FEDRAC MINS 05-10-2005 A-1
City of Federal Way
City Council
Finance/Economic Development/Regional Affairs Committee
Tuesday, May 10, 2005
5:30 p.m.
City Hall
Hylebos Conference Room
MINUTES
Committee Members in Attendance: Chair Eric Faison, Member Jeanne Burbidge, and Member Jim Ferrell.
City Council Members in Attendance: Mayor Dean McColgan, Deputy Mayor Linda Kochmar, and
Councilmember Jack Dovey.
Staff Members in Attendance: David Moseley, City Manger; Iwen Wang, Management Services Director; Derek
Matheson, Assistant City Manager; Pat Richardson, City Attorney; Patrick Doherty, Director of Economic
Development; Jordan Wheeler, Management Intern.
Others in Attendance: none.
1. CALL TO ORDER
Chair Eric Faison called the meeting to order at 5:35 p.m.
2. PUBLIC COMMENT
None.
3. COMMITTEE BUSINESS
a) Approval of the April 12, 2005 meeting minutes
Motion to approve the April 12, 2005 meeting minutes. Motion seconded and carried.
b) Discussion of City Center Redevelopment Funding
Presented by Patrick Doherty
The committee was asked to discuss whether to consider dedicating all or a portion of the 2.57
million old city hall sale net proceeds to a one-time City Center redevelopment fund. The fund
would be used for infrastructure contributions for City Center development projects that are
consistent with the comprehensive plan. Mr. Doherty discussed the attachment that presented the
possible criteria for considering partnerships in city center development projects.
The committee discussed the 2.57 million and where the money would go if it were not put into a
city center redevelopment fund. Staff explained that the money was previously designated to pay
off the balloon payment of the new city hall in 2007. Ms. Wang explained that the 2.57 million is
considered a capital fund because it is a one-time fund in nature.
Staff reported that if the money does not become available in 2007, the balloon payment would be
made through borrowing.
The committee discussed the action of redirecting the old city hall proceeds to a redevelopment
fund, or whether to possibly redirect only a portion of the funds.
K:\FEDRAC\2005\0510\051005 Minutes.doc A-2
The discussion moved to address the question of creating an economic fund and how the fund
would be used. The committee discussed ideas for the fund such as property acquisition or
partnerships for public uses in downtown developments. The committee agreed that the fund
could be used for either a major public project that is beneficial to a greater downtown area as a
whole, or for the gap financing of a specific project.
The committee further discussed the availability and use of a city center redevelopment fund and
the availability of such a fund.
The committee agreed to direct staff to research other similar economic redevelopment funds,
review criteria for use of such a fund, research the process and guidelines for establishing a fund,
research how the balloon payment on the new city hall would be paid for without the 2.57 million,
and look at other sources of funding for redevelopment fund.
c) Bid Acceptance for the Two New Pool Cars
Presented by Iwen Wang
Ms. Wang gave a brief presentation on the bid results for the two new police pool cars.
Motion to forward the addition of two police pool vehicles and bid results to full Council at the
May 17, 2005 meeting. Motion seconded and carried.
4. OTHER
None.
5. FUTURE AGENDA ITEMS
6. NEXT SCHEDULED MEETING
June 14, 2005 at 5:30 p.m. in the Hylebos Conference Room.
7. ADJOURN
Chair Eric Faison adjourned the meeting at 6:15 pm.
Recorded by Jordan Wheeler