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HomeMy WebLinkAboutCouncil 07/11/2011AGENDA  RENTON CITY COUNCIL    REGULAR MEETING  July 11, 2011  Monday, 7 p.m.  1.CALL TO ORDER AND PLEDGE OF ALLEGIANCE 2.ROLL CALL 3.SPECIAL PRESENTATION a. Police Department ‐  "Employer of the Year" Recognition from Central Washington University  4.PUBLIC HEARING a. Gaile Annexation ‐ 60% Direct Petition to Annex; 43.6 acres located generally east of 128th  Ave. SE, west of 131st Pl. SE, south of SE 160th Pl., and north of Lindbergh High School.  5.ADMINISTRATIVE REPORT 6.AUDIENCE COMMENT (Speakers must sign up prior to the Council meeting.  Each speaker is allowed five minutes.  The  comment period will be limited to one‐half hour.  The second audience comment period later on in  the agenda is unlimited in duration.)  When you are recognized by the Presiding Officer, please  walk to the podium and state your name and city of residence for the record, SPELLING YOUR LAST  NAME.  NOTICE to all participants:  pursuant to state law, RCW 42.17.130, campaigning for any ballot  measure or candidate from the lectern during any portion of the council meeting, and  particularly, during the audience comment portion of the meeting, is PROHIBITED.  7.CONSENT AGENDA The following items are distributed to Councilmembers in advance for study and review, and the  recommended actions will be accepted in a single motion.  Any item may be removed for further  discussion if requested by a Councilmember.  a. Approval of Council meeting minutes of 6/27/2011.  Council concur.  b. Mayor  Law  appoints  Harold  (KC)  Jones  to  the  Airport  Advisory  Committee,  Highlands  Neighborhood ‐alternate,  (position  previously  held  by  Michael  Krohn) for  a term  expiring  5/7/2013.  Refer to Community Services Committee.  c. City Clerk reports bid opening on 6/30/2011 for CAG‐11‐115, Lake Ave. S./Rainier Ave. S. Storm  System Project; nine bids; engineer’s estimate $1,103,930; and submits staff recommendation  to  award  the  contract  to  the  low  bidder,  James  W.  Fowler  Company,  in  the  amount  of  $994,925.  Council concur.  d. Court Case filed by Robin R. Peterson & Deanna Horton as Co‐Representatives of the estate of  Frankie L. Peterson, et al v. William & Jane Doe Torbeson and the City of Renton, represented  by Dean Brett, Attorney for Plaintiff, relating to an alleged wrongful death occuring at Bronson  Way N. near Park Ave. N.  Refer to City Attorney and Insurance Services.  e. Community and Economic Development Department recommends amending RMC 4‐1‐210.B.,  Waived Fees Housing Incentive, to extend the development and mitigation fee waivers to new  Page 1 of 355 multi‐family  rental  housing  in  the  Sunset  Area.   Refer  to Planning  and  Development  Committee.  f. Community  and  Economic  Development  Department  submits  the  proposed  2011  Title  IV  (Development  Regulations)  Docket  #7  amendment  table  for  the  annual  review  processes.  Refer to Planning and Development Committee and Planning Commission.  g. Community  and  Economic  Development  Department  recommends  acceptance  of  a  deed  of  dedication for additional right‐of‐way for Jericho Ave. NE, to fulfill a requirement of the Cairnes  Short Plat (LUA‐10‐026).  Council concur.  h. Executive  Department  recommends  setting  a  public  meeting  on  8/1/2011  to  consider  The  Veterans  and  Human  Services  Levy, solicit  public  comment,  and consider  supporting  or  opposing the measure.  Council concur.  i. Finance and Information Services Department recommends approval of second quarter 2011  Budget amendment increasing appropriations by $3.1 million.  Refer to Finance Committee.  j. Finance and Information Services Department requests approval of an ordinance authorizing  the issuance of revenue bonds in the amount of $10.15 million to refinance existing City Hall  Remodel and City Center Parking Garage debt at an average rate of 2.5% replacing existing  bonds  of  $9.95  million  carrying  an  average  interest  rate  of  5.25%,  saving  approximately  $900,000  to  $1  million  over  the  remaining  six‐year  life  of  the  bonds.  Refer  to Finance  Committee.  k. Police Department requests approval to accept $22,285.50 in grant funds from the Washington  State  Traffic  Safety  Commission  and  to  sign  a  memorandum  of  understanding  and  related  amendment in order to conduct high visibility enforcement traffic safety emphasis patrols.   Council concur.  l. Transportation  Systems  Division  submits  the  annual  update  of  the  Six‐Year  Transportation  Improvement  Program  (TIP)  and  Arterial  Street  Plan.  Refer  to Transportation  (Aviation)  Committee; set public hearing on 8/1/2011 to consider the TIP.  m. Transportation Systems Division recommends approval of addenda to airport leases LAG‐85‐ 011 and LAG‐84‐003, with Kaynan, Inc., to increase the total ground lease rate per appraisal by  $5,314.20 annually through 5/31/2014, and to readjust the rate thereafter using the CPI index.  Council concur.  n. Utility  Systems  Division  recommends  approval  of  Amendment  #1  to  the 1998  interlocal  agreement  (Franchise)  with  the  City  of  Seattle  and  Seattle  Public  Utilities  regarding  water  transmission lines to extend the term to 1/1/2062.  Refer to Utilities Committee.  o. Utility  Systems  Division  recommends  approval  of  Amendment  #1  to  the  1998  lease  agreement (Franchise)  with  the  City  of  Seattle  and  Seattle  Public  Utilities  regarding  water  transmission lines to extend the term to 1/1/2062.  Refer to Utilities Committee.  8.UNFINISHED BUSINESS Topics listed below were discussed in Council committees during the past week.  Those topics  marked with an asterisk (*) may include legislation.  Committee reports on any topics may be held  by the Chair if further review is necessary. a. Community Services Committee:  Determination of Surplus Property Status for Old Fire Station  13*  b. Finance Committee:  Vouchers  c. Public  Safety  Committee:   Trail  Safety;  Massage  &  Spa  Business  Regulations  Code  Amendment*  Page 2 of 355 9.RESOLUTIONS AND ORDINANCES Resolution: a. Declaring 17040 108th Ave. SE (Old Fire Station 13 Property) as surplus (See 8.a.)  Ordinance for first reading: a. Massage and spa business regulations code amendment (See 8.c.)  10.NEW BUSINESS (Includes Council Committee agenda topics; call 425‐430‐6512 for recorded information.) 11.AUDIENCE COMMENT 12.ADJOURNMENT COMMITTEE OF THE WHOLE AGENDA   (Preceding Council Meeting)     COUNCIL CHAMBERS   July 11, 2011  Monday, 6 p.m.    