252 $ 0.022874 2046 $ $ 0.014949 $ 0.025035 $ 0.026993 $ 0.003126 $ 0.021988 2047 $ $ 0.014370 $ 0.024065 $ 0.025947 $ 0.003005 $ 0.021136 2048 $ $ 0.013813 $ 0.023132 $ 0.024941 $ 0.002889 $ 0.020317 2049 $ $ 0.013278 $ 0.022235 $ 0.023974 $ 0.002777 $ 0.019529 Source: Tiberius Solutions Rev. 7/18 Exhibit 9. Forecast of Future Levy Rates, Proposed Federal Way TIA (3 of 3) Tax Year EMS (Voted) Sound Transit City General Fund Library General Fund Fire 39 General Fund Total 2023 $ 0.209220 $ 0.155760 $ 0.687290 $ 0.234330 $ 1.251370 $ 3.730590 2024 $ 0,200362 $ 0.149187 $ 0.656254 $ 0.224234 $ 1.192334 $ 3.487226 2025 $ 0.192614 $ 0.143418 $ 0.631209 $ 0.215564 $ 1.146586 $ 3.290355 2026 $ 0,185164 $ 0.137871 $ 0.606795 $ 0.207226 $ 1.102237 $ 3.012149 2027 $ 0.178002 $ 0.132538 $ 0.583324 $ 0,199211 $ 1.059604 $ 2.895642 2028 $ 0.171117 $ 0.127411 $ 0.560762 $ G.191506 $ 1.018619 $ 2.651037 2029 $ 0,164498 $ 0.122483 $ 0.539093 $ 0,184098 $ 0.979242 $ 2.548541 2030 $ 0.158136 $ 0.117746 $ 0.518271 $ 0.176978 $ 0.941399 $ 2.450030 2031 $ 0.152019 $ 0,113192 $ 0,498248 $ 0,170133 $ 0,905011 $ 2.355313 2032 $ 0.146134 $ 0.108810 $ 0.478976 $ 0.163546 $ 0.869993 $ 2.264164 2033 $ 0.140476 $ 0.104597 $ 0,460453 $ 0,157215 $ 0,836333 $ 2.176550 2034 $ 0.135038 $ 0.100548 $ 0.442642 $ 0.151128 $ 0.803972 $ 2.092318 2035 $ 0.129810 $ 0.096655 $ 0.425589 $ 0.145278 $ 0.772937 $ 2.011491 2036 $ 0,124784 $ 0.092913 $ 0.409127 $ 0,139654 $ 0.743029 $ 1.933647 2037 $ 0.119954 $ 0.089316 $ 0.393359 $ 0.134247 $ 0.714340 $ 1.858937 2038 $ 0.115311 $ 0.085860 $ 0.378358 $ 0,129052 $ 0.686934 $ 1.787455 2039 $ 0.110843 $ 0.082533 $ 0.363857 $ 0.124053 $ 0.660490 $ 1.718532 2040 $ 0,106548 $ 0.079335 $ 0.349820 $ 0,119246 $ 0.634963 $ 1.652068 2041 $ 0.102420 $ 0.076261 $ 0.336417 $ 0.114627 $ 0.610525 $ 1.588374 2042 $ 0,098452 $ 0.073306 $ 0.323437 $ 0.110185 $ 0.586928 $ 1.526943 2043 $ 0.094637 $ 0.070466 $ 0.310957 $ 0.105916 $ 0.564242 $ 1.467886 2044 $ 0,090970 $ 0.067735 $ 0.298959 $ 0.101812 $ 0.542433 $ 1.411113 2045 $ 0.087445 $ 0.065111 $ 0.287423 $ 0.097867 $ 0.521467 $ 1.356535 2046 $ 0,084056 $ 0.062588 $ 0.276332 $ 0.094075 $ 0.501311 $ 1.304068 2047 $ 0.080799 $ 0.060163 $ 0.265669 $ 0.090430 $ 0.481933 $ 1.253629 2048 $ 0.077668 $ 0.057831 $ 0.255417 $ 0.086926 $ 0.463305 $ 1.205140 2049 $ 0.074656 $ 0.055588 $ 0.245551 $ 0.083555 $ 0.445379 $ 1.158482 Source: Tiberius Solutions Forecast Future Assessed Value in TIA Future growth in assessed value in the proposed TIA would come from new construction and the appreciation of existing property. This report assumes 5.1% annual growth assessed value for existing property value, based on long-term trends in personal income for King County as described above. As stated previously, much of the new construction forecast to occur in the proposed TIA is predicated on City providing adequate infrastructure, including some of the projects identified in this report. The expected increases in assessed value from new construction anticipated to occur in the proposed TIA over its lifetime were shown previously in Exhibit 5. Exhibit 10 summarizes all of the anticipated increases in assessed value from new construction, including known development and speculative development. This exhibit includes the value of Rev. 7/18 new development in both constant 2023 dollars and nominal dollars, which account for appreciation of property values between now and when the projects complete construction.4 Assuming annual appreciation of 5.1% as described above, the total increase in assessed value from new construction in estimated to be $1.6 billion constant 2023 dollars, and $3.7 billion in nominal dollars. Exhibit 10. Assessed Value from New Construction, Proposed Federal Way TIA Year Taxable Assesed Value (2023 $) Taxable Assesed Value (Nominal $) on Tax OneTrent Speculative OneTrent Speculative Roll Development Development Total Development Development Total 2028 $ - $ 14,583,047 $ 14,583,047 $ - $ 17,793,408 $ 17,793,408 2029 $ 7,514,479 $ 14,583,047 $ 22,097,526 $ 9,636,348 $ 18,700,871 $ 28,337,220 2030 $ 2,979,645 $ 14,583,047 $ 17,562,692 $ 4,015,881 $ 19,654,616 $ 23,670,497 2031 $ - $ 14,583,047 $ 14,583,047 $ - $ 20,657,001 $ 20,657,001 2032 $ 2,885,949 $ 14,583,047 $ 17,468,995 $ 4,296,456 $ 21,710,508 $ 26,006,964 2033 $ - $ 14,583,047 $ 14,583,047 $ - $ 22,817,744 $ 22,817,744 2034 $ 63,355,171 $ 14,583,047 $ 77,938,218 $ 104,185,967 $ 23,981,449 $ 128,167,416 2035 $ - $ 14,583,047 $ 14,583,047 $ - $ 25,204,503 $ 25,204,503 2036 $ - $ 72,915,233 $ 72,915,233 $ - $ 132,449,664 $ 132,449,664 2037 $ 172,312,858 $ 72,915,233 $ 245,228,091 $ 328,967,499 $ 139,204,597 $ 468,172,096 2038 $ 107,920,895 $ 72,915,233 $ 180,836,128 $ 216,542,707 $ 146,304,031 $ 362,846,738 2039 $ - $ 72,915,233 $ 72,915,233 $ - $ 153,765,537 $ 153,765,537 2040 $ 115,507,471 $ 72,915,233 $ 188,422,704 $ 256,007,998 $ 161,607,579 $ 417,615,577 2041 $ - $ 72,915,233 $ 72,915,233 $ - $ 169,849,566 $ 169,849,566 2042 $ $ 72,915,233 $ 72,915,233 $ $ 178,511,894 $ 178,511,894 2043 $ $ 72,915,233 $ 72,915,233 $ $ 187,616,000 $ 187,616,000 2044 $ $ 72,915,233 $ 72,915,233 $ $ 197,184,416 $ 197,184,416 2045 $ $ 72,915,233 $ 72,915,233 $ $ 207,240,822 $ 207,240,822 2046 $ $ 72,915,233 $ 72,915,233 $ $ 217,810,103 $ 217,810,103 2047 $ $ 72,915,233 $ 72,915,233 $ $ 228,918,419 $ 228,918,419 2048 $ $ 72,915,233 $ 72,915,233 $ $ 240,593,258 $ 240,593,258 2049 $ $ 72,915,233 $ 72,915,233 $ $ 252,863,514 $ 252,863,514 Total $ 472,476,468 $ 1,137,477,637 $ 1,609,954,105 $ 923,652,856 $ 2,784,439,502 $ 3,708,092,358 Source: Tiberius Solutions with data and input from the City of Federal Way and Johnson Economics In addition to increases in assessed value from new construction, all property values in the proposed TIA are estimated to increase by 5.1 % per year from appreciation. Exhibit 11 summarizes the forecast total growth in assessed value in the TIA from new construction and appreciation. 4 Note that no additional inflation is assumed between the date the construction is completed and the date the increased value appears on the tax roll based on conversations with county assessors in Washington. Rev. 7/18 Exhibit 11. Assessed Value Forecast, Proposed Federal Way TIA (Nominal $) Tax Year Prior Year PLUS: Appreciation of Existing Property PLUS: New Construction Total 2024 $ 196,019,600 2025 $ 196,019,600 $ 9,997,000 $ $ 206,016,600 2026 $ 206, 016, 600 $ 10, 506, 847 $ $ 216, 523,447 2027 $ 216, 523, 447 $ 11, 042, 696 $ $ 227, 566,143 2028 $ 227,566,143 $ 11,605,873 $ 17,793,408 $ 256,965,424 2029 $ 256,965,424 $ 13,105,237 $ 28,337,220 $ 298,407,881 2030 $ 298,407,881 $ 15,218,802 $ 23,670,497 $ 337,297,180 2031 $ 337,297,180 $ 17, 202,156 $ 20, 657, 001 $ 375,156,337 2032 $ 375,156,337 $ 19,132,973 $ 26,006,964 $ 420,296,274 2033 $ 420,296,274 $ 21,435,110 $ 22,817,744 $ 464,549,128 2034 $ 464, 549,128 $ 23, 692, 006 $ 128,167,416 $ 616,408,550 2035 $ 616,408,550 $ 31,436,836 $ 25,204,503 $ 673,049,889 2036 $ 673,049,889 $ 34,325,544 $ 132,449,664 $ 839,825,097 2037 $ 839, 825, 097 $ 42, 831, 080 $ 468,172, 096 $ 1,350, 828,273 2038 $ 1,350,828,273 $ 68,892,242 $ 362,846,738 $ 1,782,567,253 2039 $ 1,782,567,253 $ 90,910,930 $ 153,765,537 $ 2,027,243,720 2040 $ 2,027,243,720 $ 103,389,430 $ 417,615,577 $ 2,548,248,727 2041 $ 2,548,248,727 $ 129,960,685 $ 169,849,566 $ 2,848,058,978 2042 $ 2,848,058,978 $ 145,251,008 $ 178,511,894 $ 3,171,821,880 2043 $ 3,171,821,880 $ 161,762,916 $ 187,616,000 $ 3,521,200,796 2044 $ 3,521,200,796 $ 179, 581, 241 $ 197,184,416 $ 3,897,966,453 2045 $ 3,897,966,453 $ 198,796,289 $ 207,240,822 $ 4,304,003,564 2046 $ 4,304,003,564 $ 219,504,182 $ 217,810,103 $ 4,741,317,849 2047 $ 4,741,317,849 $ 241,807,210 $ 228,918,419 $ 5,212,043,478 2048 $ 5,212,043,478 $ 265,814,217 $ 240,593,258 $ 5,718,450,953 2049 $ 5,718,450,953 $ 291,640,999 $ 252,863,514 $ 6,262,955,466 Note: Dollar values in this summary exhibit may differ than other exhibits in the report due to rounding Source: Tiberius Solutions Forecast of Tax Allocation Revenues Exhibit 12 shows the forecast of annual tax allocation revenues, combining the forecasts of future assessed value in the proposed TIA and applicable tax rates. Annual tax allocation revenues are expected to be $32,894 in 2025, increasing to over $7.0 million in its final year in 2049. Total tax allocation revenue over 25 years is expected to equal $67.9 million. Rcv. 7/18 Exhibit 12. Tax Allocation Revenues, Proposed Federal Way TIA (Nominal $) Tax Assessed Value Tax Allocation Year Total Base Value Increment Levy Rate Revenues 2023 $ 195,802,900 $ 3.730590 $ - 2024 $ 196, 019, 600 $196, 019, 600 $ 3.487226 $ 2025 $ 206, 016, 600 $196, 019, 600 $ 9,997,000 $ 3.290355 $ 32,894 2026 $ 216,523,447 $196,019,600 $ 20,503,847 $ 3.012149 $ 61,761 2027 $ 227, 566,143 $196, 019, 600 $ 31, 546, 543 $ 2.895642 $ 91,347 2028 $ 256, 965,424 $ 196,019,600 $ 60, 945, 824 $ 2.651037 $ 161,570 2029 $ 298,407,881 $196,019,600 $ 102,388,281 $ 2.548541 $ 260,941 2030 $ 337, 297,180 $196, 019, 600 $ 141, 277, 580 $ 2.450030 $ 346,134 2031 $ 375,156,337 $196,019,600 $ 179,136,737 $ 2.355313 $ 421,923 2032 $ 420,296,274 $196,019,600 $ 224,276,674 $ 2.264164 $ 507,799 2033 $ 464,549,128 $196,019,600 $ 268,529,S28 $ 2.176550 $ S84,468 2034 $ 616,408,549 $196,019,600 $ 420,388,949 $ 2.092318 $ 879,587 2035 $ 673, 049, 888 $ 196,019,600 $ 477, 030, 288 $ 2.011491 $ 959,542 2036 $ 839,825,096 $196,019,600 $ 643,805,496 $ 1,933647 $ 1,244,893 2037 $ 1, 350, 828,272 $ 196,019,600 $ 1,154, 808, 672 $ 1.858937 $ 2,146,716 2038 $ 1, 782, 567,251 $ 196,019,600 $ 1, 586, 547, 651 $ 1.787455 $ 2,835,883 2039 $ 2, 027, 243,718 $ 196,019,600 $ 1,831, 224,118 $ 1.718532 $ 3,147, 017 2040 $ 2, 548, 248,724 $ 196,019,600 $ 2,352, 229,124 $ 1.652068 $ 3,886,043 2041 $ 2,848,058,975 $196,019,600 $ 2,652,039,375 $ 1.588374 $ 4,212,431 2042 $ 3,171, 821,877 $ 196,019,600 $ 2,975, 802, 277 $ 1.526943 $ 4,543,880 2043 $ 3, 521, 200,793 $ 196,019,600 $ 3,325,181,193 $ 1.467886 $ 4,880,988 2044 $ 3,897,966,449 $196,019,600 $ 3,701,946,849 $ 1.411113 $ 5,223,867 2045 $ 4,304,003,560 $196,019,600 $ 4,107,983,960 $ 1.356535 $ 5,572,626 2046 $ 4,741,317,844 $196,019,600 $ 4,545,298,244 $ 1.304068 $ 5,927,377 2047 $ 5,212,043,474 $196,019,600 $ 5,016,023,874 $ 1.253629 $ 6,288,232 2048 $ 5,718,450,949 $196,019,600 $ 5,522,431,349 $ 1.205140 $ 6,655,304 2049 $ 6,262,955,461 $196,019,600 $ 6,066,935,861 $ 1,158482 $ 7,028,439 Total $ 67,901,663 Source: Tiberius Solutions Factors Affecting the Accuracy of the Forecast The biggest factor affecting the accuracy of the tax allocation revenues forecast is the value and timing of new construction in the proposed TIA. The amount of future tax allocation revenues is, in part, dependent upon new construction. If that construction occurs on a different schedule, or with different values than has been assumed, it could impact the accuracy of the forecast. In addition to the timing and value of new construction, actual tax allocation revenues for the proposed TIA would depend upon the actual appreciation/depreciation in assessed value in the area as well as the actual levy rates imposed. There is significant uncertainty with these factors over the next 25 years. However, these factors are related in ways that help to provide some confidence for this forecast. Changes in property values in the proposed TIA from appreciation/depreciation are likely to follow a similar pattern to changes in property values from Rev. 7/18 appreciation/depreciation countywide. And, those countywide changes in appreciation/depreciation would determine annual changes in the levy rates imposed. If property values increase faster than forecasted, it would result in lower levy rates and a similar forecast of annual tax allocation revenues. Similarly, if property values increase slower than forecasted (or decrease), it would result in higher levy rates and a similar forecast of annual tax allocation revenues. The accuracy of the tax allocation revenues forecast is more impacted by the relative growth in assessed value within the proposed TIA versus countywide. In theory, rates of appreciation/depreciation in these two geographies should be similar over time. However, if they do differ, it has the potential to significantly impact the tax allocation revenues forecast. If properties within the proposed TIA appreciate faster than the county as a whole, it would lead to more tax allocation revenues than what is forecasted. Conversely, if properties within the proposed TIA appreciate slower than the county as a whole, it would lead to less tax allocation revenues than what is forecasted. Impact on Overlapping Tax Levies Tax allocation revenues are generated through the reallocation of tax levies. In other words, the financial impact of the proposed TIA is primarily borne by the affected, overlapping taxing districts. These impacts occur as "foregone" tax revenues. Thus, these jurisdictions are not losing revenue relative to what they collect today, but instead these districts would temporarily forego the future increase in revenue generated within the proposed TIA. Once the proposed TIA ceases to collect tax allocation revenues (limited to no more than 25 years), then these impacted jurisdictions would begin to receive the full amount of annual taxes from the new construction that has occurred within the proposed TIA. RCW 84.55.010 allows taxing districts to increase the amount of their levy to account for growth in assessed value inside a TIA. This would result in slightly higher overall levy amounts and tax rates for impacted taxing districts. Thus, the net impact the TIA would have on taxing district levies is less than the total amount of tax allocation revenues received. Exhibit 13 summarizes the annual tax revenues forecast to be foregone by the affected taxing districts. All jurisdictions are collectively expected to forego $64,087,724 in tax revenue over the life of the proposed TIA. While this is a significant amount of foregone tax revenues, it is not expected that much of this private development could or would occur within this area without the public investments proposed to be funded by the proposed TIA. Thus, a portion of these foregone revenues likely would not exist but for the investments made by the proposed TIA. Following the expiration of the proposed TIA, these revenues would be redirected to the overlapping taxing districts. Rev. 7/18 Exhibit 13. Impact on Overlapping Tax Levies, Proposed Federal Way TIA (Nominal $) (1 of 3) Tax Year County -Wide Regular Levy (Non -Voted) AFIS (Fingerprint II?) Lid Lift Parks Lid Lift Human Srvs/Vets Lid Lift Children/ Family Justice Ctr. Lid Lift Best Start for Kids Lid Lift 2023 $ $ $ $ $ $ 2024 $ $ $ $ $ $ 2025 $ 178 $ $ 63 $ $ $ 60 2026 $ (4,042) $ $ $ $ $ (1,360) 2027 $ (8,140) $ $ $ $ $ (2,739) 2028 $ (19,135) $ $ $ $ $ 2029 $ (33,456) $ $ $ $ $ 2030 $ (45,470) $ $ $ $ $ 2031 $ (56,181) $ $ $ $ $ 2032 $ (68,458) $ $ $ $ $ 2033 $ (79,279) $ $ $ $ $ 2034 $ (122,635) $ $ $ $ $ 2035 $ (132,327) $ $ $ $ $ 2036 $ (174,168) $ $ $ $ $ 2037 $ (306,054) $ $ $ $ $ 2038 $ (401, 541) $ $ $ $ $ 2039 $ (442,426) $ $ $ $ $ 2040 $ (549,740) $ $ $ $ $ 2041 $ (592,400) $ $ $ $ $ 2042 $ (638,959) $ $ $ $ $ 2043 $ (686,286) $ $ $ $ $ 2044 $ (734,395) $ $ $ $ $ 2045 $ (783,300) $ $ $ $ $ 2046 $ (833,018) $ $ $ $ $ 2047 $ (883,563) $ $ $ $ $ 2048 $ (934,950) $ $ $ $ $ 2049 $ (987,208) $ $ $ $ $ Total $ (9,516,953) $ - $ 63 $ - $ - $ (4,038) Source: Tiberius Solutions Rev. 7/18 Exhibit 14. Impact on Overlapping Tax Levies, Proposed Federal Way TIA (Nominal $) (2 of 3) Tax Year Radio Communicat- ions Lid Lift County -wide Transport Leery County Cons. Futures County Flood Zone County Ferry District Port General Fund 2023 $ $ $ $ $ $ 2024 $ $ $ $ $ $ - 2025 $ $ 14 $ 23 $ 25 $ 3 $ 20 2026 $ $ (312) $ (523) $ (564) $ (65) $ (459) 2027 $ $ (629) (1,053) $ (1,135) $ (131) $ (924) 2028 $ $ (1,477) $ (2,474) $ (2,668) $ (309) $ (2,173) 2029 $ $ (2,583) $ (4,326) $ (4,664) $ (540) $ (3,800) 2030 $ $ (3,511) $ (5,879) $ (6,339) $ (734) $ (5,164) 2031 $ $ (4,338) $ (7,264) $ (7,832) $ (907) $ (6,380) 2032 $ $ (5,286) $ (8,852) $ (9,544) $ (1,105) $ (7,775) 2033 $ $ (6,121) $ (10,251) $ (11,053) $ (1,280) $ (9,003) 2034 $ $ (9,469) $ (15,857) $ (17,097) $ (1,980) $ (13,927) 2035 $ $ (10,217) $ (17,110) $ (18,448) $ (2,137) $ (15,028) 2036 $ $ (13,448) $ (22,520) $ (24,281) $ (2,812) $ (19,780) 2037 $ $ (23,631) $ (39,574) $ (42,668) $ (4,942) $ (34,757) 2038 $ $ (31,004) $ (51,920) $ (55,981) $ (6,483) $ (45,602) 2039 $ $ (34,161) $ (57,207) $ (61,680) $ (7,143) $ (50,245) 2040 $ $ (42,447) $ (71,083) $ (76,642) $ (8,876) $ (62,432) 2041 $ $ (45,741) $ (76,599) $ (82,589) $ (9,565) $ (67,277) 2042 $ $ (49,336) $ (82,619) $ (89,080) $ (10,317) $ (72,564) 2043 $ - $ (52,990) $ (88,739) $ (95,678) $ (11,081) $ (77,939) 2044 $ $ (56,705) $ (94,959) $ (102,385) $ (11,858) $ (83,403) 2045 $ $ (60,481) $ (101,283) $ (109,203) $ (12,647) $ (88,957) 2046 $ $ (64,320) $ (107,712) $ (116,135) $ (13,450) $ (94,603) 2047 $ $ (68,222) $ (114,247) $ (123,182) $ (14,266) $ (100,343) 2048 $ $ (72,190) $ (120,892) $ (130,346) $ (15,096) $ (106,179) 2049 $ $ (76,225) $ (127,649) $ (137,631) $ (15,940) $ (112,114) Total $ - $ (734,829) $ (1,230,570) $ (1,326,801) $ (153,661) $ (1,080,806) Source: Tiberius Solutions Rev. 7/18 Exhibit 15. Impact on Overlapping Tax Levies, Proposed Federal Way TIA (Nominal $) (3 of 3) Tax City General Library Fire 39 Year EMS (Voted) Sound Transit Fund General Fund General Fund I Total 2023 $ $ $ $ $ - $ - 2024 $ $ $ $ $ - $ - 2025 $ 77 $ 58 $ 250 $ 87 $ 457 $ 1,316 2026 $ (1,755) $ (1,307) $ (5,751) $ (1,964) $ (10,446) $ (28,546) 2027 $ (3,534) $ (2,631) $ (11,581) $ (3,955) $ (21,037) $ (57,490) 2028 $ (8,307) $ (6,186) $ (27,224) $ (9,297) $ (49,452) $ (128,702) 2029 $ (14,525) $ (10,815) $ (47,601) $ (16,255) $ (86,465) $ (225,031) 2030 $ (19,741) $ (14,699) $ (64,698) $ (22,093) $ (117,519) $ (305,847) 2031 $ (24,391) $ (18,161) $ (79,942) $ (27,297) $ (145,205) $ (377,898) 2032 $ (29,721) $ (22,130) $ (97,414) $ (33,262) $ (176,939) $ (460,485) 2033 $ (34,418) $ (25,628) $ (112,817) $ (38,520) $ (204,913) $ (533,284) 2034 $ (53,241) $ (39,643) $ (174,520) $ (59,585) $ (316,980) $ (824,933) 2035 $ (57,449) $ (42,776) $ (188,351) $ (64,294) $ (342,074) $ (890,211) 2036 $ (15,614) $ (56,301) $ (247,913) $ (84,623) $ (450,242) $ (1,171,701) 2037 $ (132,871) $ (98,934) $ (435,721) $ (148,704) $ (791,267) $ (2,059,123) 2038 $ (174,326) $ (129,802) $ (572,016) $ (195,100) $ (1,038,520) $ (2,702,295) 2039 $ (192,076) $ (143,018) $ (630,530) $ (214,966) $ (1,144,554) $ (2,978,006) 2040 $ (238,665) $ (177,708) $ (783,595) $ (267,108) $ (1,422,309) $ (3,700,605) 2041 $ (257,186) $ (191,499) $ (844,794) $ (287,838) $ (1,533,105) $ (3,988,592) 2042 $ (217,399) $ (206,549) $ (911,335) $ (310,461) $ (1,653,754) $ (4,302,374) 2043 $ (297,946) $ (221,848) $ (979,004) $ (333,456) $ (1,776,426) $ (4,621,394) 2044 $ (318,832) $ (237,400) $ (1,047,812) $ (356,832) $ (1,901,147) $ (4,945,727) 2045 $ (340,064) $ (253,209) $ (1,117,779) $ (380,596) $ (2,027,955) $ (5,275,474) 2046 $ (361,649) $ (269,281) $ (1,188,927) $ (404,754) $ (2,156,890) $ (5,610,738) 2047 $ (383,592) $ (285,621) $ (1,261,279) $ (429,314) $ (2,287,991) $ (5,951,620) 2048 $ (405,902) $ (302,232) $ (1,334,856) $ (454,283) $ (2,421,298) $ (6,298,224) 2049 $ (428,539) $ (319,125) $ (1,409,700) $ (479,676) $ (2,556,885) $ (6,650,741) Total $ (4,131,714) $ (3,076,444) $ (13,574,911) $ (4,624,146) $ (24,632,914) $ (64,087,724) Source: Tiberius Solutions Not all overlapping taxing districts would be impacted by the proposed TIA. The following property tax levies would be excluded from the calculation of tax allocation revenues: ■ State Schools (Part 1 and 2) ■ King County Bonds (voted) levy ■ Port Bond Fund levy ■ Federal Way Public Schools (Maintenance & Operations, Construction, and Bond levies) ■ Library GO Bond levy ■ Fire District 39/ South King Fire and Rescue (Maintenance & Operations and GO Bond levies) All taxing districts listed above, whose rates would be excluded in the calculation of tax Rcv. 7/18 allocation revenues would not experience any foregone revenues from the proposed TIA. This includes the Federal Way Public Schools. For these jurisdictions, the proposed TIA would generate increased property tax revenues once the anticipated private development comes on the tax roll, or would reduce the property tax rate needed to produce the authorized levy amount. 