Council MIN 03-21-2017 SpecialCITY of
444416,
Federal Way
CITY COUNCIL
SPECIAL MEETING MINUTES
Council Chambers - City Hall
March 21, 2017 — 5:30 p.m.
1. CALL MEETING TO ORDER
Mayor Ferrell called the meeting to order at 5:36 p.m.
City officials in attendance: Mayor Jim Ferrell, Deputy Mayor Jeanne Burbidge, Councilmember Lydia
Assefa- Dawson, Councilmember Susan Honda, Councilmember Mark Koppang, Councilmember
Martin Moore and Councilmember Dini Duclos.
City staff in attendance: Acting City Attorney Ryan Call and City Clerk Stephanie Courtney.
Mayor Ferrell excused Councilmember Celski's absence this evening.
2. PLEDGE OF ALLEGIANCE
Mayor Ferrell led the flag salute.
3. STUDY SESSION — NEW MARKETS TAX CREDITS
Finance Director Ade Ariwoola gave a brief presentation to Council regarding New Markets Tax
Credits and introduced Consultants Reynold Roeder & Sara Pietka. He noted the New Markets Tax
Credit program is dedicated to increasing economic opportunity in distressed communities across the
United States, and was established as part of the Community Renewal Tax Relief Act of 2000.
Mr. Ariwoola discussed the factors that drive the process and the requirements of a Qualified Active
Low - Income Community Business (QALICB); which the Performing Arts and Event Center is. He also
noted the New Markets Tax Credits include a rigorous application process and the Community
Development Entities (CDEs) must demonstrate a track record of investing capital to receive
allocations from the Community Development Financial Institutions Funds (CDFI Fund), which is a
department of the U.S. Treasury. Mr. Ariwoola stated the competition for these allocations are high
and very competitive.
The U.S. Department of the Treasury Community Development Financial Institutions (CDFI) Fund
received $17.6 billion in requests with $7.0 billion awarded in 2016. Mr. Ariwoola stated at this point in
time, Clearinghouse CDFI has committed $9.5 million to the PAEC project which will net $2 million
after fees are paid (to the CDE, and legal, accounting and consultants).
Federal Way City Council Special Minutes Page 1 of 2
March 21, 2017
The working group is targeting a closing date in May 2017 and has engaged the following
professionals to give specific advice on the transaction:
• Legal: Butler Snow LLP
• Accounting: Novogradac & Company LLP
• Consulting: Roeder & Company LLC
Councilmembers thanked Mr. Ariwoola for the presentation; and asked various clarifying questions
regarding the process and the timeline.
4. EXECUTIVE SESSION
At 6:05pm Mayor Ferrell announced the Council would be recessing into Executive Session to
evaluate qualifications of an applicant for public employment pursuant to RCW 42.30.110(1)(g); and
potential litigation pursuant to RCW 42.30.110(1)(i) for approximately 45 minutes.
• Evaluate Qualifications of an Applicant for Public Employment Pursuant to RCW
42.30.110(1)(g)
• Potential Litigation Pursuant to RCW 42.30.110(1)(i)
Council returned to chambers at 6:48 p.m.
5. ADJOURNMENT
There being nothing further on the agenda; Mayor Ferrell adjourned the Special Meeting at 6:48 p.m.
Attest:
AI
Si�•h:nie Courtney
City Clerk
Approved by Council: oil-Qy -j-7
Federal Way City Council Special Minutes Page 2 of 2
March 21, 2017