Police Department Emerging Issues    • Hearing assistance devices for use in the Council Chambers are available upon request to the City Clerk •   CITY COUNCIL MEETINGS ARE TELEVISED LIVE ON GOVERNMENT ACCESS CHANNEL 21 AND ARE RECABLECAST:  Tues. & Thurs. at 11 AM & 9 PM, Wed. & Fri at 9 AM & 7 PM and Sat. & Sun. at 1 PM & 9 PM  Page 3 of 355 4a. ‐ Gaile Annexation ‐ 60% Direct Petition to Annex; 43.6 acres located  generally east of 128th Ave. SE, west of 131st Pl. SE, south of SE 160th Page 4 of 355 4a. ‐ Gaile Annexation ‐ 60% Direct Petition to Annex; 43.6 acres located  generally east of 128th Ave. SE, west of 131st Pl. SE, south of SE 160th Page 5 of 355 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: Appointment to Airport Advisory Committee Meeting: Regular Council - 11 Jul 2011 Exhibits: Application for Boards, Commissions, Committees Submitting Data: Dept/Div/Board: Executive Staff Contact: Denis Law, Mayor Recommended Action: Refer to Community Services Committee Fiscal Impact: Expenditure Required: $ N/A Transfer Amendment: $N/A Amount Budgeted: $ N/A Revenue Generated: $N/A Total Project Budget: $ N/A City Share Total Project: $ N/A SUMMARY OF ACTION: Mayor Law appoints the following to the Airport Advisory Committee: Mr. Harold (KC) Jones, 2720 NE 4th Court, Renton, WA 98056, Highlands Neighborhood - Alternate Position, for a term expiring May 7, 2013. STAFF RECOMMENDATION: Confirm Mayor Law's appointment of Mr. Jones to the Airport Advisory Committee 7b. ‐ Mayor Law appoints Harold (KC) Jones to the Airport Advisory  Committee, Highlands Neighborhood ‐alternate, (position previously Page 6 of 355 7b. ‐ Mayor Law appoints Harold (KC) Jones to the Airport Advisory  Committee, Highlands Neighborhood ‐alternate, (position previously Page 7 of 355 7b. ‐ Mayor Law appoints Harold (KC) Jones to the Airport Advisory  Committee, Highlands Neighborhood ‐alternate, (position previously Page 8 of 355 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: Bid Opening on 6/30/2011, for CAG-11-115, Lake Ave. S./Rainier Ave. S. Storm System Project Meeting: Regular Council - 11 Jul 2011 Exhibits: Staff Recommendation Bid Tabulation Sheet (nine bids) Submitting Data: Dept/Div/Board: Executive Staff Contact: Bonnie Walton, City Clerk ext. 6502 Recommended Action: Council Concur Fiscal Impact: Expenditure Required: $ 994,925 Transfer Amendment: $ Amount Budgeted: $ Revenue Generated: $ Total Project Budget: $ 1,573,500 City Share Total Project: $ SUMMARY OF ACTION: Engineer's Estimate: $1,103,930 In accordance with Council procedure, bids submitted at the subject bid opening met the following three criteria: There was more than one bid, there were no irregularities with the low bid, and the low bid was within the project budget. Therefore, staff recommends acceptance of the low bid submitted by James W. Fowler Company in the amount of $994,925. STAFF RECOMMENDATION: Accept the low bid by James W. Fowler Company in the amount of $994,925. 7c. ‐ City Clerk reports bid opening on 6/30/2011 for CAG‐11‐115, Lake  Ave. S./Rainier Ave. S. Storm System Project; nine bids; engineer’s Page 9 of 355 7c. ‐ City Clerk reports bid opening on 6/30/2011 for CAG‐11‐115, Lake  Ave. S./Rainier Ave. S. Storm System Project; nine bids; engineer’s Page 10 of 355 7c. ‐ City Clerk reports bid opening on 6/30/2011 for CAG‐11‐115, Lake  Ave. S./Rainier Ave. S. Storm System Project; nine bids; engineer’s Page 11 of 355 7c. ‐ City Clerk reports bid opening on 6/30/2011 for CAG‐11‐115, Lake  Ave. S./Rainier Ave. S. Storm System Project; nine bids; engineer’s Page 12 of 355 7c. ‐ City Clerk reports bid opening on 6/30/2011 for CAG‐11‐115, Lake  Ave. S./Rainier Ave. S. Storm System Project; nine bids; engineer’s Page 13 of 355 7c. ‐ City Clerk reports bid opening on 6/30/2011 for CAG‐11‐115, Lake  Ave. S./Rainier Ave. S. Storm System Project; nine bids; engineer’s Page 14 of 355 7c. ‐ City Clerk reports bid opening on 6/30/2011 for CAG‐11‐115, Lake  Ave. S./Rainier Ave. S. Storm System Project; nine bids; engineer’s Page 15 of 355 7c. ‐ City Clerk reports bid opening on 6/30/2011 for CAG‐11‐115, Lake  Ave. S./Rainier Ave. S. Storm System Project; nine bids; engineer’s Page 16 of 355 7c. ‐ City Clerk reports bid opening on 6/30/2011 for CAG‐11‐115, Lake  Ave. S./Rainier Ave. S. Storm System Project; nine bids; engineer’s Page 17 of 355 7c. ‐ City Clerk reports bid opening on 6/30/2011 for CAG‐11‐115, Lake  Ave. S./Rainier Ave. S. Storm System Project; nine bids; engineer’s Page 18 of 355 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: CRT-11-001; Court Case Robin R. Peterson & Deanna Horton as Co- Personal Representatives of Frankie L. Peterson, et al v. William & Jane Torbeson & City of Renton Meeting: Regular Council - 11 Jul 2011 Exhibits: Amended Summons Amended Complaint for Wrongful Death & Personal Injuries Order Setting Civil Case Schedule Submitting Data: Dept/Div/Board: Executive Staff Contact: Bonnie Walton, City Clerk ext. 6502 Recommended Action: Refer to City Attorney and Insurance Services Fiscal Impact: Expenditure Required: $ Transfer Amendment: $ Amount Budgeted: $ Revenue Generated: $ Total Project Budget: $ City Share Total Project: $ SUMMARY OF ACTION: Amended Summons, Amended Complaint for Wrongful Death & Personal Injuries, and Order Setting Civil Case Schedule filed in Superior Court of the State of Washington, County of King, by Robin R. Peterson and Deanna Horton as Co-Personal Representatives for the estate of Frankie L. Peterson, Robin R. Peterson, Deanna Horton, Adam Peterson, and Erik Peterson, represented by Dean Brett, attorney for Plaintiffs, relating to an alleged wrongful death occuring at Bronson Way N. near Park Ave. N. STAFF RECOMMENDATION: 7d. ‐ Court Case filed by Robin R. Peterson & Deanna Horton as Co‐ Representatives of the estate of Frankie L. Peterson, et al v. William & Page 19 of 355 7d. ‐ Court Case filed by Robin R. Peterson & Deanna Horton as Co‐ Representatives of the estate of Frankie L. Peterson, et al v. William & Page 20 of 355 7d. ‐ Court Case filed by Robin R. Peterson & Deanna Horton as Co‐ Representatives of the estate of Frankie L. Peterson, et al v. William & Page 21 of 355 7d. ‐ Court Case filed by Robin R. Peterson & Deanna Horton as Co‐ Representatives of the estate of Frankie L. Peterson, et al v. William & Page 22 of 355 7d. ‐ Court Case filed by Robin R. Peterson & Deanna Horton as Co‐ Representatives of the estate of Frankie L. Peterson, et al v. William & Page 23 of 355 7d. ‐ Court Case filed by Robin R. Peterson & Deanna Horton as Co‐ Representatives of the estate of Frankie L. Peterson, et al v. William & Page 24 of 355 7d. ‐ Court Case filed by Robin R. Peterson & Deanna Horton as Co‐ Representatives of the estate of Frankie L. Peterson, et al v. William & Page 25 of 355 7d. ‐ Court Case filed by Robin R. Peterson & Deanna Horton as Co‐ Representatives of the estate of Frankie L. Peterson, et al v. William & Page 26 of 355 7d. ‐ Court Case filed by Robin R. Peterson & Deanna Horton as Co‐ Representatives of the estate of Frankie L. Peterson, et al v. William & Page 27 of 355 7d. ‐ Court Case filed by Robin R. Peterson & Deanna Horton as Co‐ Representatives of the estate of Frankie L. Peterson, et al v. William & Page 28 of 355 7d. ‐ Court Case filed by Robin R. Peterson & Deanna Horton as Co‐ Representatives of the estate of Frankie L. Peterson, et al v. William & Page 29 of 355 7d. ‐ Court Case filed by Robin R. Peterson & Deanna Horton as Co‐ Representatives of the estate of Frankie L. Peterson, et al v. William & Page 30 of 355 7d. ‐ Court Case filed by Robin R. Peterson & Deanna Horton as Co‐ Representatives of the estate of Frankie L. Peterson, et al v. William & Page 31 of 355 7d. ‐ Court Case filed by Robin R. Peterson & Deanna Horton as Co‐ Representatives of the estate of Frankie L. Peterson, et al v. William & Page 32 of 355 7d. ‐ Court Case filed by Robin R. Peterson & Deanna Horton as Co‐ Representatives of the estate of Frankie L. Peterson, et al v. William & Page 33 of 355 7d. ‐ Court Case filed by Robin R. Peterson & Deanna Horton as Co‐ Representatives of the estate of Frankie L. Peterson, et al v. William & Page 34 of 355 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: Waived Fees Housing Incentive - Extend to New Multi-Family Rental Housing in Sunset Area Meeting: Regular Council - 11 Jul 2011 Exhibits: Issue Paper FEIS Preferred Alternative Map - Sunset Terrace Redevelopment Area 2010 King Co. Housing Finance Affordable Housing Proj applications - unit cost info Proposed Waived Fees Rental Housing Incentive - Sunset Area map Draft Ordinance Proposed RMC 4-1-210C Rental Housing Incentive Submitting Data: Dept/Div/Board: Community and Economic Development Staff Contact: Mark Santos-Johnson, Senior Economic Development Specialist (x6584) Recommended Action: Refer to Planning and Development Committee Fiscal Impact: Expenditure Required: $ Transfer Amendment: $ Amount Budgeted: $ Revenue Generated: $ Total Project Budget: $ City Share Total Project: $ SUMMARY OF ACTION: The City originally established the current waived fees housing incentive (RMC 4-1-210B) in 2001 to encourage new owner-occupied housing in Downtown Renton. The incentive was expanded in 2010 to include new owner-occupied housing in the Sunset Area. To date, the waived fees were instrumental in helping construct two projects in Downtown Renton, the 37 condos at 55 Williams and the 50 condos at the Chateau de Ville. Redevelopment of the Sunset Area in the Highlands has been a priority business plan goal for the City since the 1990’s. Unfortunately, capital investment in the Sunset Area, particularly for residential construction, has been very limited, in part due to significant development costs for builders to compensate for the deficient utility infrastructure in the area. To provide an additional catalyst for redevelopment, staff proposes that the current waived fees housing incentive be extended to include new multi-family rental housing in the Sunset Area. The proposed modification supports the City’s vision as the, "Center of Opportunity in the Puget Sound region where businesses and families thrive," several 2011-2016 Business Plan Goals and the Sunset Area Community Investment Strategy adopted by the City Council in November 2009. The proposed rental housing incentive will encourage capital investment in the area, assist developers in building new market-rate and affordable multi-family rental housing in the Sunset Area and stimulate additional revitalization and commercial development in the Highlands. STAFF RECOMMENDATION: Approve an amendment to the Waived Fees Housing Incentive in RMC 4-1-210 to extend the development and mitigation fee waivers to new multi-family rental housing in the Sunset Area and adopt the ordinance. 7e. ‐ Community and Economic Development Department recommends  amending RMC 4‐1‐210.B., Waived Fees Housing Incentive, to extend Page 35 of 355 7e. ‐ Community and Economic Development Department recommends  amending RMC 4‐1‐210.B., Waived Fees Housing Incentive, to extend Page 36 of 355 1Waived Fees Rental Housing Incentive – Sunset Area DEPARTMENT OF COMMUNITY & ECONOMIC DEVELOPMENT M E M O R A N D U M DATE:May 27, 2011 TO:Council President Terri Briere Members of the Renton City Council VIA:Denis Law, Mayor FROM:Alex Pietsch, Administrator STAFF CONTACT:Mark Santos-Johnson, Senior Economic Development Specialist - ext. 6584 SUBJECT:Waived Fees Housing Incentive – Modification to Extend to New Multi-Family Rental Housing in Sunset Area ISSUE: Should the City amend the Waived Fees Housing Incentive provided for in RMC 4-1-210 to extend the development and mitigation fee waivers to new multi-family rental housing in the Sunset Area? RECOMMENDATION: Adopt an ordinance to amend the Waived Fees Housing Incentive in RMC 4-1-210 to extend the development and mitigation fee waivers to new multi-family rental housing in the Sunset Area. BACKGROUND SUMMARY: The City and Renton Housing Authority (RHA) have been working since last summer to complete an Environmental Impact Statement (EIS) and Planned Action Ordinance for the Sunset Area to help facilitate redevelopment in the Highlands. As discussed at various Sunset Area Interdepartmental Team meetings during the past year for the Sunset Area EIS, the deficient utility infrastructure and the cost of development in the Sunset Area are both significant hurdles that need to be overcome if the Sunset Terrace redevelopment and private sector, market-rate projects that we hope will be spurred by it are to move forward. Now that the Sunset Area Final EIS is nearly ready for adoption, we have a better understanding of the magnitude of the infrastructure challenges. And, we now have two new affordable housing projects in the Sunset Terrace redevelopment area (both with significant costs to extend new upsized water service to their projects) asking for the City’s consideration to waive development and mitigation fees to help offset the development costs for new multi-family housing projects in the area. Additionally, we have several other potential projects in the pipeline as noted below from which we can anticipate similar requests. Sunset Area Pipeline Projects 1) The first project in the pipeline is RHA’s “Glenwood Project,” an eight-unit, four-bedroom townhome project on Glenwood [i.e., buildings 3 and 4 on the attached FEIS Preferred Alternative map for the Sunset Terrace Redevelopment Area (FEIS Preferred Alternative map)]. The project received $1.95 million in federal HOME funds through King County and is scheduled to start construction later this year. The project will provide replacement housing for all 8 of the four-bedroom units at Sunset Terrace and is the first phase of the 7e. ‐ Community and Economic Development Department recommends  amending RMC 4‐1‐210.B., Waived Fees Housing Incentive, to extend Page 37 of 355 2Waived Fees Rental Housing Incentive – Sunset Area Sunset Terrace redevelopment. RHA needs to install approximately 950 feet of new 12” water line from NE 12 th Street. The developer estimates that the off-site water line will cost $128,000 and on-site storm water work will cost another $125,000 for a combined total of almost $32,000 per unit. As noted on the attached list of 2010 King County Housing Finance Affordable Housing Project applications, RHA’s project in the Sunset Area was the most expensive project in the County, including multiple other urban projects from Seattle and Bellevue. RHA believes that a significant part of the project’s higher costs are related to the area’s deficient public utility and street infrastructure and the City’s various fees. The caliber of this project and competitive strength of future affordable housing projects should be much stronger with additional assistance from the City. This is particularly important for the Sunset Area since RHA has a commitment to replace all 100 of the Sunset Terrace public housing units as part of the Sunset Terrace redevelopment. 2) The second project in the pipeline is the Providence Health & Services’ proposed development of the “Providence John Gabriel House” (i.e., building 11 on the FEIS Preferred Alternative map). The proposed 70-unit project will provide supportive rental housing for low-income elderly and include a “PACE Center,” a facility that will offer a Program of All-inclusive Care for qualifying Elderly. The PACE Center will employ approximately 40 FTE medical and service staff and will allow nursing home eligible seniors to access health care and social services, thereby enabling them to remain living at home for a longer time. The Providence John Gabriel House has an over $21 million budget, including a $3.5 million budget for the PACE Center. In 2007-2008 Providence Health & Services moved their headquarters to Renton and now has approximately 1,200 local employees. Providence John Gabriel House will be the organization’s first housing project in Renton. They are currently seeking project funding to start construction in mid-2012. The Public Works Department and the Fire & Emergency Services Department have been responsive to the project’s water needs. However, the project will still need to extend a new 12” water line from Sunset Boulevard NE and create a loop around the building, along with on-site storm water improvements and off-site street improvements. The funding of the Providence project is still uncertain and the proposed waived fees would help strengthen the likelihood of it moving forward. 