3.2 Proposed Indebtedness To finance the public improvements identified in this report, the City anticipates issuing limited tax general obligation bonds. These bonds would be secured by a pledge of the City's full faith and credit, including its regular property tax levy, and would be subject to statutory limitations and constraints on general obligation indebtedness. City staff have identified two highest -priority projects that would need funding early in the life of the TIA to facilitate Phase 1 development of the One Trent project: a public parking garage, and a civic plaza. Combined, these projects are currently estimated to cost $36,000,000. This analysis assumes One Trent would pay the City $10,000,000 to acquire the Town Center property and a $4.8 million interfund loan on that property would be extinguished; therefore, the project funds needed would be $30,800,000. The calculation of estimated funding requirements for the proposed initial TIA borrowing is shown in Exhibit 16. Exhibit 16. Estimated Project Funding Requirements for Initial Indebtedness, Proposed Federal Way TIA (nominal $) Project Funding Requirement Parking Garage $ 30,000,000 Civic Plaza $ 6,000,000 Interfund Loan Repayment $ 4,800,000 Developer Contribution $ (10,000,000) Total $ 30,800,000 Source: City of Federal Way The actual terms of indebtedness are uncertain and would be based upon the ultimate timing and amount of indebtedness the City chooses to incur, tax allocation revenues collected, and financial market conditions at the time of issuance. For the purposes of this analysis, the City consulted with their municipal financial advisors, PFM to estimate terms of indebtedness based upon current market conditions and the proposed timing and amount of future indebtedness. Key terms of the proposed indebtedness are shown in Exhibit 17. The proposed financing terms are based on the assumption that the debt would be tax-exempt, including interest rates as of 7/12/2023 plus 50 basis points. Appendix C includes an evaluation of an alternative finance plan with more conservative assumptions, assuming that the debt is taxable. Rev. 7/18 Exhibit 17. Estimated Terms of Indebtedness for Proposed Federal Way TIA Public Improvements (nominal $) Series 2024 Closing Month December 2024 Taxable Status Exempt True Interest Cost 4.67% Aggregate Par (Principal) $ 29,630,000 Project Funds from Bond Proceeds $ 30,800,000 Source: PFM Financial Advisors LLC The public improvements within the Proposed TIA are anticipated to be funded through limited tax general obligation bonds, which are constrained by the City's statutory capacity for non -voted general obligation indebtedness. Exhibit 18 shows the calculated statutory authority for non - voted general obligation indebtedness for the City in 2023, estimated to be $257,137,929. The City has $27,983,000 of outstanding non -voted general obligation indebtedness, and a cash reserve of 363,121 resulting in $229,518,050 of remaining debt capacity. This remaining capacity is substantially larger than the amount of indebtedness being contemplated by the City for the proposed TIA. Exhibit 18. Statutory Authority for Non -Voted General Obligation Indebtedness, City of Federal Way, 2023 Total Assessed Value $17,142,528,580 Limit: Percent 1.50% Limit: Amount $ 257,137,929 Add Cash Reserve $ 363,121 Less Outstanding Principal $ (27,983,000) Remaining Capacity $ 229,518,050 Source: City of Federal Way Based on the assumed terms of indebtedness shown in Exhibit 17, the City's financial advisors have estimated annual debt service payments as shown in Exhibit 19. Annual payments are assumed to be interest only for the first 15 years, with principal payments being amortized over the final 10 years of the TIA. This structure is intended to better align the projected debt service payments with tax allocation revenues, given the delayed growth in tax revenues due to the expectation that new construction in the area will qualify for the eight -year property tax exemption through the MFTE program. While this approach results in a higher overall cost of interest to the City, it is the City's preferred approach at this time, due to minimizing the amount of general fund resources needed to cover debt service. Rev. 7/18 Exhibit 19. Estimated Debt Service Payments, LTGO Debt for Proposed Federal Way TIA Public Projects (Nominal $) Year Principal Interest $ Total 1,481,500 2025 $ - $ 1,481,500 2026 $ - $ 1,481,500 $ 1,481,500 2027 $ - $ 1,481,500 $ 1,481,500 2028 $ - $ 1,481,500 $ 1,481,500 2029 $ - $ 1,481,500 $ 1,481,500 2030 $ - $ 1,481,500 $ 1,481,500 2031 $ - $ 1,481,500 $ 1,481,500 2032 $ - $ 1,481,500 $ 1,481,500 2033 $ - $ 1,481,500 $ 1,481,500 2034 $ - $ 1,481,500 $ 1,481,500 2035 $ - $ 1,481,500 $ 1,481,500 2036 $ - $ 1,481,500 $ 1,481,500 2037 $ - $ 1,481,500 $ 1,481,500 2038 $ - $ 1,481,500 $ 1,481,500 2039 $ - $ 1,481,500 $ 1,481,500 2040 $ 935,000 $ 1,481,500 $ 2,416,500 2041 $ 1,315,000 $ 1,434,750 $ 2,749,750 2042 $ 1,720,000 $ 1,369,000 $ 3,089,000 2043 $ 2,145,000 $ 1,283,000 $ 3,428,000 2044 $ 2,605,000 $ 1,175,750 $ 3,780,750 2045 $ 3,085,000 $ 1,045,500 $ 4,130,500 2046 $ 3,600,000 $ 891,250 $ 4,491,250 2047 $ 4,150,000 $ 711,250 $ 4,861,250 2048 $ 4,730,000 $ 503,750 $ 5,233,750 2049 $ 5,345,000 $ 267,250 $ 5,612,250 $ 62,015,500 Total $ 29,630,000 $ 32,385,500 Source: PFM Financial Advisors LLC Exhibit 20 shows the combination of revenue sources expected to cover the debt service payments. It is expected that $49,935,821 of tax allocation revenues and $12,079,679 of the City's regular property tax levy or other available revenues would be required to cover the full amount of debt service payments. It is anticipated that the City will need to rely on some level of general fund revenues to pay a portion of the annual debt service payments through 2036. After 2036, tax allocation revenues are estimated to be sufficient to cover future debt service payments with surplus tax allocation revenues being used to reimburse the City general fund for earlier debt service payments. Total tax allocation revenues are expected to exceed the total debt service payments by $5,886,163, which represents the anticipated amount of tax allocation revenue that could potentially be used to fund additional projects within the TIA. Rev. 7/18 Exhibit 20. Tax Allocation Revenues and Debt Service Payments (Nominal $) Revenue Source Tax Allocation Tax General Revenue Debt Allocation Fund Service Year Payment Revenue Resources Coverage 2025 $ 1,481,500 $ 32,894 $ 1,448,606 0.02 2026 $ 1,481,500 $ 61,761 $ 1,419,739 0.04 2027 $ 1,481,500 $ 91,347 $ 1,390,153 0.06 2028 $ 1,481,500 $ 161,570 $ 1,319,930 0.11 2029 $ 1,481,500 $ 260,941 $ 1,220,559 0.18 2030 $ 1,481,500 $ 346,134 $ 1,135,366 0.23 2031 $ 1,481,500 $ 421,923 $ 1,059,577 0.28 2032 $ 1,481,500 $ 507,799 $ 973,701 0.34 2033 $ 1,481,500 $ 584,468 $ 897,032 0.39 2034 $ 1,481,500 $ 879,587 $ 601,913 0.59 2035 $ 1,481,500 $ 959,542 $ 521,958 0.65 2036 $ 1,481,500 $ 1,244,893 $ 236,607 0.84 2037 $ 1,481,500 $ 2,146,716 $ - 1.45 2038 $ 1,481,500 $ 2,835,883 $ - 1.91 2039 $ 1,481,500 $ 3,147,017 $ - 2.12 2040 $ 2,416,500 $ 3,886,043 $ - 1.61 2041 $ 2,749,750 $ 4,212,431 $ - 1.53 2042 $ 3,089,000 $ 4,543,880 $ - 1.47 2043 $ 3,428,000 $ 4,880,988 $ - 1.42 2044 $ 3,780,750 $ 5,223,867 $ - 1.38 2045 $ 4,130,500 $ 5,572,626 $ - 1.35 2046 $ 4,491,250 $ 5,927,377 $ - 1.32 2047 $ 4,861,250 $ 6,288,232 $ - 1.29 2048 $ 5,233,750 $ 6,655,304 $ - 1.27 2049 $ 5,612,250 $ 7,028,439 $ - 1.25 Total $ 62,015,500 $ 67,901,663 $12,225,141 1.09 Source: PFM Financial Advisors LLC and Tiberius Solutions 4 Economic Impacts 4.1 Job Creation The proposed TIA would be expected to generate substantial economic impacts for the local and regional economy. The infrastructure investments supported by the proposed TIA would support a significant level of development, with substantial employment from construction as well as Rcv. 7/18 ongoing business activity. Impacts during the construction phase would be temporary, while the impacts from operations once construction is complete would be ongoing. These impacts include direct impacts (jobs and spending occurring directly in the TIA), as well indirect and induced impacts. Indirect impacts are secondary impacts generated by the portion of direct expenditures that are spent on goods and services provided by local businesses. Induced impacts are secondary impacts generated by local expenditures made by employees who received personal income from the direct and indirect expenditures. The induced impacts are often referred to as the "multiplier effect" as the initial direct expenditures are re -spent multiple times, rippling through the local economy. To model the economic impacts of various activities, Johnson Economics utilized the IMPLAN (IMPact for PLANning)5 economic multiplier model. IMPLAN is an economic impact model designed for analyzing the effects of industry activity (employment, income, or business revenues) upon all other industries in an economic area. Development activity in the area is expected to exceed $1.1 billion in current dollars over the next 25 years.6 Of that, over $472 million is proposed as part of the One Trent Development agreement. This development is expected to be introduced to the tax rolls in phases through 2040. Exhibit 21. Summary of Predicted Construction Investment by Year, Proposed Federal Way TIA (2023 $) Construction Investment by Year (Millions) $1,200 $1,000 $800 $600 $400 $200 $o -- I I m I - I --- v m uo r` cc a, o N m�i- Ln M N N N N N N m m m m m m 0 0 0 0 0 0 0 0 0 0 0 0 N N N (N N N N N N N m 0 N Source: Johnson Economics Cumulative Investment (Millions) $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $zoo $0 � Ln kO r- 00G% o N m �n o N N N N N N m m m m CD CD CD CD O O CD CDC) O C) O O O N N N N N N N N N N N N m a N 5 Minnesota IMPLAN Group (MIG), Stillwater, Minnesota 6 Analysis completed in 2023. In March 2024, one parcel with was removed from the proposed TIA boundary, but is still included in this analysis. The parcel had an assumed speculative construction investment of $25.3 million. Rev. 7/18 To evaluate the temporary construction impacts of the proposed development programs, we calculated the total anticipated construction spending of the project measured as a direct industry change in construction of new nonresidential and residential commercial structures. Estimated construction expenditures were converted into estimated contributions to employment income and output within the "South King County" study area, including the communities of Federal Way, SeaTac, Burien, Tukwilla, Des Moines, Renton, Kent, and Auburn (Exhibit 22). Key findings include: ■ Construction spending would translate into an estimated 2,474 direct full time equivalent (FTE) jobs over the construction period. Direct jobs would pay an estimated average of roughly $89,749 per FTE for wages and benefits. ■ Because the development period is estimated to extend over multiple years, the direct construction jobs projected likely represent some of the same employees, employed throughout the project lifecycle over multiple buildings/phases. ■ Each direct construction job would support approximately 0.7 indirect and induced jobs during the construction period. This translates into roughly 1,727 FTE jobs and labor income of $129.2 million during the construction period. ■ The total estimated economic impacts (direct, indirect, and induced) from the construction phase are roughly 4,201 FTE positions and $351.5 million in labor income (2023 dollars). The average annual impact over the 25-year period would be 168 FTE positions and $14.1 million in labor income. Exhibit 22. Summary of Projected Impacts During Construction Phase, Proposed Federal Way TIA (2023 $) Projected Impacts, South King County (2023 $) Employment Labor Income Value Added Output Construction Direct Effect 2,474 $ 222,049,076 $ 227,051,649 $ 577,857,372 Indirect Effect 869 $ 70,356,124 $ 109,309,026 $ 187,777,651 Induced Effect 858 $ 58,884,248 $ 109,902,280 $ 178,660,834 Total Effect 4,201 $ 351,289,448 $ 446,262,955 $ 944,295,857 Source: Johnson Economics, based on assumed future development forecasts The preceding table also summarizes projected impacts on value added and output. The following is a brief description of what these terms represent: ■ Output is the value of an industry's production. It can be measured in two ways: from the sales (income) perspective or the expenditures (spending) perspective. From the income perspective, output is the sum of sales to final users in the economy (gross domestic product or "GDP"), sales to other industrial (intermediate inputs), and inventory change. From the spending perspective, output is the sum of an industry's "value added" and intermediate inputs. Value added is defined as the total market value of all final goods and services produced within a region in a given period of time. It is the sum of all added value at every stage of production of all final goods and services produced within a country in a given period of time. Rev. 7/18 In other words, it is the wealth created by industry activity. Value added in a social accounting matrix model such as IMPLAN is equal to GDP. Following development, the completed structures would be expected to provide for ongoing impacts to the local and regional economy. Employees at the office and retail spaces would be expected to generate income that would circulate in the local economy, supporting additional employment and tax revenues. At full buildout the TIA is expected to contain a mix of residential units and commercial space, with an overall direct investment approaching $1.7 billion in construction. ■ On an ongoing basis, the study area is expected to accommodate direct employment of 632, of which 299 will reside in the South King County study area. The direct labor income is projected at $13.8 million and $40.6 million in economic output. ■ The associated ancillary indirect and induced impacts are estimated to account for 88jobs and $6.8 million in labor income. ■ The total annual impact is estimated at 387 full-time equivalent positions with annual labor income in 2023 dollars over $20.3 million. Exhibit 23. Summary of Projected Ongoing Impacts from Operations, Proposed Federal Way TIA (2023 $) Projected Annual Impacts, South King County (2023 $) Employment Labor Income Value Added Output Ongoing - Annual Direct Effect 299 $ 13,790,960 $ 28,404,985 $ 40,584,414 Indirect Effect 38 $ 3,027,797 $ 5,357,769 $ 8,628,203 Induced Effect 50 $ 3,444,770 $ 6,432,982 $ 10,460,218 Total Effect 387 $ 20,263,528 $ 40,195,735 $ 59,672,835 Source: Johnson Economics, based on assumed future development forecasts The overall impacts have been additionally broken out for the project planned by One Trent, as well as assumed speculative projects. While the TIA is expected to realize the level of development summarized previously, this known development has a higher level of certainty. As summarized in Exhibit 24, known projects and infrastructure investments are expected to support 1,290 full time equivalent positions and $107.9 million in labor income during construction, with ongoing annual employment of 119 with associated labor income of $6.2 million. Rev. 7/18 Exhibit 24. Summary of Impacts, Known Projects and Infrastructure, Federal Way TIA (2023 $) Projected Impacts, South King County (2023 $) Employment Labor Income Value Added Output Construction - Known Projects Direct Effect 760 $ 68,186,156 $ 69,722,331 $ 177,446,688 1 n d i rect Effect 267 $ 21, 604, 745 $ 33, 566,284 $ 57, 662,191 Induced Effect 263 $ 18,081,996 $ 33,748,459 $ 54,862,627 Total Effect 1,290 $ 107,872,898 $ 137,037,074 $ 289,971,506 Projected Annual Impacts, South King County (2023 $) Employment Labor Income Value Added Output Ongoing - Annual - Known Projects Direct Effect 92 $ 4,234,886 $ 8,722,517 $ 12,462,539 Indirect Effect 12 $ 929,767 $ 1,645,247 $ 2,649,522 Induced Effect 15 $ 1,057,810 $ 1,975,421 $ 3,212,092 Total Effect 119 $ 6,222,463 $ 12,343,184 $ 18,324,153 Source: Johnson Economics, based on assumed future development forecasts Construction and operation of the multiple development programs in the study area will support a sizable number of jobs directly, as well as having significant indirect and induced impacts. The construction and ongoing operation of developments in the area is estimated to support roughly 7,326 full time equivalent positions through 2049, reflecting average annual support of approximately 277.6 jobs, with roughly $17.7 million per year in labor income in 2023 dollars. These figures are lower than the impacts after full build -out, as the impacts in earlier years are lower than in later years, due to the phasing of new construction and employment in the area. Exhibit 25. Summary of Average Annual Impacts Through 2049, Federal Way TIA (2023 $) Employment Payroll Direct Effect 200.4 $ 11,728,951 Indirect Effect 35.5 $ 2,961,833 Induced Effect 41.6 $ 2,990,928 Tota 1 277.6 $ 17,681,713 Source: Johnson Economics, based on assumed future development forecasts 4.2 Fiscallmpacts In addition to economic impacts, development, and operation of the various development parcels in the proposed TIA would have fiscal implications for the City of Federal Way, King County, other local service providers, and the State of Washington. These impacts include sales tax, property taxes, income and business taxes, and development charges and fees. Sales taxes will represent the most significant fiscal contribution, during both the construction and ongoing phases. The next largest source of local and state tax revenue would be property taxes, while the federal government is expected to realize a substantive level in income taxes. Exhibit 26 and Exhibit 27 present an estimate of tax contributions, such as income and business Rev. 7/18 taxes, from the construction and operations based on the modeling assumptions in the IMPLAN scenarios. Estimates are broken down by federal vs. state and local contributions. These fiscal impacts exclude direct property taxes, as property tax revenue from the planned development within the TIA is calculated and reported separately in this report. While direct property taxes are excluded from the tables below, the analysis does include some property taxes from indirect and induced activity that occurs outside of the proposed TIA. Key findings include: ■ Through the construction period, the project is expected to contribute $164.9 million at the federal level, and $56.4 million in state and local tax revenues (excluding property taxes). ■ When completed and operational, the combined program is expected to generate $3.4 million per year in state and local taxes (excluding property taxes), while generating $9.6 million in federal taxes. ■ Sales taxes represent the largest source of state and local revenue, with close to $38.0 million in sales taxes during construction and an additional $4.7 million per year going forward. Exhibit 26. Summary of Anticipated One -Time Tax Revenues Associated with Construction (2023 $) Employee & Tax on Proprietor Production Description Compensation and Imports Households Corporations Total Federal Social Ins Tax- Employee Contribution $ 6,274,986 $ 6,274,986 Social Ins Tax- Employer Contribution $ 56,101,535 $ 56,101,535 Tax on Production and Imports: Excise Taxes $ 3,991,096 $ 3,991,096 Tax on Production and Imports: Custom Duty $ 1,858,692 $ 1,958,692 Tax on Production and Imports: Fed NonTaxes $ 3,068,112 $ 3,068,112 Corporate Profits Tax $ 9,944,982 $ 9,944,982 Personal Tax: Income Tax $ 83,641,230 $ 83,641,230 Total Federal Tax $ 62,376,521 $ 8,917,900 $83,641,230 $ 9,944,982 $164,880,633 State and Local Dividends $ 3,835,602 $ 3,835,602 Social Ins Tax- Employee Contribution $ 87,432 $ 87,432 Social Ins Tax- Employer Contribution $ 376,159 $ 376,159 Tax on Production and Imports: Sales Tax $ 37,993,947 $ 37,993,947 Tax on Production and Imports: Motor Vehicle Lic $ 440,052 $ 440,052 Tax on Production and Imports: Severance Tax $ 290,022 $ 290,022 Tax on Production and Imports: Other Taxes $ 5,677,459 $ 5,677,459 Tax on Production and Imports: S/L NonTaxes $ 2,773,385 $ 2,773,385 Corporate Profits Tax $ - Personal Tax: Income Tax $ - Personal Tax: NonTaxes (Fines- Fees $ 3,504,953 $ 3,504,953 Personal Tax: Motor Vehicle License $ 1,002,088 $ 1,002,098 Personal Tax: Other Tax (Fish/Hunt) $ 414,560 $ 414,560 Total State and Local $ 463,591 $47,174,866 $ 4,921,602 $ 3,835,602 $ 56,395,660 Note: Excludes Property Taxes Source: Johnson Economics, Minnesota IMPlan Group, based on assumed future development forecasts Rev. 7/18 Exhibit 27. Summary of Anticipated Ongoing Tax Revenues, Excluding Property Taxes (2023 $) Employee & Tax on Proprietor Production