3) The City and the King County Library System (KCLS) are working with RHA to prepare for construction of the new Highlands Library as part of the Sunset Terrace redevelopment (i.e., currently planned for building 9 on the Preferred Alternative map). The project is scheduled to start construction in late-2012. 4) RHA has issued a request for qualifications (RFQ) to secure a market-rate housing developer for the Sunset Terrace redevelopment. The RFQ includes two or more phases. The first phase includes either a stand-alone mixed-use building at the corner of NE 10th Street and Sunset Boulevard NE (i.e., building 10 on the FEIS Preferred Alternative map) or a potential larger mixed-use building that is combined with the new Highlands Library (i.e., buildings 9 and 10 on the FEIS Preferred Alternative map). Future potential market-rate housing phases include an additional potential mixed-use building and/or potential multi-family housing buildings (i.e., building 8 and buildings 6 and 7 respectively on the FEIS Preferred Alternative map). The first phase of construction is currently scheduled to start in late-2012, with the schedule for the additional buildings to be determined based on market conditions. RHA’s additional affordable housing projects (e.g., buildings 1, 2, 5 and 13 through 17 on the FEIS Preferred Alternative Map) and the proposed new neighborhood park (i.e., area 12 on the FEIS Preferred Alternative map) will be developed as funds are available (i.e., in 2013 or later). Waived Fees – Housing Incentive The City originally established the current waived fees housing incentive (RMC 4-1-210B) in 2001 to encourage new owner-occupied housing in Downtown Renton. The incentive was expanded in 2010 to include new owner-occupied housing in the Sunset Area. To date, the waived fees were instrumental in helping construct two projects in Downtown Renton, the 37 condos at 55 Williams and the 50 condos at the Chateau de Ville. 7e. ‐ Community and Economic Development Department recommends  amending RMC 4‐1‐210.B., Waived Fees Housing Incentive, to extend Page 38 of 355 3Waived Fees Rental Housing Incentive – Sunset Area Thus far, no projects in the Sunset Area have used the owner-occupied housing waived fees incentive. The development and mitigation fees which may be waived, subject to City Council approval, for an eligible multi-family housing project include: building permit fees; building permit plan review fees; water, surface water and wastewater system development charges; Public Works plan review and inspection fees; and fire, transportation and parks impact mitigation fees. Example of Potential Development and Mitigation Savings Based on the analysis completed at the time, the 55 Williams project with 37 units was expected to receive a total savings of approximately $118,994 from the owner-occupied housing incentive, including $43,748 in fire, transportation and parks mitigation fees, $41,440 in water and wastewater system development charges, and $33,806 in building permit fees. (There were no surface water system development charges since 100% of the site was already an impervious surface from the prior use.) The incentive worked out to a savings of approximately $3,216 per unit. The Chateau de Ville project with 50 units was expected to receive a total savings of approximately $169,485 from the owner-occupied housing incentive, including $59,100 in fire, transportation and parks mitigation fees, $73,465 in water, wastewater system development and surface water charges, and $36,919 in building permit fees. The incentive worked out to a savings of approximately $3,390 per unit. The actual savings for a future project would be dependent upon the nature and size of the housing project and the City fees in place at the time. PROPOSED MODIFICATION: Redevelopment of the Highlands (Sunset Area) has been a priority business plan goal for the City since the 1990’s. Unfortunately, capital investment in the Sunset Area (particularly for residential construction) has been very limited, in part due to significant development costs for builders to compensate for the deficient utility infrastructure. To provide an additional catalyst for redevelopment, staff proposes that the current waived fees housing incentive be extended to include new multi-family rental housing in the Sunset Area (but not Downtown Renton – where only owner-occupied housing would continue to be eligible for waived fees). More specifically, we recommend extending the waived fees housing incentive for new multi-family rental housing in the Center Village (CV), Residential Multi-Family (RM-F), and Residential 14 Dwelling Units/Acre (R-14) zones within the Center Village Comprehensive Plan designation. An eligible project in the CV zone would need a minimum of 30 housing units and an eligible project in either the RM-F or R-14 zones would need a minimum of eight housing units1. 1 The minimum eight units are slightly lower than the minimum ten units used for the owner-occupied housing incentive and the Multi-Family Housing Property Tax Exemption codified in RMC 4-1-220. The lower figure will provide more flexibility and allow RHA’s eight unit Glenwood townhouse project to be eligible for the incentive. In addition, staff proposes that eligible new affordable multi-family rental housing projects in the Sunset Area receive a 100% fee waiver and eligible new market-rate multi-family rental housing projects receive a 50% fee waiver. The incentive would sunset on December 31, 2012 (the same date as the current owner-occupied housing incentive and the Multi-Family Housing Property Tax Exemption), unless further extended by City Council action. Please refer to the attached proposed text for RMC 4-1-210C for more information. The proposed modification supports the City’s vision as the center of opportunity in the Puget Sound region where businesses and families thrive and the following 2011-2016 Business Plan Goals: ·Encourage and partner in the development of quality housing choices for people of all ages and income levels; and 7e. ‐ Community and Economic Development Department recommends  amending RMC 4‐1‐210.B., Waived Fees Housing Incentive, to extend Page 39 of 355 4Waived Fees Rental Housing Incentive – Sunset Area ·Capitalize on growth opportunities through bold and creative economic development strategies; and ·Continue redevelopment efforts Downtown, in the Highlands and in the South Lake Washington area. The proposed rental housing incentive supports the Sunset Area Community Investment Strategy adopted by the City Council in November 2009, and the Sunset Area EIS (including, in particular, the Sunset Terrace redevelopment preferred alternative). CONCLUSION: Redevelopment of the Highlands (Sunset Area) has been a priority business plan goal for the City since the 1990’s. To help offset the significant development costs for new residential construction in the Sunset Area, staff proposes to extend the waived fees incentive to new multi-family rental housing in the Sunset Area. The proposed rental housing incentive will encourage capital investment in the area, assist developers in building new market-rate and affordable multi-family rental housing in the Sunset Area and stimulate additional revitalization and commercial development in the Highlands. Attachments: 1.FEIS Preferred Alternative Map – Sunset Terrace Redevelopment Area 2.2010 King County Housing Finance Affordable Housing Project applications – unit cost information 3.Proposed Waived Fees Rental Housing Incentive – Sunset Area map 4.Draft Ordinance 5.Proposed RMC 4-1-210C Rental Housing Incentive cc.Jay Covington, CAO Bonnie Walton, City Clerk Iwen Wang, Finance & IS Administrator Terry Higashiyama, Community Services Administrator Gregg Zimmerman, Public Works Administrator Mark Peterson, Fire Chief David Pargas, Assistant Fire Marshall Suzanne Dale Estey, Economic Development Director Neil Watts, Development Services Director Chip Vincent, Planning Director Jennifer Henning, Current Planning Manager Karen Bergsvik, Human Services Manager 7e. ‐ Community and Economic Development Department recommends  amending RMC 4‐1‐210.B., Waived Fees Housing Incentive, to extend Page 40 of 355 0’100’200’300’400’N Multi-family: Flats Multi-family: Townhouses Civic / Community Services Retail / Commercial / Mixed-Use Active park / open space Passive open space Passive open space: plaza Existing buildings to remain NE 1 0 t h S t . 9 10 11 12 Stormwater/ raingarden Community garden sou n d a t t e n u a t i o n set b a c k woo n e r f / s h a r e d s t r e e t Neighborhood Park 2 1 3 4 Ha r r i n g t o n A v e . N E Gl e n n w o o d A v e . N E S u n s e t B l v d . N E Ed m o n d s A v e . N E 5 13 16 6 7 8 14 15 S u n s e t L n . so u n d a t t e n u a t i o n se t b a c k 17 Sunset Area Planned Action EIS FEIS: Sunset Terrace Redevelopment Area 4/27/11 Final Preferred Alternative7e. ‐ Community and Economic Development Department recommends  amending RMC 4‐1‐210.B., Waived Fees Housing Incentive, to extend Page 41 of 355 7e. ‐ Community and Economic Development Department recommends  amending RMC 4‐1‐210.B., Waived Fees Housing Incentive, to extend Page 42 of 355 ,§-405 ,§-405 Kiwanis Park NE 12th St NE 7th St U n i o n A v e N E E d m o n d s A v e N E K i r k l a n d A v e N E NE 10th St I- 4 0 5 F w y H a r r i n g t o n A v e N E N E 9 t h S t A b e r d e e n A v e N E S u n s e t B l v d N E NE 24 th St NE 6th St NE Sunset Blvd NE 20th St N E 1 6 t h S t B N I n c R d NE 5th Pl NE 19th St NE 6th Pl NE P a r k D r A c c e s s R d B l a i n e A v e N E 1 2 6 t h A v e S E L y n n w o o d A v e N E NE 22nd Pl NE 22nd St I- 4 0 5 R a m p H o u s e r W a y N NE 23rd St NE 21st St D a y t o n A v e N E N E 2 3 r d P l S h e l t o n A v e N ENE 10th Pl NE 10th Aly NE 25th St N E 8th Pl J e f f e r s o n A v e N E NE 17th Pl NE 9th Pl NE 8th St K e n n e w i c k A v e N E C a m a s Ave NE N E 1 1 t h P l M o n r o e A v e N E P r i v a t e R d I n d e x A v e N E S u n s e t L n N E NE 14 th P l NE 6th Ct G r a n d e y W a y N E N E 9th Ct NE 5th St 1 2 4 t h A v e S E 13th Pl K i r k l a n d P l N E NE 18th St NE 25th Pl N E 1 3 t h S t NE 15th St NE 14th St H a r r i n gton Cir NE D a y t o n A v e N E NE 9th St Access Rd J e f f e r s o n A v e N E NE 6th Pl NE 8th St NE 12th St NE 9th St N E 2 3 r d S t I- 4 0 5 F w y Access Rd N E 5 t h S t NE 21st St A c cess Rd NE 16 th St NE 18th St 0 1,500750FeetMay 27, 2011 1:12,000 Proposed Waived FeesRental Housing Incentive - Sunset Area City LimitsParcelsParksSunset Area (Center Village Comprehensive Plan Designation) File Name: H:\CED\Planning\GIS\GIS_projects\economic_development\multi_family_tax_exemption\mxds\proposed_waived_fee_rental_housing_incentive.mxd ¯ 7e. ‐ Community and Economic Development Department recommends  amending RMC 4‐1‐210.B., Waived Fees Housing Incentive, to extend Page 43 of 355 1 CITY OF RENTON, WASHINGTON ORDINANCE NO. ________ AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON, AMENDING SECTION 4-1-210, WAIVED FEES, OF CHAPTER 1, ADMINISTRATION AND ENFORCEMENT, OF TITLE IV (DEVELOPMENT REGULATIONS) OF ORDINANCE NO. 4260 ENTITLED “CODE OF GENERAL ORDINANCES OF THE CITY OF RENTON, WASHINGTON”, BY EXTENDING AND MODIFYING THE WAIVER OF CERTAIN DEVELOPMENT AND MITIGATION FEES. WHEREAS, on August 27, 2001, the Renton City Council approved Ordinance No. 4913 (codified in RMC 4-1-210) to allow certain development and mitigation fees for housing that is for sale to be waived to encourage new owner-occupied housing in Downtown Renton; WHEREAS, on February 1, 2010, the Renton City Council amended Subsection 4-1-210B, Owner-Occupied Housing Incentive, to expand the development and fee waivers to encourage new owner-occupied housing in the Sunset Area; and WHEREAS, the provisions of Subsection 4-1-210B helped to establish the 37-unit “55 Williams” and the 50-unit “Chateau de Ville” condominium projects as new owner-occupied housing in Downtown Renton; WHEREAS, the development and mitigation fee waivers currently apply to eligible owner-occupied housing projects in the CD, RM-U, and RM-T zones of the Urban Center Comprehensive Plan designation and the CV, RM-F, and R-14 zones within the Center Village Comprehensive Plan designation; and WHEREAS, a City-convened Highlands Task Force recommended in December 2008 that City staff identify incentives to help facilitate redevelopment in the Highlands (a.k.a., Sunset Area); and WHEREAS, the City adopted a Sunset Area Community Investment Strategy on 7e. ‐ Community and Economic Development Department recommends  amending RMC 4‐1‐210.B., Waived Fees Housing Incentive, to extend Page 44 of 355 ORDINANCE NO. _______ 2 November 23, 2009, and directed staff to implement the recommendations and prioritization of projects therein as resources become available; and WHEREAS, the City is completing an Environmental Impact Statement (EIS) and Planned Action Ordinance for the Sunset Area to help facilitate redevelopment; and WHEREAS, the City now seeks to expand the development and mitigation fee waivers to encourage new multi-family rental housing in the Sunset Area; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DOES ORDAIN AS FOLLOWS: SECTION I. Section 4-1-210, Waived Fees, of Chapter 1, Administration and Enforcement, of Title IV (Development Regulations) of Ordinance No. 4260 entitled “Code of General Ordinances of the City of Renton, Washington”, is hereby amended to add a new Subsection C, “Rental Housing Incentive”, to read as follows: C. RENTAL HOUSING INCENTIVE: 1.Purpose: To encourage new rental housing in the CV, RM-F, and R-14 zones within the Center Village Comprehensive Plan designation, certain development and mitigation fees for rental housing may be waived for eligible projects, subject to City Council approval. 2.Definitions: In construing the provisions of this Subsection, the following definitions shall be applied: a. “Affordable housing” means residential housing that is rented by a low-income household whose monthly housing costs, including rent and utilities other than telephone, do not exceed thirty percent (30%) of the household’s monthly income. b. “Household” means a single person, family, or unrelated persons living 7e. ‐ Community and Economic Development Department recommends  amending RMC 4‐1‐210.B., Waived Fees Housing Incentive, to extend Page 45 of 355 ORDINANCE NO. _______ 3 together. c. “Low-income household” means a single person, family, or unrelated persons living together whose adjusted income is at or below sixty percent (60%) of the median income. d. “Median income” means the median family income adjusted for family size for King County, as reported by the United States Department of Housing and Urban Development (HUD). In the event that HUD no longer publishes median income figures for King County, the City may use or determine such other method as it may choose to determine the King County median income, adjusted for household size. e. “Multi-family housing” means one or more new buildings designed for rental housing, each with four (4) or more dwelling units. f. “Rental housing” means multi-family housing that provides rental accommodation on a nontransient basis. This definition includes rental accommodation that is leased for a period of at least one month but excludes, for example, hotels and motels that predominantly offer rental accommodation on a daily or weekly basis. 