Description compensation and Imoorts Households Corporations Total Federal Social Ins Tax- Employee Contribution $ 1,871,461 $ 1,871,461 Social Ins Tax- Employer Contribution $ 1,892,615 $ 1,892,615 Tax on Production and Imports: Excise Taxes $ 498,134 $ 498,134 Tax on Production and Imports: Custom Duty $ 231,988 $ 231,988 Tax on Production and Imports: Fed NonTaxes $ - Corporate Profits Tax $ 1,589,447 $ 1,589,447 Personal Tax: Income Tax $ 3,551,354 $ 3,551,354 Total Federal Tax $ 3,764,075 $ 730,121 $ 3,551,354 $ 1,589,447 $ 9,634,998 State and Local Dividends $ 613,020 $ 613,020 Social Ins Tax- Employee Contribution $ 2,948 $ 2,948 Social Ins Tax- Employer Contribution $ 12,694 $ 12,694 Tax on Production and Imports: Sales Tax $ 4,742,090 $ 4,742,090 Tax on Production and Imports: Motor Vehicle Lic $ 54,927 $ 54,927 Tax on Production and Imports: Severance Tax $ 7,455 $ 7,455 Tax on Production and Imports: Other Taxes $ 708,611 $ 708,611 Tax on Production and Imports: S/L NonTaxes $ 346,151 $ 346,151 Corporate Profits Tax $ Personal Tax: Income Tax $ - Personal Tax: NonTaxes (Fines- Fees $ 114,120 $ 114,120 Personal Tax: Motor Vehicle License $ 35,734 $ 35,734 Personal Tax: Other Tax (Fish/Hunt) $ 17,605 $ 17,605 Total State and Local $ 15,642 $ 5,859,233 $ 167,459 $ 613,020 $ 6,655,354 Note: Excludes Property Taxes Source: Johnson Economics, Minnesota IMPlan Group, based on assumed future development forecasts 4.3 Affordable and Low -Income Housing The TIA is not anticipated to have a substantial negative impact on affordable and low-income housing in the region and is more likely to increase affordability through the expansion of residential opportunities. The TIA may have minor impacts on housing affordability due to indirect impacts on housing affordability associated with economic activity generated within the TIA. Housing Construction in the TIA There are a number of existing affordable housing complexes within and around the TIA (Traditions, Senior City, Uptown Square). Income restricted affordable housing units are required to make up 4% of the total units within any new housing project with 25 units or more. The City of Federal Way's development regulations requiring mixed -income housing projects through the affordable housing regulations ensure long-term production of income restricted units. The Sound Transit surplus property within the TIA is subject to the Washington State Statute RCW 81.112.350 to offer 80 percent of its surplus property that is suitable for housing to qualified entities to develop housing affordable to families at 80 percent of area median income Rev. 7/18 or less. New construction within the TIA is expected to primarily consist of residential developments, as well as some commercial development. Our land use modeling indicates that residential uses currently represent the highest and best use for most parcels in the TIA, and the office market is expected to remain challenging for the next decade. As a result, most of the projected development activity is expected to be primarily residential with some ground floor commercial uses, as well as redevelopment and/or reconfiguration of retail space. While the new projects are expected to provide largely market rate units with relatively high rent levels, the market -rate construction within the TIA can still help to improve housing affordability in the region. Housing prices are determined based on the factors of supply and demand. Thus, any new construction of housing units in the region that increases housing supply should reduce price pressure in the local housing market. Indeed, most housing economists identify a persistent lack of new construction in past years for the rapid increases in home values in recent years. The process by which construction of new market -rate homes helps to improve housing affordability is known as "filtering." Construction of a new market -rate home allows a household to move out of a lower -quality, existing home to purchase the new home. The previous home occupied by that household is now vacant, and available to another household at a lower price than the new home. Thus, constructing new homes at virtually any price point should ultimately improve the availability of homes at all income levels. Impacts on Housing Affordability from Economic Activity Evaluations of housing affordability often focus on the cost of housing, but affordability is defined as the ability of someone to pay for a good or service. Thus, this evaluation of housing affordability also considers household incomes. Increases in household income will increase the ability of households to pay for housing, thus increasing housing affordability. The economic impacts generated by the new development anticipated within the TIA are expected to support marginal increases in local household incomes, helping to support regional housing affordability. The City of Federal Way is a relatively well-balanced community in terms of jobs and housing, although the workforce commuting outside of the City for employment exceeds those commuting in by almost 12,000. An estimated 26,490 workers were estimated to commute into the City for employment in 2020, while 38,201 commuted to jobs outside of the community. These commuting patterns are shown in Exhibit 28. Rev. 7/18 Exhibit 28. Estimated Workers Commuting Into and Out of the City of Federal Way, 2020 Dash IONA Id' fAMAN m 4 Federal Way 2i6,490 38,201 Cjo -Y .,557 18 x G I�anti Lakeland South y AW— Fife Huts. WWO 197 Source: US Census Bureau, LEHD Database Federal Way residents who commute out of the City of employment are largely employed in Seattle (21.9%) to the north, as well as Tacoma (7.5%) and Kent (7.4%). Developing additional residential capacity near the new transit infrastructure should reduce commuting costs for local residents, which can have a substantive financial impact. Exhibit 29 shows the locations of employment for Federal Way residents. Rev. 7/18 Exhibit 29. Location of Employment for Federal Way Residents, 2020 �❑ ° ° ci_ ShaeIine, Q° ' II 522 a. Ocl Klrkl� Brerr�er6o� S Qq , ° C6 ° ,g � hYerceralsla� �3' Samrramish 99 o R o O 4 ° r� eoo �• a p ❑ O '° O' All P� -K fitF8 �} ° Lopy ° F -a q 00 -0 T el o d,. d Auburn ° b imer$dy_Pla�e 7 - °67e. PeFi�i�rl�� O CJ ° 0 ,o°. Source: US Census Bureau, LEHD Database 4.4 Local Business Community City staff and the consultant team provided a virtual briefing to property owners and businesses within the TIA on August 2, 2023. Information was provided on the Sound Transit project, the Town Center 3 project, and the proposed TIA. Questions centered around City improvements and the City's development project. There was no concern voiced about the TIA. The City's Economic Development Director followed up with the attendees to answer any specific questions. 4.5 Loca/ 5choo/ District As stated earlier in this report, the property tax levies for Federal Way Public Schools and the State Schools fund would not be included in the calculation of tax allocation revenues, and Rev. 7/18 therefore would not experience any foregone revenues from the TIA. Private development anticipated to occur as a result of public improvements within the proposed TIA would generate increased property tax revenues for state school funding reduce the levy rate for local school levies. Exhibit 30 shows the forecasts of the future property tax revenues that could be generated for state levies over the 25-year duration of the proposed TIA. Development within the proposed TIA would be estimated to generate $48.3 million in property tax revenues for State school funding over the 25-year forecast period. Exhibit 30. Property Tax Revenues for State Schools, Proposed Federal Way TIA (Nominal $) Tax Increment State Schools (Parts 1 and 2) Year Value Levy Rate Revenue 2023 $ $ 2.311040 $ 2024 $ $ 2.209181 $ - 2025 $ 9,997,000 $ 2,123754 $ 21,231 2026 $ 20,503,847 $ 2.041609 $ 41,861 2027 $ 31,546,543 $ 1.962641 $ 61,915 2028 $ 60,945,824 $ 1.886728 $ 114,988 2029 $ 102,388,281 $ 1.813752 $ 185,707 2030 $ 141,277,580 $ 1.743599 $ 246,331 2031 $ 179,136,737 $ 1.676160 $ 300,262 2032 $ 224,276,674 $ 1.611267 $ 361,370 2033 $ 268,529,528 $ 1.548887 $ 415,922 2034 $ 420,388,949 $ 1.488922 $ 625,926 2035 $ 477,030,288 $ 1.431283 $ 682,765 2036 $ 643,805,496 $ 1.375870 $ 885,793 2037 $ 1,154,808,672 $ 1.322607 $ 1,527,358 2038 $ 1,586,547,651 $ 1.271416 $ 2,017,163 2039 $ 1,831,224,1 18 $ 1.222157 $ 2,238,043 2040 $ 2,352,229,124 $ 1.174799 $ 2,763,397 2041 $ 2,652,039,375 $ 1.129283 $ 2,994,904 2042 $ 2,975,802,277 $ 1.085525 $ 3,230,306 2043 $ 3,325,181,193 $ 1.043461 $ 3,469,699 2044 $ 3,701,946,849 $ 1.003028 $ 3,713,158 2045 $ 4,107,983,960 $ 0.964162 $ 3,960,761 2046 $ 4,545,298,244 $ 0.926801 $ 4,212,589 2047 $ 5,016,023,874 $ 0.890889 $ 4,468,719 2048 $ 5,522,431,349 $ 0.856367 $ 4,729,230 2049 $ 6,066,935,861 $ 0.823153 $ 4,994,014 Total $ 48,263,411 Source: Tiberius Solutions Development within the proposed TIA would be estimated to generate additional assessed value for local school funding over the 25-year forecast period. This assessed value would not result in a net increase in total tax revenue for the local school district, but rather would reduce the levy Rev. 7/18 rate that the school district imposes to produce the approved annual levy amounts for debt service and enrichment. 4.6 Local Fire Service This section can be expanded upon to include a summary of any feedback received directly from the Fire District during the outreach phase of the project. Exhibit 13 shown earlier in this report summarizes the impact from foregone property tax revenue the proposed TIA is expected to have on each taxing district, including Fire District 39/ South King Fire and Rescue. These annual impacts would be estimated to begin at $11,000 per year in 2026, increasing over time to $2,590,000 in 2049, the final year of the proposed TIA. Cumulatively, it is estimated Fire District 39/South King Fire and Rescue would forego $25.0 million of property tax revenue over the 25-year life of the TIA, or an average of $1.0 million per year. The TIA would not impact the district's other two levies: the Maintenance & Operations and GO Bond levies. RCW requires any TIA to include the negotiation of a mitigation plan if the TIA will impact at least 20 percent of the assessed value of an impacted fire district. South King Fire and Rescue provides service within the proposed TIA boundary and would be the only fire service provider impacted by the proposed TIA. The total assessed value of the South King Fire and Rescue is $28.7 billion in 2023, and is forecast to grow to $126.7 billion by 2049. Increment value for the proposed TIA would be $0 in 2024 and is forecast to grow gradually over time to nearly $6.1 billion in 2049. Thus, the proposed TIA increment value is estimated to be less than 5% of the total assessed value for South King Fire and Rescue in each year of the proposed TIA, and therefore would not require the negotiation of a mitigation plan. The ratio of increment value to total value for South King Fire and Rescue is shown in Exhibit 31. Rev. 7/18 Exhibit 31. Forecast Proposed Federal Way TIA Increment Value as a Share of South King Fire and Rescue Total Assessed Value (Tax Year 2023 to 2049). % of Tax Federal Way TIA District Year District Total AV Increment Total 2023 $ 28,647,944,719 $ - 0.0% 2024 $ 30,366,821,402 $ - 0.0°/a 2025 $ 32,188,830,686 $ 9,997,000 0.0% 2026 $ 34,120,160, 527 $ 20, 503, 847 0.1 % 2027 $ 36,167,370,159 $ 31, 546, 543 0,1 % 2028 $ 38,337,412,368 $ 60,945,824 0,2% 2029 $ 40,637,657,110 $ 102,388,281 0.31/o 2030 $ 43, 075, 916, 537 $ 141, 277, 580 0.3 % 2031 $ 45, 660,471, 529 $ 179,136, 737 0.4% 2032 $ 48,354,439,349 $ 224,276,674 0.5% 2033 $ 51,207,351,271 $ 268,529,528 0,5% 2034 $ 54,228,584,995 $ 420,388,949 0,8% 2035 $ 57,428,071,510 $ 477,030,288 0.8% 2036 $ 60,816,327,729 $ 643,805,496 1.1 % 2037 $ 64,404,491,065 $ 1,154,808,672 1.8% 2038 $ 68,204,356,039 $ 1,586,547,651 2.3% 2039 $ 72,160, 208, 689 $ 1, 831, 224,118 2. 5 % 2040 $ 76,345,500,793 $ 2,352,229,124 3.1 % 2041 $ 80,773,539,839 $ 2,652,039,375 3.3% 2042 $ 85,458,405,150 $ 2,975,802,277 3.5% 2043 $ 90,414,992,649 $ 3,325,181,193 3.7% 2044 $ 95,659,062,223 $ 3,701,946,849 3.9% 2045 $ 101, 207, 287, 832 $ 4,107, 983, 960 4.1 % 2046 $ 107, 077,310, 527 $ 4, 545, 298, 244 4.2 % 2047 $ 113,287,794,538 $ 5,016,023,874 4.4% 2048 $ 119,858,486,621 $ 5,522,431,349 4.6% 2049 $ 126,690,420,359 $ 6,066,935,861 4.8% Source: Tiberius Solutions Rcv. 7/18 5 Evaluation of Risk Factors Certain statements contained in this document reflect not historical facts but forecasts and forward -looking statements. All projections, forecasts, assumptions, and other forward -looking statements are expressly qualified in their entirety by the cautionary statements set forth in this report. All forward -looking statements are inherently subject to a variety of risks and uncertainties that could cause actual results or performance to differ materially from those that have been projected. Such risks and uncertainties include, among others, changes in regional, domestic, and international political, social, and economic conditions; federal, state, and local statutory and regulatory initiatives; litigation, population changes; technological change; and various other events, conditions, and circumstances, many of which are beyond the control of the City. 5.1 Genera/ Economic Conditions The City monitors economic changes in the region and on the national landscape. The City has seen reduced single-family residential permits issued in 2022 when compared to the previous two years. Current land use applications are up for commercial retail projects. Many businesses continue to struggle to fill job openings and supply chain issues have caused inflationary pressures on residents and the City. The City has seen increased costs for public works construction projects, basic services and supplies that support the public services provided to Federal Way residents. Historical Sales Tax has trended positively. Factors such as inflation, growth of the underlying retail base and economic uncertainty all contribute to a climate suggesting caution. That said, 2023 YTD Sales Tax is trending 14% over prior year. A cautious 5% increase in future years has been budgeted, which would yield the following City -provided forecast for budgetary purposes in the 2023-24 biennium and following year. Exhibit 32. Sales Tax Revenue. Actual and Forecast, City of Federal Way $25 0 $20 2 2016 Act 2017 Act 2018 Act 2019 Act 2020 Act 2021 Act 2022 Act 2023 Est $14.2 $14.2 $14.7 $15.9 $16.1 $17.5 $19.2 $21.1 Source: City of Federal Way 2024 2025 forecast forecast $22.6 $23.7 Historical assessed value of property citywide has trended positively since 2013, as shown in Rev. 7/18 Exhibit 33. Exhibit 33. Property Value, City of Federal Way $20 C O $15 a0 v $10 a m $5 Q 0 2 a $0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: City of Federal Way Due to the 1 % cap on property tax levy for existing property, the increase in the City's annual levy has of course not kept pace with the increase in assessed value. Exhibit 34. Total Annual Levy, City of Federal Way $12 c $10 $8 $6 c $4 c Q $2 $0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: City of Federal Way The actual historical trend in Property Tax Rate has resulted in a decrease which creates a theoretical capacity for voted lid lift. The General Fund levy maximum of $3.60 per $1,000 of assessed value is reduced by $1.50 for the levy rate available for the overlapping fire district and $0.50 for the overlapping library district, leaving a practical cap of $1.60 available to the City. Rev. 7/18 Exhibit 35. Property Tax Rate, City of Federal Way $2.00 o $1.80 0 $1.60 tfr -- a, 3 $1.40 > $1.20 f M ur $1.00 jn� Lq X W $0.80 >, ¢ $0.60 v O $0.40 a o $0.20 a 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: City of Federal Way The City Finance Department embarked on creating an investment portfolio of Treasuries and uncallable Agencies for a substantial portion of City reserves. By evaluating historical and forecasted cashflow needs, the finance staff commenced investing $55 million in $ 1 M increments, maturing $1 M monthly. Historically, the City's cash was invested exclusively in the State Treasurer's Local Government Investment Pool, which has an average maturity cap of 60 days. The City's laddered investment portfolio purchased longer maturities, up to 48 months, allowing investing farther up the yield curve than the State Pool is able to. This, coupled with the recent rise in underlying investment rates, has created a substantial, predictable and budgetable income stream to the City's General Fund. Exhibit 36. Past and Projected Investment Revenue, City of Federal Way $3.0 N r- $2.5 ar $2.0 3 C O7 m $1.0 E N $0.5 $0.0 ------------------------------------------------------------------------- - 2017 Act 2018 Act 2019 Act 2020 Act 2021 Act 2022 Act 2023 Est 2024 Adopted $0.50 $0.88 $1.25 $0.43 $0.08 $1.43 $2.95 $2.95 Source: City of Federal Way 5.2 Future Assessed Values and Tax Rates This report forecasts future property tax allocation revenues based on the assumed timing and value of new construction in the proposed TIA, future appreciation of those properties once they Rev. 7/18 have been constructed, and future changes in property tax rates applicable to the calculation of tax allocation revenues. All of these factors are subject to uncertainty, and future tax allocation revenues could be higher or lower than forecast in this report. Factors that could result in lower collections of tax allocation revenues include: ■ Delays in construction of private projects in the proposed TIA. The proposed TIA is limited to 25 years of tax allocation revenue collection. Any delay in private construction would reduce the total amount of tax allocation revenues collected during the 25-year duration. ■ Lower than anticipated valuation of private projects in the proposed TIA. This report estimates the value of new construction based on assumed construction costs. The King County Assessor would ultimately determine the value of new construction, in part, based on the net operating income of the properties at stabilization. It is likely that the Assessor would determine the market value of improvements in the proposed TIA would exceed their construction costs, but the actual determination of value depends on market conditions at the time the new construction is added to the tax roll. If the Assessor values new construction in the proposed TIA at less than the amounts assumed in this report, it would reduce the total amount of tax allocation revenues collected during the 25-year duration. ■ Lower appreciation of property values for properties inside the proposed TIA than countywide. The rate of appreciation of property values countywide determines annual changes in applicable tax rates. This report assumes property values inside the proposed TIA would appreciate at the same rate as properties countywide. If properties in the proposed TIA appreciate at a faster rate than countywide, it would increase the total amount of tax allocation revenues collected during the 25-year duration. However, if properties in the proposed TIA appreciate more slowly than properties countywide, it would reduce the total amount of tax allocation revenues collected during the 25-year duration. 5.3 Future Public Costs of Construction and/or Borrowing This report estimates the future timing and value of construction of public projects partially or fully funded by the proposed TIA. The actual timing and cost of these projects is uncertain and could be affected by factors outside of the City's control. The terms of future indebtedness are also uncertain. Changes in interest rate, amortization period, and other factors could result in a total cost of borrowing that exceeds the assumptions used in this report. Borrowing assumptions in this report were developed with the assistance of the City's financial advisors and reflect conservative financing assumptions based on current market conditions. Ultimately, if public construction costs are higher than anticipated or the cost of borrowing is higher than anticipated in this report, the City could cover those higher costs by allocating more of its general tax levy than is forecast in this report. Alternatively, the City could seek other funding sources or eliminate or redesign elements of the public improvements to reduce the total cost to the City. 5.4 Other City Revenues The City would expect to pay a portion of the costs of the public infrastructure in the proposed TIA with other legally available City revenues. General economic conditions, in addition to Rcv. 7/18 conditions within the proposed TIA could affect taxable sales, real estate transactions, and other taxable events. The City would be obligated to pay debt service on its limited tax general obligation bonds even if City revenues are negatively affected by these or other conditions. 5.5 Non -Voted Debt Limit The City's ability to issue limited tax general obligation bonds is limited by assessed value within the City at the time the bonds are issued. A decline in assessed value in the City, or growth that is slower than expected, could constrain the City's non -voted debt capacity and ability to finance proposed TIA (and other) projects with non -voted debt. If the City is required to fund a greater share of project costs on a pay -go basis due to debt capacity constraints, the pace of the investment may be slowed with resulting impacts on private development. 5.6 Seismic Activity and Other Natural Disasters The City can give no assurance regarding the effect of an earthquake, a tsunami from seismic activity in Washington or in other areas, a volcano, mudslide, or other natural disaster, or that surrounding facilities and infrastructure could or would be rebuilt and reopened in a timely manner following a major earthquake or other natural disaster. 5.7 Initiatives and Referenda In recent years, there have been a number of initiatives filed in the State, including initiatives targeting fees and taxes imposed by local governments or subjecting local governments to additional requirements. The City cannot predict whether this trend will continue, whether any filed initiatives will receive the requisite signatures to be certified for the ballot, whether such initiatives will be approved by the voters, whether, if challenged, such initiatives will be upheld by the courts and whether any current or future initiative could have a material adverse impact on the City's finances or operations. 5.8 City of Federal Wa y's Approach to Financial Uncertainty The City has considered all of the issues identified above. The City intends to secure the debt with a pledge of both tax allocation revenues and the City's general tax levy. The City maintains reserve fund balances in fourteen funds in addition to the General Fund. Current fund balance policy requires one year of debt service as a transfer in to the Debt Service Fund covering the next year's debt service amount, in advance. The City has a separate Strategic Reserve Fund of $3 million to accommodate unexpected operational changes, legislative impacts, or other economic events affecting the City's operations which could not have been reasonably anticipated at the time the budget was prepared. Some of the potential risk factors could be addressed by delaying the timing of the proposed indebtedness or reducing the list of projects to be funded by the indebtedness. The City anticipates incurring the indebtedness in 2024 when multiple private development projects within the proposed TIA should either be completed or under construction. If those private construction efforts are delayed or substantially reduced in value, the City could choose to alter their approach to the planned indebtedness. The City has considered, and will continue to consider alternative Rev. 7/18 financing structures that may be employed to address any of the risk factors identified in this report. Rev. 7/18 Appendix A: Tax lots included in the Proposed Federal Wav TIA Bounda Property Identification Number Levy Code Total Appraised Value (2024) Total Taxable Value (2024) Zone Acres 8665030000 1202 $0 $0 City Center Core 1.7 8665030010 1202 $5,378,600 $0 City Center Core 0.0 8655030020 1202 $6,640,700 $0 City Center Core 0.0 8655030030 1202 $5,378,600 $0 City Center Core 0.0 8655030040 1202 $6,640,700 $0 City Center Core 0.0 8665030050 1202 $5,378,600 $0 City Center Core 0.0 8665030060 1202 $6,640,700 $0 City Center Core 0.0 8665030070 1205 $5,378,600 $0 City Center Core 0.0 8665030080 1205 $6,640,700 $0 City Center Core 0.0 8665030090 1202 $5,378,600 $0 City Center Core 0.0 8665030100 1202 $6,640,700 $0 City Center Core 0.0 8575000020 1202 $2,430,800 $0 City Center Frame 1.9 8575000010 1202 $21,559,700 $0 City Center Frame 3.1 7978200526 1202 $14,949,700 $0 City Center Core 11.4 7978200525 1202 $6,986,000 $0 City Center Core 4.4 7622400025 1202 $2,245,600 $2,245,600 City Center Core 1.8 7622400020 1202 $84,400 $84,400 City Center Core 1.0 7622400019 1205 $12,725,100 $12,725,100 City Center Core 10.4 7622400011 1205 $1,807,100 $1,807,100 City Center Core 1.5 7622400010 1205 $38,514,100 $38,514,100 City Center Core 31.6 2423200070 1205 $870,000 $0 City Center Core 0.5 2423200060 1202 $103,600 $0 City Center Core 1.2 2423200055 1202 $896,300 $0 City Center Core 0.5 2423200050 1202 $10,485,700 $0 City Center Core 7.5 2423200040 1202 $1,853,900 $0 City Center Core 0.9 2423200030 1202 $826,600 $0 City Center Core 0.4 2423200020 1202 $1,133,100 $0 City Center Core 0.5 2423200010 1202 $11,000 $0 City Center Core 0.1 1621049039 1202 $1,917,700 $0 Community Business 2.2 1621049037 1202 $44,685,000 $44,685,000 RM3600 62.7 1621049028 1202 $7,892,800 $7,892,800 City Center Core 2.0 1621049023 1202 $4,216,600 $4,216,600 Community Business 6.1 921049337 1205 $44,200 $0 City Center Core 1.0 921049321 1202 $1,570,600 $0 City Center Core 2.3 Rev. 7/18 Property Identification Number Levy Code Total Appraised Value (2024) Total Taxable Value (2024) Zone Acres 921049304 1202 $5,751,500 $5,751,500 City Center Core 1.5 921049302 1202 $14,150,900 $14,150,900 City Center Frame 7.0 0921049299- 03 1202 $7,867,900 $361,800 City Center Core 0.4 0921049299- 94 1202 $7,505,900 $0 City Center Core 0.3 921049298 1202 $54,635,900 $0 City Center Core 4.8 921049297 1202 $26,397,000 $26,397,000 City Center Core 6.0 921049296 1202 $832,200 $832,200 City Center Core 0.4 921049280 1202 $679,600 $0 City Center Frame 0.8 921049276 1202 $3,331,900 $3,331,900 City Center Core 1.9 921049271 1202 $1,955,500 $1,955,500 City Center Core 0.5 921049270 1202 $2,204,100 $2,204,100 City Center Core 0.9 921049172 1202 $3,536,900 $3,536,900 City Center Core 1.5 921049163 1202 $1,711,900 $1,711,900 City Center Frame 1.3 921049111 1202 $864,500 $864,500 City Center Frame 0.7 921049057 1202 $661,400 $0 City Center Core 0.5 921049053 1202 $14,334,100 $14,334,100 City Center Frame 8.9 921049042 1202 $558,700 $0 City Center Core 0.8 921049035 1202 $2,790,500 $2,790,500 City Center Core 2.4 921049030 1202 $2,634,400 $2,634,400 City Center Core 1.9 921049027 1202 $1,848,200 $0 City Center Core 1.3 921049021 1202 $5,487,400 $0 City Center Core 3.9 921049020 1202 $1,536,000 $1,536,000 City Center Core 0.3 921049019 1202 $1,455,700 $1,455,700 City Center Frame 0.6 921049017 1202 $7,320,700 $0 City Center Frame 5.6 Total $407,958,900 $196,019,600 210.8 Source: Tiberius Solutions with data provided by the King County Assessor's Office Rev. 7/18 Appendix B: Summary of Public Outreach Public outreach included briefings with the City Council, general public, placing information on the City of Federal Way website, interviews and updates with local businesses, community organizations and taxing districts. A.1 General Public & City Council: Two advertised public briefings were held on August 15, 2023 and October 24, 2023. Both briefings were advertised in the Federal Way Mirror (the legal newspaper of general circulation in Federal Way) and advertised on the City of Federal Way website and through the City's social media platforms. The notices were provided two weeks in advance of the meetings. The public briefings covered the reason behind creating a tax increment area, a description of the tax increment area, how tax increment financing works, the public improvements proposed to be financed with the tax allocation revenues and a detailed estimate of tax revenues for the participating local governments and taxing districts including the amounts allocated to the public improvements. The following summarizes the input at Public Briefing 1: The two attendees representing South King Fire & Rescue were interested in the potential impacts on the fire district and the foregone revenues to the fire district. They stated that with the proposed new development there would be new demands on their services but not associated new funding to pay for those services. They asked about required mitigation in the statute. We noted that the estimated impact on South King Fire & Rescue did not reach the required mitigation levels specified in RCW Chapter 39. There were no questions or comments at Public Briefing 2. A Frequently Asked Questions (FAQs) was published on City of Federal Way website, www.engagefw.com/tif, as well as notices of the Public Briefings. Additional information was posted to the website after Public Briefing 1. Tax Increment Financing was discussed with the Federal Way City Council on: 1/21/23: City Council Retreat 6/27/23: City Council Finance Economic Development & Regional Affairs Committee 2/3/24: City Council Retreat 4/2/24: City Council 1st Reading 4/16/24: City Council 2nd Reading (tentative) Rev. 7/18 A.2 Local property owners and businesses: City staff and the consulting team provided a virtual briefing to property owners and businesses within the TIA on August 2, 2023. Information was provided on the Sound Transit project, the Town Center 3 redevelopment project and the proposed Tax Increment Area. Questions centered on the improvements the City was making and the City's development project. There was no concern voiced about the tax increment area financing tool. The City's Economic Development Director followed up with the attendees to answer any specific questions. A.3 Taxing Districts/other governmental agencies: The taxing districts were formally informed of the City of Federal Way's consideration of a TIA in letters sent on July 24, 2023 and October 6, 2023. The letters explained the City's intent to form a TIA and offered individual briefings for any parties interested in receiving more information. The City received a response from King County and King County Library System. Neither entity expressed concern, but additional information was requested and provided. The City also has had a number of exchanges with South King Fire regarding the TIA. The City initially expected to bring an ordinance to the Council for action in 2023. However, the Mayor tasked the City Administrator with opening a direct dialogue with South King Fire to alleviate or reduce any concerns they might have about the City forming a TIA. Staff presented to the Fire Commissioners at a special Commission Meeting on March 4, 2024. These conversations are continuing currently. In addition, there were meetings with the Washington State Treasurer's office and the Washington Department of Revenue to ensure coordination on the project and identification of issues for the project. Rev. 7/18 Appendix C: Alternate Scenario The City evaluated a more conservative financial scenario, with the same assumptions on tax allocation revenues, project funds, and amortization period, but assuming taxable debt rather than tax exempt. This alternate scenario results in a true interest cost of 5.50%, which 83 basis points higher than the tax-exempt scenario included in the main body of this report. Exhibit 37 shows the estimated terms of indebtedness for the alternate scenario. Exhibit 37. Estimated Terms of Indebtedness for Proposed Federal Way TIA Public Improvements, Alternate Scenario (Nominal $) Series 2024 Closing Month Taxable Status True Interest Cost December 2024 Taxable S.50% Aggregate Par (Principal) $ 31,150,000 Project Funds from Bond Proceeds $ 30,800,000 Source: PFM Financial Advisors LLC Exhibit 38 shows the estimated debt service payments in the alternate scenario. Total debt service payments are estimated to cost $68,270,964 over the life of the TIA, compared to $62,015,500 in the baseline scenario. Rev. 7/18 Exhibit 38. Estimated Debt Service Payments, LTGO Debt for Proposed Federal Way TIA Public Projects, Alternate Scenario (Nominal $) Year Principal Interest Total 2025 $ $ 1,696,984 $ 1,696,984 2026 $ $ 1,696,984 $ 1,696,984 2027 $ $ 1,696,984 $ 1,696,984 2028 $ $ 1,696,984 $ 1,696,984 2029 $ $ 1,696,984 $ 1,696,984 2030 $ $ 1,696,984 $ 1,696,984 2031 $ $ 1,696,984 $ 1,696,984 2032 $ $ 1,696,984 $ 1,696,984 2033 $ $ 1,696,984 $ 1,696,984 2034 $ $ 1,696,984 $ 1,696,984 2035 $ $ 1,696,984 $ 1,696,984 2036 $ $ 1,696,984 $ 1,696,984 2037 $ $ 1,696,984 $ 1,696,984 2038 $ $ 1,696,984 $ 1,696,984 2039 $ $ 1,696,984 $ 1,696,984 2040 $ 1,020,000 $ 1,696,984 $ 2,716,984 2041 $ 1,410,000 $ 1,642,853 $ 3,052,853 2042 $ 1,820,000 $ 1,567,812 $ 3,387,812 2043 $ 2,260,000 $ 1,470,424 $ 3,730,424 2044 $ 2,730,000 $ 1,348,972 $ 4,078,972 2045 $ 3,235,000 $ 1,201,606 $ 4,436,606 2046 $ 3,770,000 $ 1,025,946 $ 4,795,946 2047 $ 4,345,000 $ 820,368 $ 5,165,368 2048 $ 4,955,000 $ 581,958 $ 5,536,958 2049 $ 5,605,000 $ 309,284 $ 5,914,284 Total $ 31,150,000 $ 37,120,964 $ 68,270,964 Source: PFM Financial Advisors LLC Exhibit 39 shows the estimated annual debt service payments in the alternate scenario alongside the projected tax allocation revenues and the other general fund resources that would be required to cover debt service payments. Over the 25-year maximum duration of the proposed TIA, projected tax allocation revenues are expected to be equal to the total cost of debt service in the alternate scenario. However, annual tax allocation revenues are not anticipated to be sufficient to cover annual debt service payments until 2037, requiring contributions of other general fund resources to cover the debt service in earlier years. The total amount of general fund contribution is forecast to be $14,810,948 in the alternate scenario, which would be repaid over time with surplus tax allocation revenues in later years. Rev. 7/18 Exhibit 39. Tax Allocation Revenues and Debt Service Payments, Proposed Federal Way TIA, Alternate Scenario (Nominal $) Revenue Source Tax Allocation Tax General Revenue Debt Allocation Fund Service Year Payment Revenue Resources Coverage 2025 $ 1,696,984 $ 32,894 $ 1,664,090 0.02 2026 $ 1,696,984 $ 61,761 $ 1,635,223 0.04 2027 $ 1,696,984 $ 91,347 $ 1,605,636 0.05 2028 $ 1,696,984 $ 161,570 $ 1,535,414 0.10 2029 $ 1,696,984 $ 260,941 $ 1,436,043 0.15 2030 $ 1,696,984 $ 346,134 $ 1,350,850 0.20 2031 $ 1,696,984 $ 421,923 $ 1,275,061 0.25 2032 $ 1,696,984 $ 507,799 $ 1,189,185 0.30 2033 $ 1,696,984 $ 584,468 $ 1,112, 516 0.34 2034 $ 1,696,984 $ 879, 587 $ 817,396 0.52 2035 $ 1,696,984 $ 959,542 $ 737,442 0.57 2036 $ 1,696,984 $ 1,244,893 $ 452,091 0.73 2037 $ 1,696,984 $ 2,146, 716 $ - 1.27 2038 $ 1,696,984 $ 2,835,883 $ 1.67 2039 $ 1,696,984 $ 3,147, 017 $ 1.85 2040 $ 2,716,984 $ 3,886,043 $ 1.43 2041 $ 3,052,853 $ 4,212,431 $ 1.38 2042 $ 3,387,812 $ 4,543,880 $ 1.34 2043 $ 3,730,424 $ 4,880,988 $ 1.31 2044 $ 4,078,972 $ 5,223,867 $ 1.28 2045 $ 4,436,606 $ 5,572,626 $ 1.26 2046 $ 4,795,946 $ 5,927,377 $ 1.24 2047 $ 5,165,368 $ 6,288,232 $ 1.22 2048 $ 5,536,958 $ 6,655,304 $ 1.20 2049 $ 5,914,284 $ 7,028,439 $ 1.19 Total $ 68,270,964 $ 67,901,663 $ 14,810,948 0.99 Source: PFM Financial Advisors LLC and Tiberius Solutions Rev. 7/18 Attachment 2: Letter from State Treasurer TAX INCREMENT FINANCING PROJECT N L I REVIEW IE - CITY OF FEDERAL WA - 7'05E:R 12,202-3 OFFICE OF THE TREASURER STATE OF WA HINGTON Mike Pellicciotti Rev. 7/18 OFFICE OF THE TREASURER �. STATE OF WASHINGTON Mike Pellicciotti October 12, 2023 Steve Groom, Finance Director City of Federal Way 33325 8th Avenue South Federal Way, WA 98003 Dear Mr. Groom This letter confirms the Office of the State Treasurer's ("05T") receipt and review of the City of Federal Way's (the "City") tax increment financing ("TIF") Project Analysis provided on July 19, 2023. OST and Montague DeRose and Associates, the state's municipal advisor, have reviewed the provided material. Based on our review, which is detailed in the sections to follow, we believe the City's Project Analysis generally addressesthe topics listed in section 020(2) of RCW 39.114 (the "TIF Statute"). Please note, this review is based on the information, projections, and assumptions provided by the City and its consultants in the Project Analysis. OST has not independently verified the data or its accuracy or performed any feasibility analyses or projections of its own. Executive Summary Accordingto the City, its downtown area, or "City Center," does not currently present an identifiable sense of an urban center. To improve this, the City is taking steps to transform its City Center into a walkable downtown and destination for the community. The City built the Performing Arts & Entertainment Center and the Town Square Park as initial cornerstone elements to the City Center. Additionally, a Sound Transit light rail station is scheduled to open in 2026, which will allow residents, employees, and visitors greater transit access to/from the City Center. The City's proposed tax increment area (the "TIA") will include 215 acres surrounding these three community improvements and will be generally bordered by 1-5 to the east, South 312`' Street to the north, Highway 99 to the west, and South 330" Street to the south. The Project Analysis identifies a set of public improvement projects estimated to cost between $72 million and $170 million in total (2023 dollars). The City plans to fund these projects directly with tax increment revenues collected over time or in the near -term from the issuance of bonds to be repaid with tax increment revenues_ The City specifically identified two high -priority projects requiring funding early in the life of the TIA in order to facilitate the Phase 1 development of a planned mixed -use development: a civic plaza estimated to cost $6.0 million and a public parking garage estimated to cost $30.0 million. Including the developer's contribution to the public improvements, the net funding requirement for these two public improvements is equal to $30.8 million and would be partia lly financed from the City's issuance of Limited Tax General Obligation Bonds in late 2024. Legislative Building, P.O. Box 40200 Olympia, Washington 98504-0200 (36D) 902-9000 • TFY USERS: CALL 711 • FAX (360) 902-9037 www.tre.wa.gov Rev. 7/18 PAGE 2 OF 14 OST's primary goal in our statutorily mandated review of the Project Analysis is to ensure that the Project Analysis addresses the topics listed in the TIF statute and that risks to the City that might result from the implementation of the project are adequately disclosed. Our review of the Project Analysis found potential risks worth consideration. Most notably, after the issuance of bonds, the City will be obligated to pay any deficiency between tax increment revenues and debt service. The City anticipates issuing $29.6 million of tax-exempt bonds to finance the $30.8 million of Public Improvements at a true interest cost of 4.67%. In the Baseline Development Scenario, the City projects twelve years of annual deficiencies between tax increment revenues and debt service, averaging $1.0 million per year, resulting in an accumulated deficit of $12.1 million by 2036. The City expects to draw from general revenues and reserves to fund these annual shortfalls through 2036, and then reimburse itself over nine years from 2037-2045, when annual tax increment revenues are projected to exceed annual debt service. Certain other factors, including the following, could negatively impact tax increment revenues, potentially causing them to be inadequate to fully reimburse the City for funds advanced to pay debt service on the Bonds: (1) increases in the cost of the Public Improvements; (2) delayed or less than expected private development within the TIA; (3) lower -than -expected future assessed values within the TIA; and, (4) higherthan expected borrowing cost for the bonds issued to finance the Public Improvements. Because of the project's potential cost to the City's general fund, it is essential that decision makers understand and accept the project's risks and potential long-term costs in comparison to its benefits. Statutory Role and Purpose of Review As enacted by the 2021 Washington State Legislature, section RCW 39.114.020(7)(b) requires that prior to the adoption of an ordinance authorizing the creation of a TIA, the local government proposing the TIA must provide a project analysis to OST for review. OST must complete the review within 90 days of receipt of the project analysis. Upon completing the review, OST must promptly provide to the local government any comments regarding suggested revisions or enhancements