3.Eligibility Criteria: To qualify for waived fees, projects must meet the following criteria: a. The multi-family housing project is new construction rental housing; and b. The project will be a minimum of eight (8) units if in the RM-F zone or R-14 zone within the Center Village Comprehensive Plan designation; or c. The project will be a minimum of thirty (30) units if in the CV zone within the Center Village Comprehensive Plan designation. 7e. ‐ Community and Economic Development Department recommends  amending RMC 4‐1‐210.B., Waived Fees Housing Incentive, to extend Page 46 of 355 ORDINANCE NO. _______ 4 4.Applicable Fees: a. Fees which may be waived: i. Building permit fees; ii. Building permit plan review fees; iii. Water, surface water, and wastewater system development charges; iv. Public Works plan review and inspection fees; and v. Fire, transportation, and parks impact mitigation fees. b. Portion of fees which may be waived: i. One-hundred percent (100%) of the above fees may be waived for eligible rental housing projects with at least fifty percent (50%) of the units set-aside as affordable housing; or (ii) Fifty percent (50%) of the above fees may be waived for eligible market-rate rental housing projects. 5.Application Process: Persons who intend to apply for the rental housing incentive fee waivers must disclose their intent to apply for waived fees prior to or by the administrative site plan review period. The application for waived fees must be made to the Planning Director (or any other City office, department or agency that shall succeed to its functions with respect to this Section, or his or her authorized designee) at the time of the land use application, unless otherwise approved by City Council. 6.Restrictive Covenant: All projects which obtain a fee waiver as affordable housing under Subsection 4-1-210C4bi must contain a restrictive covenant indicating that at least fifty percent (50%) of the units will be set aside and rented as affordable housing. After review and approval of the waiver by the City Council and the review and 7e. ‐ Community and Economic Development Department recommends  amending RMC 4‐1‐210.B., Waived Fees Housing Incentive, to extend Page 47 of 355 ORDINANCE NO. _______ 5 approval of the restrictive covenant by the Planning Director or his/her designee, the restrictive covenant must be executed and recorded at the applicant’s expense prior to the issuance of the building permit for the project, unless otherwise approved by City Council. Failure to timely execute and record the covenant will result in the applicant being responsible for any and all applicable fees and interest accrued as a result of the delay. 7.Cancellation or Modification: If the project fails to meet the requirements of Subsection 4-1-210C, all applicable fees must be paid with interest. After the application has been approved and/or the restrictive covenant is recorded, the project may not be modified to owner-occupied “For Sale” housing without the advance approval of the City Council. 8.Effective Date and Sunset: These fee waivers are effective for building permits issued after the effective date of this amendment, and will sunset on December 31, 2012, unless extended by City Council action. SECTION II. This ordinance shall be effective upon its passage, approval, and thirty (30) days after publication. PASSED BY THE CITY COUNCIL this _______ day of ___________________, 2011. Bonnie I. Walton, City Clerk APPROVED BY THE MAYOR this _______ day of _____________________, 2011. Denis Law, Mayor 7e. ‐ Community and Economic Development Department recommends  amending RMC 4‐1‐210.B., Waived Fees Housing Incentive, to extend Page 48 of 355 ORDINANCE NO. _______ 6 Approved as to form: Lawrence J. Warren, City Attorney Date of Publication: 7e. ‐ Community and Economic Development Department recommends  amending RMC 4‐1‐210.B., Waived Fees Housing Incentive, to extend Page 49 of 355 Proposed RMC 4-1-210C. RENTAL HOUSING INCENTIVE 1.Purpose: To encourage new rental housing in the CV, RM-F, and R-14 zones within the Center Village Comprehensive Plan designation, certain development and mitigation fees for rental housing may be waived for eligible projects, subject to City Council approval. 2.Definitions: In construing the provisions of this Subsection, the following definitions shall be applied: a. “Affordable housing” means residential housing that is rented by a low-income household whose monthly housing costs, including rent and utilities other than telephone, do not exceed thirty percent (30%) of the household’s monthly income. b. “Household” means a single person, family, or unrelated persons living together. c. “Low-income household” means a single person, family, or unrelated persons living together whose adjusted income is at or below sixty percent (60%) of the median income. d. “Median income” means the median family income adjusted for family size for King County, as reported by the United States Department of Housing and Urban Development (HUD). In the event that HUD no longer publishes median income figures for King County, the City may use or determine such other method as it may choose to determine the King County median income, adjusted for household size. e. “Multi-family housing” means one or more new buildings designed for rental housing, each with four (4) or more dwelling units. f. “Rental housing” means multi-family housing that provides rental accommodation on a nontransient basis. This definition includes rental accommodation that is leased for a period of at least one month but excludes, for example, hotels and motels that predominantly offer rental accommodation on a daily or weekly basis. 3.Eligibility Criteria: To qualify for waived fees, projects must meet the following criteria: a. The multi-family housing project is new construction rental housing; and b. The project will be a minimum of eight (8) units if in the RM-F zone or R-14 zone within the Center Village Comprehensive Plan designation; or c. The project will be a minimum of thirty (30) units if in the CV zone within the Center Village Comprehensive Plan designation. 4.Applicable Fees: a. Fees which may be waived: i. Building permit fees; ii. Building permit plan review fees; iii. Water, surface water, and wastewater system development charges; iv. Public Works plan review and inspection fees; and v. Fire, transportation, and parks impact mitigation fees. b. Portion of fees which may be waived: i. One-hundred percent (100%) of the above fees may be waived for eligible rental housing projects with at least fifty percent (50%) of the units set-aside as affordable housing; or (ii) Fifty percent (50%) of the above fees may be waived for eligible 7e. ‐ Community and Economic Development Department recommends  amending RMC 4‐1‐210.B., Waived Fees Housing Incentive, to extend Page 50 of 355 market-rate rental housing projects. 5.Application Process: Persons who intend to apply for the rental housing incentive fee waivers must disclose their intent to apply for waived fees prior to or by the administrative site plan review period. The application for waived fees must be made to the Planning Director (or any other City office, department or agency that shall succeed to its functions with respect to this Section, or his or her authorized designee) at the time of the land use application, unless otherwise approved by City Council. 