to the project analysis that OST deems appropriate. OST received the City's Project Analysis (dated July 18, 2023) on July 19, 2023. Rev. 7/18 PAGE 3 OF 14 Project Team Jurisdiction: County: City of Federal Way King County Project Title: Development Areas: City Center TIA The TIA boundary includes 215 acres and is generally bordered by 1-5 to the east, South 312th Street to the north, Highway 99 to the west, and South 330th Street to the south. City of Federal Way: Consultants: Steve Groom, Finance Director Tiberius Solutions LLC Nick Popenuk, Principal PFM Financial Advisors LLC Duncan Brown, Director Matt Schoenfeld, Sr. Managing Director Foster Garvey PC Bill Tonkin Proposed Tax Increment Area Federal Way's TIA will include 215 acres and is generally bordered by 1-5 to the east, South 31V' Street to the north, Highway 99 to the west, and South 330t" Street to the south. The City's downtown, or "City Center," does not currently present an identifiable sense of an urban center. To improve this, the City is taking steps to transform its City Center into a walkable downtown and destination for the community. The City built the Performing Arts & Entertainment Center and the Town Square Park as initial cornerstone elements aimed at defining the City Center neighborhood. A Sound Transit light rail station opening in 2026 will allow residents, employees, and visitors greater transit access to/from the City Center_ Figure 1 below shows the boundary map for the TIA. Rev. 7/18 In tax year 2023, the 58 tax lots within the TIA had total taxable assessed value of approximately $195.8 million, compared to a total market value of $267.3 million. All parcels in the TIA are zoned City Center Core, City Center -Frame, Community Business, or Multi - Family Residential with respective 53%o 14%, 4% and 29% shares of the total215 acres. Of the $195.8 million of total taxable assessed value, 62% is from the City Center Core parcels, 15% is from the City Center -Frame parcels, 2% is from the Community Business parcels and 21% from the Multi -Family Residential parcel. Figure 1— Map of the City Center TIA PAGE 4 OF 14 There are 17 taxing districts whose —°--J property tax levy would be directly impacted by TIA. These districts are: ` ti (1) County -wide regular levy (non - voted), (2) AFIS (Fingerprint ID) Lid �+ Lift, (3) Parks Lid Lift, (4) Human i r Srvs/Vets Lid Lift, (5) Children/Family Justice Ctr. Lid Lift, ! (6) Best Start for Kids Lid Lift, (7) Radio Communications Lid Lift, (8) Q County -wide Transport levy, (9) County Cons. Futures, (10) County source: city of Federal Way Flood Zone, (11) County Ferry District, (12) Port General Fund, (13) EMS (voted), (14) Sound Transit, (15) City General Fund, (16) Library General Fund and (17) Fire 39 General Fund. The levy rate for each of these jurisdictions will be applied to the increased assessed valuation within the TIA and remitted to the City to pay debt service on the bonds. Project Description Public Improvements within the TIA The Project Analysis identifies numerous public improvement projects related to public parking, recreation, mobility, community building, public safety, and placemaking which are estimated to cost between $72 million and $170 million in total (2023 dollars). The City plans to fund these projects directly with tax increment revenues collected over time or in the near -term from the issuance of bonds to be repaid with tax increment revenues. The City specifically identified a civic plaza estimated to cost $6.0 million and a public parking garage estimated to cost $30.0 million as two high -priority projects requiring funding early in the life of the TIA Rev. 7/18 PAGE 5 OF 14 to facilitate the Phase 1 development of the One Trent project (an apartment and condominium development).. The City's Project Analysis assumes One Trent will pay the City $10.0 million to acquire the City -owned Town Center property located within the TIA, with $4.8 million of the $10.0 million being used to repay an interfund loan on the property. The net funding requirement for these two public improvements of $30.8 million would be financed from the City's issuance of Bonds in late 2024. Private Development within the TIA There are currently no projects in the TIA under construction or with approved permits for construction. The City -owned property within the boundary is anticipated to be the site best situated for new private construction. The City is negotiating an agreement with One Trent, a Seattle -based real estate developer, forthe execution of four -phase development project on 10.6 acres of the TIA to construct a partments and condominiums with an expected taxable assessed value of $472.5 million in 2023 dollars and $923.7 million in nominal dollars. Table 1, as prepared by the City, shows the expected phasing of the One Trent Development Plan from 2027 through 2032. The City's tax increment revenue projections anticipate that One Trent will apply for the City's Multifamily Tax Exemption (MFTE) exempting new construction projects located in designated areas with at least 16 multifamily units from property taxes for an eight -year period. For phases 1, 2, and 3 of the development, over 95% of total taxable value is assumed to be eligible for the MFTE exemption, with phase 4 assumed to be not MFTE eligible. Table 1— One Trent Development Plan (in $ 2023) Taxable Value of Development Completion Development MFTE-Eligible Non MFTE- Phase Type Year (2023 $) Value Eligible Value Phase 1 Apartments 2027 $ 179,827,337 $ 172,312,858 $ 7,514,479 Phase 2 Apartments 2028 $ 110,900,540 $ 107,920,895 $ 2,979,645 Phase 3 Apartments 2030 $ 119,393,420 $ 115,507,471 $ 2,885,949 Phase Condos 2032 $ 63,355,171 $ - $ 63,355,171 Total $ 472,476,468 $ 395,741,224 $ 76,735,244 Source: City of Federal Way A market analysis identified speculative development opportunities for properties located in the TIA but not associated with One Trent. These potential developments are expected to occur in the TIA after construction begins on One Trent and the bond -financed civic plaza and public parking garage. Of the 9.4 million square feet of potentially developable properties in the TIA, the market analysis estimated 17% would experience new development over the 25-year forecast period, resulting in a total of 5,300 new housing units with $1.6 billion in speculative new taxable assessed value (2023 dollars). The analysis assumed that 80% of new value would be multifamily properties, with 100% of this value eligible for the 8-year MFTE, reducing the taxable assessed value from $1.6 billion to $1.2 billion. Table 2, as prepared by the City, forecasts the baseline scenario of private development projected to occur in the TIA both from One Trent and speculative development. Rev. 7/18 PAGE 6 OF 14 Table 2 — Projected Increased Real Property in the TIA (in $ 2023) Baseline Development Scenario Year an Tax Rolll OneTrent Development Speculative Development 2028 $ - $ 14,819,826 2029 $ 7,514,479 $ 14,819,826 2030 $ 2,979,645 $ 14,819,826 2031 $ - $ 14,819,826 2032 $ 2,885,949 $ 14,819,826 2033 $ - $ 14,819,826 2034 $ 63,355,171 $ 14,819,826 2035 $ - $ 14,819,826 2036 $ - $ 74,099,129 2037 $ 172,312,858 $ 74,099,129 2038 $ 107,920,895 $ 74,099,129 2039 $ - $ 74,099,129 2040 $ 115,507,471 $ 74,099,129 2041 $ - $ 74,099,129 2042 $ $ 74,099,129 2043 $ - $ 74,099,129 2044 $ - $ 74,099,129 2045 $ - $ 74,099,129 2046 $ - $ 74,099,129 2047 $ - $ 74,099,129 2048 $ - $ 74,099,129 2049 $ - $ 74,0990129 Total $ 472,476,468 $ 1,155,946,409 Source: City of Federci Way In its Project Analysis, the City prepared an Alternate Development Scenario which retains the anticipated taxable value of the One Trent project but excludes all speculative development. In the Alternate Development Scenario, the City issues bonds only to finance the $6.0 million cost of the civic plaza, not the $24.9 million cost of the public parking garage, as existing surface parking capacity is deemed adequate to support the One Trent development. Assessed Value of the TIA The assessed valuation of the TIA for the 2023 tax year is approximately $195.8 million, below both statutory limits of $200 million in assessed valuation and 20% of the City's total assessed valuation of $17.3 billion ($3.5 billion). The TIA's 2023 assessed value represents 1.10/c of the City's total assessed valuation. The magnitude and timing of real property development in the TIA will drive growth in incremental assessed value and therefore tax increment revenues. For the two development scenarios provided by the City, the incremental taxable assessed value of the TIA is estimated by assigning market -based improvement prices reflecting the land use, size of the proposed development and the City's Multifamily Tax Exemption. The City assumed the TIA base value and the assessed values of newly developed properties both increase by 5.1% annually. This assumption uses long-term historical trends for per -capita personal income growth for King County as the basis for forecasting appreciation of existing assessed Rev. 7/18 PAGE 7 OF 1$ values and employs forecasts of population growth as the basis for projecting the increase in assessed value from new construction. Tax Increment Revenue Projections The TIA is expected to take effect on June 1, 2024, and 2025 will be the first year that the TIA will receive tax increment revenues. The term of the TIA is assumed at 25 years (the maximum allowed) with 2049 as the final year the TIA will receive tax increment revenues. The City estimated the 2024 tax increment base assessed value at $205.9 million and prepared the Baseline Development Scenario with $6.2 billion of additional assessed value added to the TIA between 2025 and 2049 through new construction and appreciation. Under the Baseline Development Scenario, $68.9 million of tax increment revenues are projected to be collected over the 25-year term of the TIA. See Table 3 — Tax Allocation Revenues of the TIA (Baseline Development Scenario). Table 3 —Tax Allocation Revenues of the TIA (Nominal $j Baseline Development Scenario Tax Assessed Value Tax Allocation Year Total Base Value Increment Levy Rate Revenues 2023 $ 195,802,900 $ - $ - $ - $ 2024 $ 205,788,848 $ 205,788,848 $ $ - $ - 2025 $ 216,284,079 $205,788,848 $ 10,495,231 $3.290400 $ 34,533 2026 $ 227,314,567 $205,788,848 $ 21,525,719 $3.012200 $ 64,839 2027 $ 238,907,610 $ 205,788,848 $ 33,118,762 $ 2.895700 $ 95,901 2028 $ 269,174,210 $205,788,848 $ 63,385,362 $2,651100 $ 168,039 2029 $ 311,542,953 $205,788,848 $ 105,754,105 $2.548600 $ 269,522 2030 $ 351,421,265 $205,788,848 $ 145,632,417 $2.450100 $ 356,808 2031 $ 390,336,150 $205,788,848 $ 184,547,302 $2.355300 $ 434,672 2032 $ 436,602,762 $205,788,848 $ 230,813,914 $2.264200 $ 522,608 2033 $ 482,057,730 $205,788,849 $ 276,268,882 $2.176600 $ 601,321 2034 $ 635,199,468 $205,788,848 $ 429,410,620 $2,092300 $ 998,476 2035 5 693,208,380 $205,788,848 $ 487,419,532 $2.011500 $ 980,454 2036 $ 863,162,204 $205,788,848 $ 657,373,356 $ 1.933700 $ 1,271,146 2037 $ 1,377,615,782 $205,788,848 $ 1,171,826,934 $ 1.859000 $ 2,178,386 2038 $ 1,813,096,405 $205,788,848 $ 1,607,307,557 $ 1.787500 $ 2,873,039 2039 $ 2,061,826,488 $205,788,848 $ 1,856,037,640 $ 1,719600 $ 3,189,718 2040 $ 2,587,219,174 $205,788,848 $ 2,381,430,326 $ 1.652100 $ 3,934,363 2041 $ 2,991,774,698 $205,788,848 $ 2,685,985,850 $ 1.589400 $ 4,266,440 2042 $ 3,220,665,528 $205,788,848 $ 3,014,976,680 $ 1.527000 $ 4,603,647 2043 $ 3,575,581,717 $205,788,848 $ 3,369,792,869 $ 1.467900 $ 4,946,590 2044 $ 3,958,322,406 $205,788,848 $ 3,752,533,558 $ 1.411100 $ 5,295,382 2045 $ 4,370,802,557 $205,788,848 $ 4,165,013,709 $ 1.356600 $ 5,650,136 2046 $ 4,815,060,087 $205,788,849 $ 4,609,271,239 $ 1.304100 $ 6,010,966 2047 $ 5,293,263,427 $205,788,848 $ 5,087,474,579 $ 1.253700 $ 6,377,987 2048 $ 5, B07, 719, 537 $205,788,848 $ 5, 601, 930, 689 $ 1. 205200 $ 6,751,314 2049 $ 6,360,882,392 $205,788,848 $ 6,155,093,544 $ 1.158500 $ 7,130,790 Total $ 68,907,079 Snarre: City of Federoi Way As noted above, the City prepared an Alternate Development Scenario which retains the anticipated taxable value of the One Trent development but excludes all speculative development. With the Alternate Rev. 7/18 PAGES Or 14 ❑evelopment Scenario, $2.2 billion of assessed value is added to the TIA between 2025 and 2049 through new construction and appreciation. Under the Alternate Development Scenario, $30.9 million of tax increment revenuesare projectedto be collected over the TIA term. See Table 4 —TaxAl location Revenues of the TIA (Alternate Development Scenario). Table 4—Tax Allocation Revenues of the TIA (Nominal $` Alternate Development Scenario Tax Assessed Value Tax Allocation Year Total Base Value Increment Levy Rate Revenues 2023 $ 195,802,900 $ 3.730590 $ 2024 $ 205,788,848 $ 205,788,848 $ 3.487226 $ - 2025 $ 216,284,079 $ 205,788,848 $ 10,495,231 $ 1290391 $ 34,533 2026 $ 227,314,567 $205,788,848 $ 21,525,719 $ 3.012184 $ 64,839 2027 $ 238,907,610 $ 205,788,848 $ 33,118,762 $ 2.895675 $ 95,901 2028 $ 251,091,898 $205,788,848 $ 45,303,050 $ 2.651069 $ 120,102 2029 $ 273,533,933 $ 205,788,848 $ 67,745,085 $ 2.548528 $ 172,650 2030 $ 291,500,045 $205,788,848 $ 85,711,197 $ 2.449975 $ 209,990 2031 $ 306,366,547 $ 205,788,848 $ 100,577,699 $ 2.355220 $ 236,883 2032 $ 326,287,697 $ 205,788,848 $ 120,498,849 $ 2.264036 $ 272,814 2033 $ 342,928,370 $ 205,788,848 $ 137,139,522 $ 1176389 $ 298,469 2034 $ 464,603,684 $205,788,848 $ 258,814,836 $ 2.092129 $ 541,474 2035 $ 488,298,472 $ 205,788,848 $ 282,504,624 $ 2.011276 $ 568,205 2036 $ 513,201,694 $ 205,788,848 $ 307,412,846 $ 1.933408 $ 594,354 2037 $ 868,342,479 $205,788,848 $ 662,353,631 $ 1.858555 $ 1,231,392 2038 $1,129,170,653 $205,788,848 $ 923,381,805 $ 1.786943 $ 1,650,030 2039 $1,186,758,356 $205,788,848 $ 980,969,508 $ 1.717900 $ 1,685,207 2040 $1,503,291,030 $205,788,848 $1,297,502,182 $ 1.651328 $ 2,142,601 2041 $1,579,958,873 $205,788,848 $1,374,170,025 $ 1.587535 $ 2,181,543 2042 $1,660,536,776 $ 205,788,848 $ 1,4.54,747,928 $ 1.52601.5 $ 2,219,967 2043 $1,745,224,151 $ 205,788,848 $ 1,539,435,303 $ 1.466879 $ 2,258,165 2044 $1,834,230,583 $205,788,848 $1,628,441,735 $ 1.410034 $ 2,296,158 2045 $1,927,776,343 $ 205,788,848 $ 1,721,987,495 $ 1.355392 $ 2,333,968 2046 $ 2,026,092,936 $ 205,788,848 $ 1,820,304,088 $ 1.302868 $ 2,371,615 2047 $2,129,423,675 $205y788,848 $1,923,634,827 $ 1.252379 $ 2,409,119 2048 $ 2,238,024,283 $ 205,788,848 $ 2,032,235,435 $ 1.203846 $ 2,446,499 2049 $2,352,163,527 $205,788,848 $2,146,374,673 $ 1.1571.51 $ 2,483,679 Total $ 30,920,161 Source: City of Federal Wcy Under the TIF Statute, only certain regular tax levies are available to the TIA. The taxes applied with regular levies must conform with the constitutional 1% limit as well as the $5.90 aggregate limits_ Both parts of the State School levy, local school district excess levies, voted bond levies, and levies of port districts for band payments are excluded from the TIA levy rate. The TIA's annual levy rate may change from one year to the next based on factors includingfuture incremental assessed value of the TIA, future assessed values of the taxing districts, and relevant levy limits. For the two development scenarios, the City's analysis calculated the levy rate for each of these jurisdictions and applied the levy rates to the incremental assessed valuation within the TIA. The City created a multi -year cash flow model to estimate the annual tax increment revenues for the two development scenarios; Figure 2 below provides a visual comparison. Collection of tax increment Rev. 7/18 PAGE 9 OF 14 revenues is projected for the 2025-2049 period, with total revenues for the Baseline Development and Alternate Development scenarios at $68.9 million and $30.9 million, respectively. The total tax increment revenues of the Alternate Development Scenario are equivalent to 45% of the total for the Baseline Development Scenario. n, 000 Figure 2 — Projected Tax Increment Revenues Baseline and Alternate Development Scenarios ■ 53 eline Development Scenario ■AR erna[e De velopm ent Scenario 7,000 0,000 5,000 8 4,000 3,000 2,000 1,000 20I5 2026 2027 2028 2029 2030 2031 203Z 2033 2034 2035 2036 2037 2038 2039 2040 2042 2042 2043 2044 Z045 Z046 Z047 Z048 2049 Source: City of Federal Way Financing Plan for Public Improvements As stated in the Project Analysis, because of their general obligation pledge, the City will be required to pay the full debt service due on the Bonds from available resources, regardless of the amount of tax increment revenues generated within the TIA. The City acknowledged that tax increment revenues early in the life of the TIA are projected to be insufficient to fully cover debt service payments in both development scenarios. In the Baseline Development Scenario, the City anticipates issuing $29.6 million of tax-exempt bonds in December 2024 to finance the $30.8 million of Public Improvements. The City's structure for the bonds assumes interest rates as of July 12, 2023, plus a 0.50% cushion, resulting in a true interest cost of 4.67%. In this scenario, total principal and interest is projected to be $62.0 million. The City plans to structure its bonds with interest -only payments from 2025 through 2039 to better align debt service payments with anticipated tax increment revenues, and to minimize the amount of general fund resources that the City will need to use to pay debt service in full each year. From 2040 through 2049, annual debt service payments are projected to escalate from $2.4 million to $5.6 million. In the Baseline Development Scenario, the City projects twelve years of annual deficiencies between tax increment revenues and debt service, averaging $1.0 million per year, resulting in an accumulated deficit Rev. 7/18 PAGE 10 of 14 of $12.1 million by 2036. The City expects to draw from general revenues and reserves to fund these annual shortfalls through 2036, then reimburse itself over nine years from 2037-2045, when annual tax increment revenues are projected to exceed annual debt service by $6.9 million. The City indicated it may apply the $6.9 million surplus to fund additional public improvement projects within the TIA. Regarding the City's projected annual shortages between tax increment revenues and debt service costs, the Project Analysis notes: (1) the City maintains reserve fund balances in 14 funds in addition to its general fund; (2) the City's current fund balance policy requires transferring the subsequent year's debt service payment into the debt service fund during the current year; and (3) the City has a separate Strategic Reserve Fund of $3 million to accommodate unexpected operational changes, legislative impacts, or other economic events affecting the City's operations which could not have been reasonably anticipated at the time of budget preparation. In the Alternate Development Scenario, the City reduces its bond issuance to $6.0 million to finance the cost of the civic plaza (roughly 19.5% of the $30.8 million), excluding the $24.8 million cost of the public parking garage. This approach would allow the City to retain flexibility to adjust the amount of debt to better reflect the amount of actual development during the first few years of the TIA. In our cash flow analysis, we applied the 19.5% share to the Baseline Development Scenario's $62.0 million in total debt service, maintaining the same amortization structure as the larger bond issue. The total amount of principal and interest due under this scenario totals $12.1 million to finance the $6.0 million in civic plaza improvements. In the Alternate Development Scenario, the City projects eight years of insufficient tax increment revenues compared to debt service, averaging $138,000 per year, resulting in an accumulated deficit of $1.1 million by 2032. The City expects to cover these annual shortfalls with City general revenues and reserves through 2032, then reimburse itself over five years from 2033-2037 as total tax increment revenues are projected to exceed total debt service by $18.8 million. Rev. 7/18 PAGE 1 1 of 14 Debt Capacity Based on the City's total 2023 assessed value of $17,270,222,086, the City has $259,053,331 in total non - voted debt capacity (1.5% of 2023 AV). The City currently has $27,983,000 in outstanding non -voted debt, leaving sufficient non -voted debt capacity of $231,070,331 before issuing the $29,630,000 of bonds described in the Baseline Development Scenario in ❑ecember 2024. See Table 5 — Debt Capacity in 2023. Table 5 — Debt Capacity in 2023 2023 Assessed Valuation $17,270,222,086 Non -Voted Debt Capacity (1.5% of AV) 259,053,331 Less: Outstanding Non -Voted Debt (27,993,000) Remaining Non -Voted Debt Capacity 231,070,331 Less: Financing Proposed (29,630,000) Projected Remaining Non -Voted Capacity $201,440,331 Projected Remaining Non -Voted Capacity % 77.8% Source.- City of Federal Woy Projected Debt Service Coverage Tables 6 and 7 below summarize the total tax increment revenues, revenue shortfalls and debt service coverage for the two development scenarios. In the Baseline Development Scenario, the City would be required to fund a portion of the annual debt service payments from general revenues or reserves due to insufficient tax increment revenue from 2025 through 2036. Full reimbursement of the $12.1 million cumulative shortfall is projected by 2045. ■ In the Alternate Development Scenario, the City would be required to fund a portion of the annual debt service payments from 2025 through 2032, with a cumulative shortfall of $1.1 million, and full reimbursement anticipated by 2037. Rev. 7/18 PAGE 12 OF 14 Table 6— Summary of Tax Increment Revenue Shortfalls and Average Debt Service Coverage First Year Tax Year That Tax Total Projected Total Projected Projected Total Surplus/ Aggregate Development Increment Revenues Increment Revenues Tax Increment Debt Service Cumulative (Shortfall] Debt Service Scenario Exceed TIF Debt Fully Reimburse Debt Revenue {$MMs] Shortfall ISMMs] Coverage Ratio Service Service Shortfalls ($MMS) ($MMs) Baseline 2037 2045 $68.907 $62.016 ($12.080) $6.892 1.11x Alternate 2033 2037 $30.920 $12.081 ($1.101) $18.839 2.56x 1. Projected over the term of repayment of the Bonds, 2025-2049 Table 7 — Annual Tax Increment Revenue Shortfalls and Average Debt Service Coverage Year Baseline Tax Debt Increment Service Revenues Bonds 0 Development on 0 Scenario Surplus (Shortfall) (Shortfall) 0 {$Msl Cumlative Surplus 0 Debt Service Coverage -- Alternate Tax Increment Service Revenues 0 Development Debt on Bonds (Shortfall) 0 Scenario Cumlative Surplus (Shortfall) 0 01 Surplus 0 Debt Service Coverage — 2024 2025 35 1,492 (1,447) (2,447) 0.02x 35 289 (254) (254) 0.12x 2026 65 1,482 (1,417) (2,8641 0.04x 65 289 (224) (478) 0.22x 2027 96 1,492 (1,386) (4,249) 0.06x 96 289 (193) (671) 0.33x 2028 169 1,492 (1,313) _(S,Sfi3l 0.11x 120 289 (1691 (SM) 0.42x 2029 270 1,482 (1,212) (6,775) 0.1RX 173 289 (116) (955) 0.6ox 2030 357 1,482 (1,125) (7,899) _ 0.24x 210 289 (79) (1,034) 0.73x 2091 435 1,482 (1,041) _ (8,946) 0.29x 237 289 (52) (1,085) 0.82x 2032 S23 1,482 (959) (9,905) 0.3Sx 273 289 (16) {1,101) 0.95x 2033 601 1,482 (880) (10,785) 0.41x 298 289 10 (1,091) LOU 2034 898 1,492 (583) (11,368) 0.61x 541 289 253 (938) 1.88x 2035 980 1,492 (501) {11,869) 0.66x 568 289 280 (559) 1.97x 2096 1,271 1,482 (210) {12,080) 0.86x 594 289 306 (253) 2.06x 2037 2,178 1,492 697 {11,3831 1.47x 1,231 289 943 690 4.27m 2099 2,873 1,482 1,392 (9,991) 1.94x 1,65o 289 1,361 2,051 5.72x 2039 3,190 1,492 1,708 (8,2831 2.15x 1,685 289 1,397 3,448 5.84x 2040 3,934 2,417 1,518 (6,7651 1.63m 2,143 471 1,672 5,120 4.55x 2041 4,266 2,750 1,517 (5,248) 1.55x 2,182 536 1,646 6,766 4.07x 2042 4,604 3,099 1,515 (3,734) 1.49x 2,220 602 1,618 8,384 3.69x 2043 4,947 3,429 1,519 (2,215) 1.44x 2,258 668 1,590 9,974 3.38x 2044 5,295 3,781 1,515 (701) 1.40x 2,296 737 1,560 11,534 3.12x 2045 5,65o 4,131 1,520 819 1.37x 2,394 805 1,529 13,063 2.90x 2046 6,011 4,491 1,520 2,339 1.34x 2,372 875 1,497 14,560 2.71x 2047 6,378 4,861 1,517 3,85S 1.31x 2,409 947 1,462 16,022 2.54x 2049 6,751 5,234 1,518 5,373 1.29a 2,446 1,020 1,427 17,449 2AN 2049 7,131 5,612 1519 61892 127x 2,484 1,093 1,390 18,839 2.27x Total 68,907 62 016 6,892 30,920 12,081 18,839 Rev. 7/18 PAGE 13 of 14 Key Risks to the City From our review of the Project Analysis, it appears that the anticipated Public Improvements and economic development will provide significant benefit to the City. Nonetheless, the financial plan comes with certain risks and costs to the City, primarily related to the projected annual tax increment revenues being insufficient to fully pay the debt service due on the bonds the City plans to issue to finance a portion of the Public Improvements, especially in the early years of the project. During years with revenue shortfalls, the City will be required to pay any difference between the debt service due and tax increment revenues collected using general City resources. While the City plans to reimburse itself for debt service payments made from general City revenues and reserves, it is important for decision makers to be aware of the potential magnitude and timing of such payments and reimbursements. Since the TIF legislation limits the ability to collect tax increment revenues to a period of not more than 25 years, delays could reduce the City's ability to fully reimburse itself from tax increment revenues. Additional factorsthat could impactthe amountof tax increment revenues collected are described below: Escalation of Project Costs: With the Public Improvements projected to be completed over a number of years, inflation could have a significant impact on the final cost. The City did not disclose if a construction cost inflator was included in its cost range for the Public Improvements. Economic Conditions: Growth in the TIA's assessed value could be negatively impacted by a downturn in the economy. A variety of economic factors could negatively impact the timeline and ultimate demand for development, jeopardizing the rate and scale of private development, potentially reducing tax increment revenues. Permits: Unforeseen delays in permits could negatively impact the construction of private developments within the TIA. Such delays could negatively impact the timing and/or amount of tax increment revenues generated by the TIA. Construction Delays: Any delay in the construction timelines of the private development projects could reduce the amount of tax increment revenues produced by the TIA. Similarly, any delay bythe City in completing the planned Public Improvements could delay private developers' abilities to complete their private developments, potentially reducing the amount of tax increment revenues. Assessed Valuations: As private developments are completed, tax increment revenues may be lower than projected if the assessed values of the projects are lower than expected or take more time to be reflected on the county's tax rolls than expected. Interest Rote Risk: The City is exposed to interest rate risk until its bonds are sold. The Project Analysis assumes interest rates as of July 12 plus a 0.50°% cushion, resulting in a true interest cost of 4.67%. However, between July 12 and September 25, tax-exempt interest rates rose by an average of 0.60% in the 2025-2049 maturity range expected for repayment of the bonds. The current borrowing cost for the bonds is higher than the 4.67°% true interest cost assumed in the Project Analysis. Risk SummM: The general impact to the City from any of the risk factors outlined above could be lower than projected tax increment revenues and a greater than expected reliance on the City's general revenues and reserves to pay the debt service due on the bonds issued to fund the Public Improvements in the TIA. If tax increment revenues are lower than expected, it will force the City to apply more of its available funds towards repayment of the bonds, reducing the City's ability to allocate those funds to other projects or operations. Rev. 7/18 PAGE 14 OF 14 Recommendations To help ensure the financial success of the project and to minimize unanticipated costs, we recommend the City considerthe following measures: 1. Prior to approving the TIA, we recommend that the City discuss and establish a policy regarding how much debt service it is willing to pay from City general revenues and reserves on an annual basis to offset years of tax increment revenue shortfalls. 2. We recommend that the City conservatively budget for and set funds aside to cover any projected tax increment revenue shortfalls. 3. Prior to approving the TIA, we recommend that the City coordinate closely with other taxing districts impacted by the project, and the County Assessor's Office, to ensure that all parties have an accurate understanding of how the TIA will impact them, and to provide sufficient time to work through any concerns. 4. As the project moves forward, we recommend that the City coordinate closely with the County Assessor's Office to help ensure that the tax increment revenue projections match the County's assessment process and are as accurate as possible. 5. The City's interest rate assumptions for its planned 2024 Bond issuance are below current tax- exempt interest rates. We recommend that the City consider using more conservative interest rate assumptions. 6. We recommend the City revisit public improvement cost projections frequently and utilize a publicly recognized inflation index to inform inflation projections. Thank you for the opportunity to review the City's Project Analysis. Based upon the information provided to date in connection with this project, this concludes our review. If there are material changes in the scope, timing, or cost of the project, please let us know. We wish the City all the best with the project. Respectfully, Mike Pellicciotti Washington State Treasurer Jason Richter Deputy Treasurer Rev. 7/18 ORDINANCE NO.24- AN ORDINANCE of the City of Federal Way, Washington, designating the Downtown Tax Increment area; setting a sunset date for the increment area; identifying the public improvements to be financed; imposing a deadline for commencement of construction; indicating the City's intent to issue bonds to finance public projects; providing that the increment area will take effect June 1, 2024; and providing for related matters. WHEREAS, the City has previously taken action to facilitate the redevelopment of its downtown including the construction of the Performing Arts & Event Center, Town Square Park, the Grand Staircase, the designation of an Opportunity Zone, and the adoption of a Planned Action Environmental Impact Statement ("Planned Action EIS"); and WHEREAS, the Washington State Legislature, during its 2021 legislative session, enacted Engrossed Substitute House Bill 1189 as Chapter 207, Laws of 2021, titled "AN ACT Relating to tax increment financing" and codified as RCW 39.114 (the "TIF Act"), which authorizes local governments, including cities, to carry out tax increment financing of public improvements needed to support vital private economic development projects; and WHEREAS, the TIF Act was thereafter amended by Engrossed House Bill 1527 during the 2023 legislative session; and WHEREAS, it is desirable and in the best interest of the residents of Federal Way for the City to continue taking action to facilitate the redevelopment of its downtown including adopting tax increment allocation financing to fund public improvements in the downtown area; and WHEREAS, the purpose of this ordinance is to designate an increment area that will enable the City to carry out tax increment financing of the public improvements needed to serve the resulting private development within that increment area; and Ordinance No. 24- Page I of 27 WHEREAS, the City correctly followed the designation procedures identified in RCW 39.114.020(7); and WHEREAS, subsequent to the briefings and review by the State Treasurer, the City revised its proposed designation area (Exhibit B) in 2024, removing a property (parcel #0921049137), to ensure the assessed value of the area was less than $200,000,000. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF FEDERAL WAY, WASHINGTON, DO ORDAIN AS FOLLOWS: Section 1. Tax Increment Area designate Tax Increment Allocation Financing is hereby adopted to pay for public investment project costs as provided for in 39.114 RCW, as described and illustrated within the Project Area delineated in Exhibits A and B attached hereto and incorporated herein by this reference ("Increment Area"). In making this designation, the City finds that the Increment Area (i) is the only increment area designated by the City; (ii) is located within the jurisdictional boundaries of the City; (iii) does not include the entire City; and (iv) does not exceed an assessed valuation of $200,000,000 or 20% of the City's current assessed valuation. Section 2. Commencement & Sunset date of the Increment Area. The Increment Area shall take effect June 1, 2024. The sunset date of the Increment Area created by this ordinance is (i) December 31, 2049, which is the date no later than 25 years after the first year (calendar year 2025) in which tax allocation revenues will be collected on taxable property located in the Increment Area; or, (ii) if earlier, the date on which the City certifies to the County Assessor that all public improvement costs to be paid or reimbursed with tax allocation revenues derived from the Increment Area have been fully paid, including but not limited to reimbursements to the City for principal and interest payments required to be made by the City from revenue sources other than tax allocation revenues on general obligation bonds issued to finance the portion of public Ordinance No. 24- Page 2 of 27 improvement costs that are intended to be paid or retired, in whole, from tax allocation revenues, as authorized by RCW 39.114.060(1). Section 3. Project List. A list of improvements to be financed is provided in Exhibit C attached hereto and incorporated herein by this reference. The City intends to issue bonds or other obligations, payable in whole or in part, from tax allocation revenues to finance the public improvement costs. The maximum estimated amount of bonds or obligations contemplated is $36,000,000. Section 4. Project Start Date. The City establishes a deadline of June 1, 2029, for commencement of construction of the first public project identified in Exhibit C. In no event will construction of the first project selected from the Project List commence later than June 1, 2029, unless that deadline is extended for good cause. Section 5. Findinfs. Based upon the Project Analysis conducted by the City's Consultant Tiberius Solutions LLC, the City Council hereby makes the following findings: (i) The public improvements proposed to be paid or financed with tax allocation revenues are expected to encourage private development within the increment area and to increase the assessed value of real property within the increment area; (ii) Private development that is anticipated to occur within the increment area as a result of the proposed public improvements will be permitted consistent with the permitting jurisdiction's applicable zoning and development standards; (iii) The private development would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future without the proposed public improvements; and Ordinance No. 24- Page 3 of 27 (iv) The increased assessed value within the increment area that could reasonably be expected to occur without the proposed public improvements would be less than the increase in the assessed value estimated to result from the proposed development with the proposed public improvements. Section 6. Preparation & Consideration of Project Analysis. As required by RCW 39.114.020(2), the City has caused to be prepared a Project Analysis to describe and analyze, among other matters, the factors and considerations listed in that statute. The Project Analysis is on file with the City Clerk. The City Council takes note of the conclusion expressed in the Treasurer's Review Letter, which is attached as Exhibit D and incorporated herein by this reference, that the City's Project Analysis addresses the requirements of RCW 39.114.020. In its consideration and adoption of this ordinance, the City Council has reviewed and considered, among other things, the Project Analysis and the Treasurer's Review Letter, including the "Risk Factors" and "Recommendations" noted in the Treasurer's Review Letter. Section 7. Reimbursement of Expenses. Pursuant to RCW 39.114.020(6), the City will reimburse the County Assessor and County Treasurer for the direct expenses incurred with the implementation and ongoing administration of the City's Increment Area. Such expenses shall be deemed part of the public improvement costs and may be paid from the tax allocation revenues. Section 8. Public Briefings Held by the City. As required by RCW 39.114.020(7)(a), the City has held two public briefings for the community regarding the proposed public improvements needed to serve the Increment Area. Public briefings were held on August 15, 2023, at 5:30 pm at City Hall, and October 24, 2023, at 3:30 pm at City Hall, and announced to the public at least two weeks prior to the date each briefing was held by publishing in the Federal Way mirror, and by posting information on the City's website and on social media. Each public briefing included a Ordinance No. 24- Page 4 of 27 description of the proposed Increment Area, the public improvements proposed to be financed with tax allocation revenues, and an estimate of tax revenues provided by each impacted taxing district. Additional briefings were held by the City Council at their annual retreat on January 21, 2023, at the Dumas Bay Center; before the full Council on September 5, 2023; and, at the City's Finance, Economic Development and Regional Affairs Council Committee on June 27, 2023, October 24, 2023, and March 26, 2024. Section 9. Desi _ng ating the Increment Area. Following the adoption of this ordinance, the City will deliver a certified copy of this ordinance to the County Treasurer, the County Assessor, and the governing body of each taxing district within the Increment Area at their respective addresses. Section 10. Severability. The provisions of this ordinance are declared separate and severable. The invalidity of any clause, sentence, paragraph, subdivision, section, or portion of this ordinance, or the invalidity of the application thereof to any person or circumstance, shall not affect the validity of the remainder of the ordinance, or the validity of its application to any other persons or circumstances. Section 11. Corrections. The City Clerk and the codifiers of this ordinance are authorized to make necessary corrections to this ordinance including, but not limited to, the correction of scrivener/clerical errors, references, ordinance numbering, section/subsection numbers and any references thereto. Section 12. Ratification. Any act consistent with the authority and prior to the effective date of this ordinance is hereby ratified and affirmed. Section 13. Effective Date. This ordinance shall be effective thirty (30) days after passage and publication as provided by law. Ordinance No. 24- Page 5 of 27 PASSED by the City Council of the City of Federal Way this day of , 2024. CITY OF FEDERAL WAY: JIM FERRELL, MAYOR ATTEST: STEPHANIE COURTNEY, CMC, CITY CLERK APPROVED AS TO FORM: RYAN CALL, CITY ATTORNEY FILED WITH THE CITY CLERK: PASSED BY THE CITY COUNCIL: PUBLISHED: EFFECTIVE DATE: ORDINANCE NO.: Ordinance No. 24- Page 6 of 27 Exhibit A - Legal Description Proposed Federal Way TIA Affected Parcels Property Total Total Identification Levy Appraised Taxable Number Code Value Value Zone Acres 921049057 1202 $0 $0 City Center Core 0.5 921049111 1202 $806,900 $806,900 City Center Frame 0.7 921049019 1202 $1,420,500 $1,420,500 City Center Frame 0.6 921049020 1202 $1,344,000 $1,344,000 City Center Core 0.4 921049030 1202 $2,305,100 $2,305,100 City Center Core 1.9 921049035 1202 $2,674,300 $2,674,300 City Center Core 2.4 7978200525 1205 $6,308,600 $0 City Center Core 4.4 7978200526 1205 $0 $0 City Center Core 11.5 921049163 1202 $1,597,700 $1,597,700 City Center Frame 1.3 921049172 1202 $3,242,200 $3,242,200 City Center Core 1.5 921049270 1202 $2,119,300 $2,119,300 City Center Core 0.9 921049271 1202 $1,722,700 $1,722,700 City Center Core 0.5 921049276 1202 $2,932,100 $2,932,100 City Center Core 1.9 921049280 1202 $0 $0 City Center Frame 0.8 921049296 1202 $749,000 $749,000 City Center Core 0.4 921049302 1202 $13,626,800 $13,626,800 City Center Frame 7.0 1621049023 1205 $3,689,500 $3,689,500 Commercial 6.5 1621049028 1205 $7,404,700 $7,404,700 City Center Core 2.0 1621049037 1205 $41,375,000 $41,375,000 Commercial 62.2 1621049039 1205 $0 $0 Commercial 2.2 2423200010 1202 $0 $0 City Center Core 0.1 2423200020 1202 $0 $0 City Center Core 0.5 2423200030 1202 $0 $0 City Center Core 0.4 2423200040 1202 $0 $0 City Center Core 0.8 2423200050 1202 $0 $0 City Center Core 7.5 2423200055 1202 $0 $0 City Center Core 0.5 2423200060 1202 $0 $0 City Center Core 0.9 2423200070 1202 $0 $0 City Center Core 0.5 7622400011 1202 $1,761,300 $1,761,300 City Center Core 1.5 7622400025 1202 $2,164,700 $2,164,700 City Center Core 1.8 7622400010 1202 $33,573,000 $33,573,000 City Center Core 31.7 7622400020 1205 $84,400 $84,400 City Center Core 0.9 921049299 1202 $5,452,800 $250,900 City Center Core 0.7 921049053 1202 $11,543,100 $11,543,100 City Center Frame 8.8 921049021 1202 $0 $0 City Center Core 3.9 921049297 1202 $23,856,200 $23,856,200 City Center Core 6.0 8575000010 1202 $0 $0 City Center Frame 3.1 Ordinance No. 24- Page 7 of 27 Property Total Total Identification Levy Appraised Taxable Number Code Value Value Zone Acres 8575000020 1202 $0 $0 City Center Frame 1.8 921049017 1202 $0 $0 City Center Frame 5.6 921049042 1202 $488,900 $0 City Center Core 0.8 921049321 1202 $1,374,300 $0 City Center Core 2.2 921049337 1202 $0 $0 City Center Core 1.0 921049027 1202 $1,617,100 $0 City Center Core 1.3 921049298 1202 $0 $0 City Center Core 4.8 7622400019 1202 $10,732,900 $10,732,900 City Center Core 10.4 8665030000 1202 $5,623,600 $0 City Center Core 1.7 921049304 1202 $5,523,700 $5,523,700 City Center Core 1.5 Total $216,417,300 $195,802,900 215.0 Source: Tiberius Solutions with data provided by the King County Assessor's Office Ordinance No. 24- Page 8 of 27 Levy Property 2022for Zane Acres 2023for 2023for Tax Code Identification 2023 payable 2024 payable 2024 payable Status Number -Total - Total - Total Taxable Appraised Taxable Value Value Value 1202 921049017 $0 City Center 5.6 $7,320,700 $0 X GOV Frame 1202 921049019 $1,420,500 City Center 0-6 51,455,700 $1,455,700 T Frame 1202 921049020 S1,344,000 City Center 0.4 $1,536,000 $1,536,000 T Core 1202 921049021 SO City Center 3.9 $5,487,400 $0 X GOV Core 1202 921049027 $0 City Center 1.3 $1,848,200 $0 X GOV Core 1202 921049030 $2,305,100 City Center 1.9 $2,634,400 $2,634,400 T Core 1202 921049035 52,674,300 City Center 2.4 $2,790,500 $2,790,500 T Core 1202 921049042 50 City Center 0.8 $558,700 5o X GOV Care 1202 921049653 $11,543,100 City Center 8-8 $14,114,100 $14,334,100 T Frame 1202 921049057 $0 City Center 0.5 $661,400 $0 X GOV Core 12C2 921049111 $806,900 City Center 0.7 $864,500 $864,500 T Frame 1202 921049163 $1,597,700 City Center 1.3 $1,731,900 $1.711,900 T Frame 12C2 921049172 $3,242,200 City Center 1.5 $3,536,900 $3,536,900 T Core 1202 922049270 $2,119,300 City Center 0.9 $2,204,100 $2,204,100 T Care 1202 921049271 $1,722,700 City Center 0.5 $1,955,500 $1,955,500 T Core 1202 921049276 $2,932,100 City Center 1.9 $3,331,900 $3,331,900 T Core 1202 921049280 $0 City Center 0 8 $679,600 S4 X GOV Frame 1202 921049296 $749,000 City Center 0,4 $832,200 $832,200 T Core 1202 921049297 $23,85ll City Center 6.0 $26,397,000 $26,397,000 T Core 1202 921049298 $0 City Center 4.8 $54,635,900 $0 X GOV Core 1202 971049299 5250,900 CityCenter 0.7 $12,193,000 $303,500 T PARTIALLY Core EXEMPT-NP 1202 921049302 513,626,800 City Center 7.0 $14,150,9CO $14,150,900 T Frame 1202 921049304 $5,523,700 City Center 1.5 $5,751,500 55,751,500 T Care 1202 921049321 $0 City Center 2.2 $1,570,600 $0 X GOV Core 1202 921049337 $0 City Center 1.0 $44,200 $0 X GOV Core 1205 1621049C23 $3,689,500 Commercial 6.5 $4,216,600 $4,216,600 T 1205 1621049C28 $7,404,700 City Center 2.0 57,892,8C0 $7,892,800 T Core 1205 1621049037 $41,375,000 Commercial 62.2 $44,685,000 $44,685,000 T 3205 1621049039 $0 Commercial 2.2 $1,917,700 $0 X GOV 1202 2423200010 $0 City Center 0.1 $11,000 $0 X GOV Core 1202 2423200020 $0 City Center 0.5 $1,133,100 $G x GOV Core 1202 2423200030 SO City Center 0.4 $826,600 $0 X GOV Core 1202 2423200040 $0 City Center 0.8 $1,853,900 $0 X GOV Care 1202 2423200050 $0 City Center 7.5 $10,485,700 $0 X GOV Care 1202 24232000SS $0 City Center 0.5 $896,300 $0 X GOV Core 1202 2423200060 $0 City Center 0.9 S103,600 $0 X GOV Core 1202 2423200070 $0 City Center 0.5 $870,000 $0 X GOV Core Ordinance No. 24- Page 9 of 27 1202 7622400010 $33,573,000 City Center 31.7 $38,514,100 $38,514,100 T Care 1202 7627400011 $1,761,300 City Center 1-5 $1,907,100 $1,807,100 T Core 1202 7622400019 $10,732,900 City Comer 10.4 $12,725,100 $12,725,100 T Core 1205 7622400020 $84,400 City Center 0.9 $24,400 $84,400 T Core 1202 7622400025 $2,164,700 City Center 1.8 $2,245,600 $2,245,600 T Care 1205 7978200525 $0 City Center 4.4 $6,986,000 $0 X Core 1205 7978200526 50 CIty Center 115 $14,949,700 $0 x Cure 1202 8575NO010 $0 City Center 3.1 $21,559,700 $0 x Frame 2202 8575000020 $0 City Center 1.8 $2,430,800 $0 x Frame 1202 8665030000 $0 City Center 1.7 $0 $0 NA Core 1202 8665030010 $0 City Center $5,378,600 $0 x Core 1202 866503002D $0 City Center $6,640,700 $0 x Core 1202 866503003D $0 City Center $5,378,600 $0 x Core 1202 9665030040 $0 City Center $6,640,700 $0 x Core 1202 8665W0050 $0 CIty Center $5,379,600 $0 x Core 1202 8665030060 $0 City Center $6,640,700 $0 x Core 1202 8665030070 $0 City Center $5,378,500 $0 x Core 1202 8665030080 $0 Clty Center $6,640,700 $0 x Core 1202 9665030090 $0 City Center $5,378,600 $0 x Core 1202 8665030100 $0 City Center $6,640,700 $0 x Core Total $176,500,000 210.4 $404,778,100 $195,961,300 NP NP GOV GOV Condo Parent Parcel NP NP NP NP NP NP NP NP NP NP Ordinance No. 24- Page 10 of 27 Exhibit B — Area Boundary Map Ordinance No. 24- Page 11 of 27 Exhibit C —Project List 0� Vt � W N • C W p N I C 6�i n LeilA ] = `'�' y • 7 n l0 O un ■ ■ ■ ■ ■ ■ ■ O rD 0 p tirn pmC "vn.rvv7 c ■ ■ ■ ■ 11 O ■ ■ ■ ■ ■ ■ n O O C ON oOc nnjpm3 ■ ■ ■ ■ ■ ■ ■ pnm �O . . ■ ■ ZOC D 0p. ■ ■ ■ ■ -0 D SC vyy' `rb `0� O 0 O 'Or pnn CL N 7 * , N Cr R= ti ti • Q• a, C C n ro Er D A QO -�0ti ^. 1yZ d bLti ry�o yC 2'A � o OQ7 D n ;o�y u� D rD � :3 �> rD° �n ao y 3 O O O N7 0n 7 _v I' N U iti J U %� Q Q ; rD (� rD Lo 3. 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N O N O N O N O N O N O A Lrl A 1TI W Lrl W U7 N P N P Ordinance No. 24- Page 12 of 27 Exhibit D — State Treasurer's Letter TAX INCREMENT FINANCING PROJECT ANALYSIS REVIEW CITY OF FEDERAL WAY OCTOBER 12, 2023 OFFICE OF THE TREASURER STATE OF WASHIN TON Mike Pellicciotti Ordinance No. 24- Page 13 of 27 OFFICE OF THE TREASURER STATE OF WASHINGTON 0 Mike Petlicciotti October 12, 2023 Steve Groom, Finance Director City of Federal Way 33325 8th Avenue South Federal Way, WA 98003 Dear Mr. Groom: This letter confirms the Office of the State Treasurer's ("05T") receipt and review of the City of Federal Way's (the "City") tax increment financing ("TIV) Project Analysis provided on July 19, 2023. OST and Montague DeRose and Associates, the state's municipal advisor, have reviewed the provided material. Based on our review, which is detailed in the sections to follow, we believe the City's Project Analysis generally addresses the topics listed in section 020(2) of RCW 39.114 (the "TIF Statute"). Please note, this review is based on the information, projections, and assumptions provided by the City and its consultants in the Project Analysis. 05T has not independently verified the data or its accuracy or performed any feasibility analyses or projections of its own. Executive Summary Accordingto the City, its downtown area, or "City Center," does not currently present an identifiable sense of an urban center. To improve this, the City is taking steps to transform its City Center into a walkable downtown and destination for the community. The City built the Performing Arts & Entertainment Center and the Town Square Park as initial cornerstone elements to the City Center. Additionally, a Sound Transit light rail station is scheduled to open in 2026, which will allow residents, employees, and visitors greater transit access to/from the City Center. The City's proposed tax increment area (the "TIA" ) will include 215 acres surrounding these three community improvements and will be generally bordered by 1-5 to the east, South 312'h Street to the north, Highway 99 to the west, and South 3301" Street to the south. The Project Analysis identifies a set of public improvement projects estimated to cost between $72 million and $170 million in total (2023 dollars). The City plans to fund these projects directly with tax increment revenues collected over time or in the near -term from the issuance of bonds to be repaid with tax increment revenues. The City specifically identified two high -priority projects requiring funding early in the life of the TIA in order to facilitate the Phase 1 development of a planned mixed -use development: a civic plaza estimated to cost $6.0 million and a public parking garage estimated to cost $30.0 million. Including the developer's contribution to the public improvements, the net funding requirement for these two public improvements is equal to $30.8 million and would he partially financed from the City's issuance of Limited Tax General Obligation Bonds in late 2024. Legislative Building, P.O. Box 40200 Olympia, Washington 98504-0200 (360) 902-900D • TTY USERS: CALL 711 • FAX (360) 902-9037 www.tre.wa.go� Ordinance No. 24- Page 14 of 27 PAGE 2 OF 14 OST's primary goal in our statutorily mandated review of the Project Analysis is to ensure that the Project Analysis addresses the topics listed in the TIF statute and that risks to the City that might result from the implementation of the project are adequately disclosed. Our review of the Project Analysis found potential risks worth consideration. Most notably, after the issuance of bonds, the City will be obligated to pay any deficiency between tax increment revenues and debt service. The City anticipates issuing $29.6 million of tax-exempt bonds to finance the $30.8 million of Public Improvements at a true interest cost of 4.67%. In the Baseline Development Scenario, the City projects twelve years of annual deficiencies between tax increment revenues and debt service, averaging $1.0 million per year, resulting in an accumulated deficit of $12.1 million by 2036. The City expects to draw from general revenues and reserves to fund these annual shortfalls through 2036, and then reimburse itself over nine years from 2037-2045, when annual tax increment revenues are projected to exceed annual debt service. Certain other factors, including the following, could negatively impact tax increment revenues, potentially causingthem to be inadequate to fully reimburse the City for funds advanced to pay debt service on the Bonds: (1) increases in the cost of the Public Improvements; (2) delayed or less than expected private development within the TIA; (3) lower -than -expected future assessed values within the TIA; and, (4) higher than expected borrowing cost for the bonds issued to finance the Public Improvements. Because of the project's potential cost to the City's general fund, it is essential that decision makers understand and accept the project's risks and potential long-term costs in comparison to its benefits. Statutory Role and Purpose of Review As enacted by the 2021 Washington State Legislature, section RCW 39.114.020(7)(h) requires that prior to the adoption of an ordinance authorizing the creation of a TIA, the local government proposing the TIA must provide a project analysis to OST for review. OST must complete the review within 90 days of receipt of the project analysis. Upon completing the review, OST must promptly provide to the local government any comments regarding suggested revisions or enhancements to the project analysis that OST deems appropriate. OST received the City's Project Analysis (dated July 19, 2023) on July 19, 2023. Ordinance No. 24- Page 15 of 27 Project Team Jurisdiction: City of Federal Way Project Title: City Center TIA City of Federal Way: Steve Groom, Finance Director Proposed Tax Increment Area PAGE 3 of 14 County: King County Development Areas: The TIA boundary includes 215 acres and is generally bordered by 1-5 to the east, South 312th Street to the north, Highway 99 to the west, and South 330th Street to the south. Consultants: Tiberius Solutions LLC Nick Popenuk, Principal PFM Financial Advisors LLC Duncan Brown, Director Matt Schoenfeld, Sr. Managing Director Foster Garvey PC Bill Tonkin Federal Way's TIA will include 215 acres and is generally bordered by 1-5 to the east, South 3121" Street to the north, Highway 99 to the west, and South 330t" Street to the south. The City's downtown, or "City Center," does not currently present an identifiable sense of an urban center. To improve this, the City is taking steps to transform its City Center into a walkable downtown and destination for the community. The City built the Performing Arts & Entertainment Center and the Town Square Park as initial cornerstone elements aimed at defining the City Center neighborhood. A Sound Transit light rail station opening in 2026 will allow residents, employees, and visitors greater transit accessto/from the City Center. Figure 1 below shows the boundary map for the TIA. Ordinance No. 24- Page 16 of 27 In tax year 2023, the 58 tax lots within the TIA had total taxable assessed value of approximately $195.8 million, compared to a total market value of $267.3 million. All parcels in the TIA are zoned City Center Core, City Center -Frame, Community Business, or Multi - Family Residential with respective 53%, 14%, 4% and 29% shares of the total 215 acres. Of the $195.8 million of total taxable assessed value, 62% is from the City Center Core parcels, 15% is from the City Center -Frame parcels, 2% is from the Community Business parcels and 21% from the Multi -Family Residential parcel. Figure i — Map of the City Center TIA PAGE 4 OF 14 There are 17 taxing districts whose property tax levy would be directly impacted by TIA. These districts are: (1) County -wide regular levy (non- — voted), (2) AFIS (Fingerprint ID) Lid Lift, (3) Parks Lid Lift, (4) Human i _ r Srvs/Vets Lid Lift, (5) Children/Family Justice Ctr. Lid Lift, j (6) Best Start for Kids Lid Lift, (7) Radio Communications Lid Lift, (8) % j R County -wide Transport levy, (9) County Cons. Futures, (10) County Source: City of Federal Way Flood Zone, (11) County Ferry District, (12) Port General Fund, (13) EMS (voted), (14) Sound Transit, (15) City General Fund, (16) Library General Fund and (17) Fire 39 General Fund. The levy rate for each of these jurisdictions will be applied to the increased assessed valuation within the TIA and remitted to the City to pay debt service on the bonds. Project Description Public Improvements within the TIA The Project Analysis identifies numerous public improvement projects related to public parking, recreation, mobility, community building, public safety, and placemaking which are estimated to cost between $72 million and $170 million in total (2023 dollars). The City plans to fund these projects directly with tax increment revenues collected over time or in the near -term from the issuance of bonds to be repaid with tax increment revenues. The City specifically identified a civic plaza estimated to cost $6.0 million and a public parking garage estimated to cost $30.0 million as two high -priority projects requiring funding early in the life of the TIA Ordinance No. 24- Page 17 of 27 PAGE 5 OF 14 to facilitate the Phase 1 development of the One Trent project (an apartment and condominium development).. The City's Project Analysis assumes One Trent will pay the City $10.0 million to acquire the City -owned Town Center property located within the TIA, with $4.8 million of the $10.0 million being used to repay an interfund loan on the property. The net funding requirement for these two public improvements of $30.8 million would be financed from the City's issuance of Bonds in late 2024. Private Development within the TIA There are currently no projects in the TIA under construction or with approved permits for construction. The City -owned property within the boundary is anticipated to be the site best situated for new private construction. The City is negotiating an agreement with One Trent, a Seattle -based real estate developer, forthe execution of four -phase development project on 10.6 acres of the TIA to construct apartments and condominiums with an expected taxable assessed value of $472.5 million in 2023 dollars and $923.7 million in nominal dollars. Table 1, as prepared by the City, shows the expected phasing of the One Trent Development Plan from 2027 through 2032. The City's tax increment revenue projections anticipate that One Trent will apply for the City's Multifamily Tax Exemption (MFTE) exempting new construction projects located in designated areas with at least 16 multifamily units from property taxes for an eight -year period. For phases 1, 2, and 3 of the development, over 95% of total taxable value is assumed to be eligible for the MFTE exemption, with phase 4 assumed to be not MFTE eligible. Table 1— One Trent Development Plan (in $ 2023) Taxable Value of Development Completion Development MFTE-Eligible Non MFTE- Phase Type Year (2023 $) Value Eligible Value Phase 1 Apartments 2027 $ 179,827,337 $ 172,312,858 $ 7,514,479 Phase 2 Apartments 2028 $ 110,900,540 $ 107,920,895 $ 2,979,645 Phase 3 Apartments 2030 $ 118,393,420 $ 115,507,471 $ 2,885,949 Phase4 Condos 2032 $ 63,355,171 $ - $ 63,355,171 Total $ 472,476,468 $ 395,741,224 $ 76,735,244 Source: City of Federal Woy A market analysis identified speculative development opportunities for properties located in the TIA but not associated with One Trent. These potential developments are expected to occur in the TIA after construction begins on One Trent and the bond -financed civic plaza and public parking garage. Of the 9.4 million square feet of potentially developable properties in the TIA, the market analysis estimated 17% would experience new development over the 25-year forecast period, resulting in a total of 5,300 new housing units with $1.6 billion in speculative new taxable assessed value (2023 dollars). The analysis assumed that 80% of new value would be multifamily properties, with 100% of this value eligible for the 8-year MFTE, reducing the taxable assessed value from $1.6 billion to $1.2 billion. Table 2, as prepared by the City, forecasts the baseline scenario of private development projected to occur in the TIA both from One Trent and speculative development. Ordinance No. 24- Page 18 of 27 PAGE 6 OF 14 Table 2 — Projected Increased Real Property in the TIA (in $ 2023` Baseline Development Scenario Year on OneTrent Speculative Tax Rolll Development Development 2028 $ - $ 14,819,826 2029 $ 7,514,479 $ 14,819,826 2030 $ 2,979,645 $ 14,819,826 2031 $ - $ 14,819,826 2032 $ 2,885,949 $ 14,819,826 2033 $ - $ 14,819,826 2034 $ 63,355,171 $ 14,819,826 2035 $ - $ 14,819,826 2036 $ - $ 74,099,129 2037 $ 172,312,858 $ 74,099,129 2038 $ 107,920,895 $ 74,099,129 2039 $ - $ 74,099,129 2040 $ 115,507,471 $ 74,099,129 2041 $ - $ 74,099,129 2042 $ $ 74,099,129 2043 $ $ 74,099,129 2044 $ $ 74,099,129 2045 $ $ 74,099,129 2046 $ $ 74,099,129 2047 $ $ 74,099,129 2048 $ $ 74,099,129 2049 $ $ 74,099,129 Total $ 472,476,468 $ 1,155,946,409 Source: City of Federci Way In its Project Analysis, the City prepared an Alternate Development Scenario which retains the anticipated taxable value of the One Trent project but excludes all speculative development. In the Alternate Development Scenario, the City issues bonds only to finance the $6.0 million cost of the civic plaza, not the $24.9 million cost of the public parking garage, as existing surface parking capacity is deemed adequate to support the One Trent development. Assessed Value of the TIA The assessed valuation of the TIA for the 2023 tax year is approximately $195.8 million, below both statutory limits of $200 million in assessed valuation and 20% of the City's total assessed valuation of $17.3 billion ($3.5 billion). The TIA's 2023 assessed value represents 1.1% of the City's total assessed valuation. The magnitude and timing of real property development in the TIA will drive growth in incremental assessed value and therefore tax increment revenues. For the two development scenarios provided by the City, the incremental taxable assessed value of the TIA is estimated by assigning market -based improvement prices reflecting the land use, size of the proposed development and the City's Multifamily Tax Exemption. The City assumed the TIA base value and the assessed values of newly developed properties both increase by 5.1% annually. This assumption uses long-term historical trends for per -capita personal income growth for King County as the basis for forecasting appreciation of existing assessed Ordinance No. 24- Page 19 of 27 PAGE 7 OF 14 values and employs forecasts of population growth as the basis for projecting the increase in assessed value from new construction. Tax Increment Revenue Projections The TIA is expected to take effect on June 1, 2024, and 2025 will be the first year that the TIA will receive tax increment revenues. The term