6.Restrictive Covenant: All projects which obtain a fee waiver as affordable housing under Subsection 4-1-210C4bi must contain a restrictive covenant indicating that at least fifty percent (50%) of the units will be set aside and rented as affordable housing. After review and approval of the waiver by the City Council and the review and approval of the restrictive covenant by the Planning Director or his/her designee, the restrictive covenant must be executed and recorded at the applicant’s expense prior to the issuance of the building permit for the project, unless otherwise approved by City Council. Failure to timely execute and record the covenant will result in the applicant being responsible for any and all applicable fees and interest accrued as a result of the delay. 7.Cancellation or Modification: If the project fails to meet the requirements of Subsection 4-1-210C, all applicable fees must be paid with interest. After the application has been approved and/or the restrictive covenant is recorded, the project may not be modified to owner-occupied “For Sale” housing without the advance approval of the City Council. 8.Effective Date and Sunset: These fee waivers are effective for building permits issued after the effective date of this amendment, and will sunset on December 31, 2012, unless extended by City Council action. 7e. ‐ Community and Economic Development Department recommends  amending RMC 4‐1‐210.B., Waived Fees Housing Incentive, to extend Page 51 of 355 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: 2011 Title IV Docket #7 Amendments Meeting: Regular Council - 11 Jul 2011 Exhibits: Issue Paper 2011 Title IV Docket #7 Amendments Table and Summaries Submitting Data: Dept/Div/Board: Community and Economic Development Staff Contact: Chip Vincent, x6588 Recommended Action: Refer to the Planning and Development Committee and the Planning Commission. Fiscal Impact: Expenditure Required: $ Transfer Amendment: $ Amount Budgeted: $ Revenue Generated: $ Total Project Budget: $ City Share Total Project: $ SUMMARY OF ACTION: Begin the 2011 Title IV Docket #7 review. There are 14 City initiated items. All items are shown in the attached table. STAFF RECOMMENDATION: Approve for Planning Commission review and recommendation for the 2011 Title IV Docket #7 proposal as presented. 7f. ‐ Community and Economic Development Department submits the  proposed 2011 Title IV (Development Regulations) Docket #7 Page 52 of 355 H:\CED\Planning\Title IV\Docket\Docket Group 7\Docket 7 Issue Paper.doc DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT M E M O R A N D U M DATE:July 11, 2011 TO:Terri Briere, Council President Members of the Renton City Council VIA:Denis Law, Mayor FROM:Alex Pietsch, Administrator STAFF CONTACT:C. E. “Chip” Vincent, Planning Director (x6588) SUBJECT:2011 Title IV Docket #7 Amendments Review ISSUE: Should the 2011 Title IV Docket #7 Amendments be referred to the Planning & Development Committee and the Planning Commission? RECOMMENDATION: Refer the 2011 Title IV Docket #7 Amendments to the Planning and Development Committee and Planning Commission for review. BACKGROUND SUMMARY: RMC 4-8-070G outlines the types of review the Planning Commission shall conduct. The review of the Development Regulations (Title IV Docket) process is specifically listed. Land Use Regulations review occurs upon Council request. The Planning Commission will make recommendations regarding the Land Use Regulations to the Council. Final recommendation of the Title IV Docket will be the authority of the Council. Title IV Development Regulations This process is codified in RMC 4-9-025, Title IV Development Regulation Revision Process. Staff has compiled a series of amendments to Title IV of the Renton Municipal Code (Development Regulations) that includes oversights made in previous Title IV updates and initiates several new policy/code review projects. The compiled list includes City staff initiated amendments as shown in the 2011 Title IV Docket #7 Amendments Table. CONCLUSION: The proposed schedule for review of the Title IV Docket #7 Amendments is for the Planning Commission review to occur during July through November 2011. 7f. ‐ Community and Economic Development Department submits the  proposed 2011 Title IV (Development Regulations) Docket #7 Page 53 of 355 2011 TITLE IV DOCKET #7 AMENDMENTS Initiated by/ Assigned to Amendment Request Laureen for Mike Kuntz (Council Referral) Assigned to: Laureen R-4 Setbacks The large building setbacks of the R-4 zone, which was widely applied in the Benson Annexation Area and East Renton Plateau PAA, have been particularly challenging for customers with existing homes that do not meet the current R-4 provisions. Customers proposing additions have been hindered by the large building setback standards. For example, many existing homes are built only 20 feet from the front property line. However, the R-4 zone requires a minimum distance of 30 feet from front property line for new structures or additions. Should the Council consider modifying the R-4 Zone setbacks to match those of the R-8 zone former standards, which would be 15 feet for houses and 20 feet for garages and have staff evaluate the other R-4 standards as well (not to include density)? Staff Assigned to: Rocale Signs Existing code needs a comprehensive overhaul in order to make it consistent citywide, modify standards to reduce the need for modifications, eliminate conflicts, streamline, and make it easier for the public and staff to understand and administer. A proposal has been drafted to accomplish these objectives. Currently, signs are located in three different areas of the code. Council/Planning & Development Committee Assigned to: Vanessa Rebuild Approval Permit Review requirements for non-conforming uses and rebuild approval permits considering authorizing the rebuilding of a non-conforming structure due to acts of God and conformity with current design requirements. Chip Assigned to: Angie Food system sustainability and security The City has already revised regulations to allow the keeping of chickens, and other farm type animals, on many lots within the City. Some citizens have expressed a desire for the City to allow these small farm type animals on lots that are smaller than what is currently allowed. Additionally, the keeping of gardens and small animals is increasingly being linked to the sustainability of our environment and the ability of people to provide food for themselves. Other aspects of food security include access (within a reasonable proximity) to food sources like community gardens, grocery stores, and farmers markets. This work item would explore what aspects of these concerns are appropriate for and should be adopted by the City. Jennifer Assigned to: Erika Auto repair and sales Consider requiring fencing, screening, landscaping for auto repair and sales uses within the Commercial Arterial Zone, but outside of the AutoMall Districts. Evaluate whether requirements can be applied retroactively. Neil Assigned to: Jerry Right of way dedication process Streamline the right of way dedication process by making it administrative in place of Council concurrence. The current system is unnecessarily burdensome for the City to dedicate right of ways as part of the land use approval process. Laureen, Chip, and Rocale Assigned to: Angie Residential Fence Heights in front yards Currently, the City code has different requirements for fence heights in front yards based on different residential zone classifications. This amendment would consider creating a uniform standard. Residential design standards applicability The code does not establish a threshold for when open space or other requirements of design standards are required for additions or remodels. Current code is clear that it applies to new homes, however. Design guidelines vs. other code requirements 7f. ‐ Community and Economic Development Department submits the  proposed 2011 Title IV (Development Regulations) Docket #7 Page 54 of 355 Clarify when design guidelines have authority over other provisions