of the TIA is assumed at 25 years (the maximum allowed) with 2049 as the final year the TIA will receive tax increment revenues. The City estimated the 2024 tax increment base assessed value at $205.8 million and prepared the Baseline Development Scenario with $6.2 billion of additional assessed value added to the TIA between 2025 and 2049 through new construction and appreciation. Under the Baseline Development Scenario, $68.9 million of tax increment revenues are projected to be collected over the 25-year term of the TIA. See Table 3 — Tax Allocation Revenues of the TIA (Baseline Development Scenario). Table 3 —Tax Allocation Revenues of the TIA (Nominal $j Baseline Development Scenario Tax Assessed Value Tax Allocation Year Total Base Value Increment Levy Rate Revenues 2023 $ 195,802,900 $ - $ $ $ 2024 $ 205,788,848 $205,788,848 $ $ $ - 2025 $ 216,284,079 $205,788,848 $ 10,495,231 $ 3.290400 $ 34,533 2026 $ 227,314,567 $205,788,848 $ 21,525,719 $ 3.012200 $ 64,839 2027 $ 238,904610 $205,188,849 $ 33,118,762 $ 2.895700 $ 95,901 2028 $ 269,174,210 $205,788,848 $ 63,385,362 $ 2.651100 $ 168,039 2029 $ 311,542,953 $205,788,848 $ 105,754,105 $ 2.548600 $ 269,522 2030 $ 351,421,265 $205,788,848 $ 145,632,417 $ 2.450100 $ 356,808 2031 $ 390,336,150 $205,788,848 $ 184,547,302 $ 2.355300 $ 434,672 2032 $ 436,602,762 $205,788,848 $ 230,813,914 $ 2.264200 $ 522,608 2033 $ 482,057,730 $205,788,849 $ 276,268,882 $ 2.176600 $ 601,321 2034 $ 635,199,468 $205,788,848 $ 429,410,620 $ 2,092300 $ 898,476 2035 $ 693,208,380 $205,788,848 $ 487,419,532 $ 2.011500 $ 980,454 2036 $ 863,162,204 $205,788,848 $ 657,373,356 $ 1.933700 $ 1,271,146 2037 $ 1,377,615,782 $205,788,848 $ 1,171,826,934 $ 1.859000 $ 2,178,386 2038 $ 1,813,096,405 $205,788,848 $ 1,607,307,557 $ 1.787500 $ 2,873,039 2039 $ 2,061,826,488 $2.05,788,849 $ 1,856,037,640 $ 1,718600 $ 3,189,718 2040 $ 2,587,219,174 $205,788,848 $ 2,381,430,326 $ 1.652100 $ 3,934,363 2041 $ 2,991,774,698 $205,788,848 $ 2,685,985,850 $ 1.589400 $ 4,266,440 2042 $ 3,220,665,528 $205,788,848 $ 3,014,876,680 $ 1.527000 $ 4,603,647 2043 $ 3,575,581,717 $205,788,848 $ 3,369,792,869 $ 1.467900 $ 4,946,590 2044 $ 3,958,322,406 $205,788,848 $ 3,752,533,558 $ 1.411100 $ 5,295,382 2045 $ 4,370,802,557 $205,788,848 $ 4,165,013,709 $ 1.356600 $ 5,650,136 2046 $ 4,815,060,087 $205,788,848 $ 4,609,271,239 $ 1.304100 $ 6,010,966 2047 $ 5,293,263,427 $205,788,849 $ 5,087,474,579 $ 1.253700 $ 6,377,987 2048 $ 5,807,719,537 $205,788,848 $ 5,601,930,689 $ 1.205200 $ 6,751,314 2049 $ 6,360,882,392 $205,788,848 $ 6,155,093,544 $ 1.158500 $ 7,130,790 Total $ 68,907,079 Source: City of Federal Woy As noted above, the City prepared an Alternate Development Scenario which retains the anticipated taxable value of the One Trent development but excludes all speculative development. With the Alternate Ordinance No. 24- Page 20 of 27 PAGE 8 of 14 Development Scenario, $2.2 billion of assessed value is added to the TIA between 2025 and 2049 through new construction and appreciation. Under the Alternate Development Scenario, $30.9 million of tax increment revenues are projected to be collected over the TlAterm. See Table 4 —Tax Allocation Revenues of the TIA (Alternate Development Scenario). Table 4—Tax Allocation Revenues of the TIA (Nominal $) Alternate Development Scenario Tax Assessed Value Tax Allocation Year Total Base Value Increment Levy Rate Revenues 2023 $ 195,802,900 $ 3.730590 $ 2024 $ 205,788,848 $205,788,848 $ 3.487226 $ - 2025 $ 216,284,079 $205,788,848 $ 10,495,231 $ 3.290391 $ 34,533 2026 $ 227,314,567 $ 205,788,848 $ 21,525,719 $ 3.012184 $ 64,839 2027 $ 238,907,610 $205,788,848 $ 33,118,762 $ 2.895675 $ 95,901 2028 $ 251,091,898 $205,788,848 $ 45,303,050 $ 2.651069 $ 120,1D2 2029 $ 273,533,933 $205,788,848 $ 67,745,085 $ 2.548528 $ 172,650 2030 $ 291,500,045 $205,788,848 $ 85,711,197 $ 2A49975 $ 209,990 2031 $ 306,366,547 $205,788,848 $ 100,577,699 $ 2.355220 $ 236,883 2032 $ 326,287,697 $205,788,848 $ 120,498,849 $ 2.264036 $ 272,814 2033 $ 342,928,370 $205,788,848 $ 137,139,522 $ 2.176389 $ 298,469 2034 $ 464,603,684 $20.5,788,848 $ 258,814,836 $ 2.092129 $ 541,474 2035 $ 488,298,472 $205,788,848 $ 282,509,624 $ 2.011276 $ 568,205 2036 $ 513,201,694 $ 205,788,848 $ 307,412,846 $ 1.933408 $ 594,354 2037 $ 868,342,479 $205,788,848 $ 662,553,631 $ 1.858555 $ 1,231,392 2038 $1,129,170,653 $205,788,848 $ 923,381,805 $ 1.786943 $ 1,650,030 2039 $1,186,758,356 $205,788,848 $ 980,969,508 $ 1.717900 $ 1,685,2D7 2040 $1,503,291,030 $205,788,848 $1,297,502,182 $ 1.651328 $ 2,142,601 2041 $1,579,958,873 $205,788,848 $1,374,170,025 $ 1.587535 $ 2,181,543 2042 $1,660,536,776 $20.5,788,848 $1,454,747,928 $ 1.526015 $ 2,219,967 2043 $1,745,224,151 $205,788,848 $1,539,435,303 $ 1.466879 $ 2,258,165 2044 $1,834,230,583 $205,788,848 $1,628,441,735 $ IA10034 $ 2,296,158 2045 $1,927,776,343 $205,788,848 $1,721,987,495 $ 1.355392 $ 2,333,968 2046 $2,026,092,936 $205,788,848 $1,820,304,088 $ 1.302868 $ 2,371,615 2047 $2,129,423,675 $205,788,848 $1,923,634,827 $ 1.252379 $ 2,409,119 2048 $ 2,238,024,283 $ 205y788,848 $ 2,032,235,435 $ 1.2D3846 $ 2,446,499 2049 $ 2,352,163,521 $ 205,788,848 $ 2,146,374,673 $ 1.157151 $ 2,483,679 Total $ 30,920,161 Source: City of Federal Way Under the TIF Statute, only certain regular tax levies are available to the TIA_ The taxes applied with regular levies must conform with the constitutional 1% limit as well as the $5.90 aggregate limits_ Both parts of the State School levy, local school district excess levies, voted bond levies, and levies of port districts for bond payments are excluded from the TIA levy rate. The TIA's annual levy rate may change from one year to the next based on factors includingfuture incremental assessed value of the TIA, future assessed values of the taxing districts, and relevant levy limits. For the two development scenarios, the City's analysis calculated the levy rate for each of these jurisdictions and applied the levy rates to the incremental assessed valuation within the TIA. The City created a multi -year cash flow model to estimate the annual tax increment revenues for the two development scenarios; Figure 2 below provides a visual comparison. Collection of tax increment Ordinance No. 24- Page 21 of 27 PAGE 9 OF 14 revenues is projected for the 2025-2049 period, with total revenues for the Baseline Development and Alternate Development scenarios at $68.9 million and $30.9 million, respectively. The total tax increment revenues of the Alternate Development Scenario are equivalent to 45% of the total for the Baseline Development Scenario. 8,000 Figure 2 — Projected Tax Increment Revenues Baseline and Alternate Development Scenarios ■has Na Develop—.t Sc anon. ■Alternate D—d.p.—t Scenario 7,000 6,000 5,000 4,000 3,000 2,000 1,000 2023 2026 2027 2071 2029 2030 2931 2032 W33 2034 2039 2036 2037 2039 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 Source: City of Federal Way Financing Plan for Public Improvements As stated in the Project Analysis, because of their general obligation pledge, the City will be required to pay the full debt service due on the Bonds from available resources, regardless of the amount of tax increment revenues generated within the TIA. The City acknowledged that tax increment revenues early in the life of the TIA are projected to be insufficient to fully cover debt service payments in both development scenarios. In the Baseline Development Scenario, the City anticipates issuing $29.6 million of tax-exempt bonds in December 2024 to finance the $30.8 million of Public Improvements. The City's structure for the bonds assumes interest rates as of July 12, 2023, plus a 0.50% cushion, resulting in a true interest cost of 4.67%. In this scenario, total principal and interest is projected to be $62.0 million. The City plans to structure its bonds with interest -only payments from 2025 through 2039 to better align debt service payments with anticipated tax increment revenues, and to minimize the amount of general fund resources that the City will need to use to pay debt service in full each year. From 2040 through 2049, annual debt service payments are projected to escalate from $2.4 million to $5.6 million. In the Baseline Development Scenario, the City projects twelve years of annual deficiencies between tax increment revenues and debt service, averaging $1.0 million per year, resulting in an accumulated deficit Ordinance No. 24- Page 22 of 27 PAGE 10 OF 14 of $12.1 million by 2036. The City expects to draw from general revenues and reserves to fund these annual shortfalls through 2036, then reimburse itself over nine years from 2037-2045, when annual tax increment revenues are projected to exceed annual debt service by $6.9 million. The City indicated it may apply the $6.9 million surplus to fund additional public improvement projects within the TIA. Regarding the City's projected annual shortages between tax increment revenues and debt service costs, the Project Analysis notes: (1) the City maintains reserve fund balances in 14 funds in addition to its general fund; (2) the City's current fund balance policy requires transferring the subsequent year's debt service payment into the debt service fund during the current year; and (3) the City has a separate Strategic Reserve Fund of $3 million to accommodate unexpected operational changes, legislative impacts, or other economic events affecting the City's operations which could not have been reasonably anticipated at the time of budget preparation. In the Alternate Development Scenario, the City reduces its bond issuance to $6.0 million to finance the cost of the civic plaza (roughly 19.5% of the $30.8 million), excluding the $24.8 million cost of the public parking garage. This approach would allow the City to retain flexibility to adjust the amount of debt to better reflect the amount of actual development during the first few years of the TIA. In our cash flow analysis, we applied the 19.5% share to the Baseline Development Scenario's $62.0 million in total debt service, maintaining the same amortization structure as the larger bond issue. The total amount of principal and interest due under this scenario totals $12.1 million to finance the $6.0 million in civic plaza improvements. In the Alternate Development Scenario, the City projects eight years of insufficient tax increment revenues compared to debt service, averaging $138,000 per year, resulting in an accumulated deficit of $1.1 million by 2032. The City expects to cover these annual shortfalls with City general revenues and reserves through 2032, then reimburse itself over five years from 2033-2037 as total tax increment revenues are projected to exceed total debt service by $18.8 million. Ordinance No. 24- Page 23 of 27 PAGE 11 OF 14 Debt Capacity Based on the City's total 2023 assessed value of $17,270,222,086, the City has $259,053,331 in total non - voted debt capacity (1.5% of 2023 AV). The City currently has $27,983,000 in outstanding non -voted debt, leaving sufficient non -voted debt capacity of $231,070,331 before issuing the $29,630,000 of bonds described in the Baseline Development Scenario in December 2024. See Table 5 — Debt Capacity in 2023. Table 5 — Debt Capacity in 2023 2023 Assessed Valuation $17,270,222,086 Non -Voted Debt Capacity (1.5% of AV) 259,053,331 Less: Outstanding Non -Voted Debt (27,983,000) Remaining Non -Voted Debt Capacity 231,070,331 Less: Financing Proposed (29,630,000) Projected Remaining Nan -Voted Capacity $201,440,331 Projected Remaining Non -Voted Capacity% 77.89/0 Source: City of Federal Way Projected Debt Service Coverage Tables 6 and 7 below summarize the total tax increment revenues, revenue shortfalls and debt service coverage for the two development scenarios. In the Baseline Development Scenario, the City would be required to fund a portion of the annual debt service payments from general revenues or reserves due to insufficient tax increment revenue from 2025 through 2036. Full reimbursement of the $12.1 million cumulative shortfall is projected by 2045. • In the Alternate Development Scenario, the City would be required to fund a portion of the annual debt service payments from 2025 through 2032, with a cumulative shortfall of $1.1 million, and full reimbursement anticipated by 2037. Ordinance No. 24- Page 24 of 27 PAGE 12 of 14 Table 6 — Summary of Tax Increment Revenue Shortfalls and Average Debt Service Coverage First Year Tax Year That Tax Total Projected Total Projected Projected Total Surplus/ Aggregate Development Increment Revenues Increment Revenues Tax Increment Debt Service Cumulative (Shortfall) Debt Service Scenario Exceed TIF Debt Fully Reimburse Debt Revenue ($MMs} Shortfall ($MMs} Coverage Ratio Service Service Shortfalls ($MMS)' ($MMS) Baseline 2037 2045 $68.907 $62.016 ($12.080) $6.892 1.11x Alternate 2033 2037 $30.920 $12.081 ($1.101) $18.839 2.56x 1. Projected over the term of repayment of the Bonds, 2025-2049 Table 7 — Annual Tax Increment Revenue Shortfalls and Average Debt Service Coverage Year Tax Increment Revenues 0 Baseline Development Debt Service on Bonds (Shortfall) 0 Scenario Surplus (Shortfall) 0 ($Ms) Cumlartive Surplus 0 D- Service Coverage -- Increment Revenues 0 Alternate Development D- Service on Bonds (Shortfall) 0 Scenario Surplus (Shortfall) 0 ($Ms) Surplus 0 Debt Service Coverage — 2024 2025 35 1,482 (1,447) (1,447) 0.02x 35 289 (254) (254) 0.12x 2026 65 1,482 (1,417) (2,864) _ 0.04x 65 289 (224) (478) 0.22x 2027 96 1,492 (1,386) (4,249) 0.n6x 96 289 (193) (671) 0.33x 2028 168 1,482 (1,313) (5,563) 0.11x 120 289 (169) (839) 0.42x 2029 270 1,4S2 (1,212) (6,775) 0.18x 173 289 (116) (955) 0.60x 2030 357 1,4S2 (1,125) (7,899) 0.24x 210 289 (79) (1,024) 0.73x 2031 435 1,482 (1,047) (8,946) 0.29x 237 289 (52) (1,085) 0.82x 2032 S23 1,482 (959) (9,905) 0.35x 273 289 (16) (1,101) 0.95x 2033 601 1,4S2 (880) (10,785) 0.41x 298 289 10 (1,091) 1.03x 2034 898 1,482 (583) (11,368) 0.61x 541 289 253 (838) 1.88x 2035 980 1,482 (501) (11,869) 0.66x 568 289 280 (559) 1.97x 2036 1,271 1,4S2 (210) (12,080) 0.86x 594 289 306 (253) 2.06x 2037 2,178 1,4S2 697 (11,383) 1.47x 1,231 289 943 690 4.27x 203S 2,873 1,4S2 1,392 (9,991) 1.94x 1,650 289 1,361 2,051 S.72x 2039 3,190 1,482 1,708 (8,283) 2.1Sx 1,68S 289 1,397 3,448 S.84x 2040 3,934 2,417 1,518 (6,765) 1.63x 2,143 471 1,672 5,120 4.55x 2041 4,266 2,750 1,517 (5,248) 1.55x 2,182 S36 1,646 6,766 4.07x 2042 4,604 3,089 1,51S (3,734) 1.49x 2,220 602 1,618 8,384 3.69x 2043 4,947 3,428 1,519 (2,215) 1.44x 2,258 668 1,590 9,974 3.38x 2044 5,295 3,781 1,51S (701) 1.40x 2,296 737 1,560 11,534 3.12x 2045 5,650 4,131 1,520 819 1.37x 2,334 805 1,529 13,063 2.90x 2046 6,011 4,491 1,520 2,339 1.34x 2,172 975 1,497 14,560 2.71x 2047 6,378 4,861 1,517 3,955 1.31x 2,409 947 1,462 16,022 2.54x 204E 6,751 5,234 1,518 5,373 1.29x 2,446 1,020 1,427 17,449 2.40x 2049 7,131 5,612 1,519 6,992 1.27x 2,484 1,093 1,390 18,939 2.27x Total 68,907 62,016 6,892 30,920 12,081 18,839 PAGE 13 OF 14 Key Risks to the City From our review of the Project Analysis, it appears that the anticipated Public Improvements and economic development will provide significant benefit to the City. Nonetheless, the financial plan comes with certain risks and costs to the City, primarily related to the projected annual tax increment revenues being insufficient to fully pay the debt service due on the bonds the City plans to issue to finance a portion of the Public Improvements, especially in the early years of the project. During years with revenue shortfalls, the City will be required to pay any difference between the debt service due and tax increment revenues collected using general City resources. While the City plans to reimburse itself for debt service payments made from general City revenues and reserves, it is important for decision makers to be aware of the potential magnitude and timing of such payments and reimbursements. Since the TIF legislation limits the ability to collect tax increment revenues to a period of not more than 25 years, delays could reduce the City's ability to fully reimburse itself from tax increment revenues. Additional factorsthat could impactthe amountof tax increment revenues collected are described below: Escalation of Project Costs: With the Public Improvements projected to he completed over a number of years, inflation could have a significant impact on the final cost. The City did not disclose if a construction cost inflatorwas included in its cost range for the Public Improvements. Economic Conditions: Growth in the TIA's assessed value could be negatively impacted by a downturn in the economy. A variety of economic factors could negatively impact the timeline and ultimate demand for development, jeopardizing the rate and scale of private development, potentially reducing tax increment revenues. Permits: Unforeseen delays in permits could negatively impact the construction of private developments within the TIA. Such delays could negatively impact the timing and/or amount of tax increment revenues generated by the TIA. Construction Delays: Any delay in the construction timelines of the private development projects could reduce the amount of tax increment revenues produced by the TIA. Similarly, any delay bythe City in completing the planned Public Improvements could delay private developers' abilities to complete their private developments, potentially reducing the amount of tax increment revenues. Assessed Valuations: As private developments are completed, tax increment revenues may be lower than projected if the assessed values of the projects are lower than expected or take more time to be reflected on the county's tax rolls than expected. Interest Rate Risk: The City is exposed to interest rate risk until its bonds are sold. The Project Analysis assumes interest rates as of July 12 plus a 0.50% cushion, resulting in a true interest cost of 4.67%. However, between July 12 and September 25, tax-exempt interest rates rose by an average of 0.60% in the 2025-2049 maturity range expected for repayment of the bonds. The current borrowing cost for the bonds is higher than the 4.67% true interest cost assumed in the Project Analysis. Risk Summary: The general impact to the City from any of the risk factors outlined above could be lower than projected tax increment revenues and a greater than expected reliance on the City's general revenues and reserves to pay the debt service due on the bonds issued to fund the Public Improvements in the TIA. If tax increment revenues are lower than expected, it will force the City to apply more of its available funds towards repayment of the bonds, reducing the City's ability to allocate those funds to other projects or operations. Ordinance No. 24- Page 26 of 27 PAGE 14 of 14 Recommendations To help ensure the financial success of the project and to minimize unanticipated costs, we recommend the City consider the following measures: 1. Prior to approving the TIA, we recommend that the City discuss and establish a policy regarding how much debt service it is willing to pay from City general revenues and reserves on an annual basis to offset years of tax increment revenue shortfalls. 2. We recommend that the City conservatively budget for and set funds aside to cover any projected tax increment revenue shortfalls. 3. Prior to approving the TIA, we recommend that the City coordinate closely with other taxing districts impacted by the project, and the County Assessor's Office, to ensure that all parties have an accurate understanding of how the TIA will impact them, and to provide sufficient time to work through any concerns. 4. As the project moves forward, we recommend that the City coordinate closely with the County Assessor's Office to help ensure that the tax increment revenue projections match the County's assessment process and are as accurate as possible. S. The City's interest rate assumptions for its planned 2024 Bond issuance are below current tax- exempt interest rates. We recommend that the City consider using more conservative interest rate assumptions. 5. We recommend the City revisit public improvement cost projections frequently and utilize a publicly recognized inflation index to inform inflation projections. Thank you for the opportunity to review the City's Project Analysis. Based upon the information provided to date in connection with this project, this concludes our review. If there are material changes in the scope, timing, or cost of the project, please let us know. We wish the City all the best with the project. Respectfully, Mike Pellicciotti Washington State Treasurer Jason Richter Deputy Treasurer Ordinance No. 24- Page 27 of 27