within the code. Parking for ADU Require one parking space per ADU Laureen Assigned to: Laureen Footnotes clean up Some notes have been deleted but are still being referenced in the standards tables. Also, look at the viability of Note 28 related to setback averaging. Look at Footnote 26, no longer makes sense. Staff/Jennifer Assigned to: Kristina Streamlining the Site Plan Review and Conditional Use Permit criteria The current site plan review criteria were established before we had design guidelines and standards, and as a consequence are duplicative and unnecessary. Site Plan Review Process Change: HEX review of commercial/industrial adjacent to less intensive zones Review the criteria in RMC 4-9-200D.2.c which requires that commercial or industrial property which lies adjacent to or abutting the RC, R-1, R-4, R-8, and R-10 zones be subject to a public hearing with the Hearing Examiner and consider eliminating this provision based on the lack of public participation when this provision has been enforced. Site Plan Review – Vesting for projects not built out in 2 years Add language to the Site Plan Regulations to clarify vesting for portions of approved, but not phased, projects that are not built-out within the approved time frame (generally 2 years with a possible 2 year extension) under RMC 4-9-200.L.2. Rocale Assigned to: Laureen Major Modifications Fee Require a new fee for major modifications (site plan, preliminary plat, etc.) due to the amount of review time involved Laureen/Jennifer Assigned to: Jennifer Shopping carts Revisit the Shopping Cart Regulations (adopted in 2005) to update requirements and procedures. Consider elimination of the $100 fee required to review a Shopping Cart Retrieval Plan. Revise text that specifies the appeal fee is $75. Update language regarding failure to file a shopping cart to reflect that this is now civil rather than criminal. Laureen Assigned to: Vanessa Parking Need text consolidation in 4-4-080F7 for parking Assigned to: Kris Administrative Code Interpretations Various code interpretations issued in 2010 through June 2011, including: CI-09: Electric Vehicle Infrastructure; CI-11: Impervious Surfacing; CI-12: Setbacks in the R-10 and R-14; CI-13: Marinas in the R-1; CI-14: Density, Net Rounding; CI-15: Indoor Small Vehicle Sales; CI-16: Tree Removal Activities; CI-17: Recreation Facilities, Indoor, New; CI-18: Urban Separator Overlays of Soos Creek and Lake Desire; CI-19: Special Fill and Grade Permit; and CI-20: Address Assignment Laureen Assigned to: Laureen/Jennifer Planning near pipelines and Pipeline Safety Review literature and regulations by other municipalities for consideration of appropriate standards for improvements in proximity to utility pipelines. 7f. ‐ Community and Economic Development Department submits the  proposed 2011 Title IV (Development Regulations) Docket #7 Page 55 of 355 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: Dedication of Right-of-Way for Cairnes Short Plat, LUA10-026-SHPL Meeting: Regular Council - 11 Jul 2011 Exhibits: Deed of Dedication document Administrative Short Plat Report & Decision Submitting Data: Dept/Div/Board: Community and Economic Development Staff Contact: Carrie Olson, x7235 Recommended Action: Council concur. Fiscal Impact: Expenditure Required: $ N/A Transfer Amendment: $ Amount Budgeted: $ Revenue Generated: $ Total Project Budget: $ City Share Total Project: $ SUMMARY OF ACTION: The 10 x 329.38 foot area to be dedicated for street widening of Jericho Ave NE is approx. 3,293.8 square feet. This dedication will fulfill a condition required in the Administrative Short Plat Report & Decision for the Cairnes Short Plat, LUA10-026-SHPL. STAFF RECOMMENDATION: Accept the additional right-of-way and authorize the Mayor and City Clerk to sign and record the Deed of Dedication document. 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 56 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 57 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 58 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 59 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 60 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 61 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 62 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 63 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 64 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 65 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 66 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 67 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 68 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 69 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 70 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 71 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 72 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 73 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 74 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 75 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 76 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 77 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 78 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 79 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 80 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 81 of 355 7g. ‐ Community and Economic Development Department recommends  acceptance of a deed of dedication for additional right‐of‐way for Page 82 of 355 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: Veterans and Human Services Levy Meeting: Regular Council - 11 Jul 2011 Exhibits: Text of Veterans and Human Services Levy Resolution Submitting Data: Dept/Div/Board: Executive Staff Contact: Marty Wine, x6526 Recommended Action: Council concur Fiscal Impact: Expenditure Required: $ Transfer Amendment: $ Amount Budgeted: $ Revenue Generated: $ Total Project Budget: $ City Share Total Project: $ SUMMARY OF ACTION: The Veterans and Human Services Levy, approved county-wide by voters in 2005, generates funding to help veterans, military personnel and their families and other individuals and families in need across the county through a variety of housing and supportive services. The current levy generates an average of $14.6 million per year for six years to implement housing and human services for these two groups. One half of the revenues are targeted for veterans and their families, and the remaining half is dedicated to other King County residents in need. The levy expires this year. The County recently placed the Veterans and Human Services Levy renewal on the August 16, 2011 Primary Election ballot. The proposed renewal of the levy would be for a consecutive six-year period at a first-year rate of not more than $0.05 per $1,000 of assessed valuation, with subsequent maximum levy collections being increased by the greater of 1% or the percentage increase in the consumer price index as long as that amount does not exceed 3%. A homeowner with an assessed valuation of $400,000 in 2012 would pay $20 in the first year from this property tax. It would generate over $16 million in 2012 and continues to dedicate half of levy proceeds to veterans and their families and the other half to other vulnerable individuals and families. Funds are targeted to the geographic areas with the most extreme need, highest levels of homelessness and most low-income, disabled veterans. South King County and south Seattle have the highest levels of poverty and are the most ethnically diverse. South King County has 37% of the population of King County, with 33% of persons in poverty, 47% of disabled veterans. 40% of current clients and 36% of sites that are funded by the levy are in South King County. RCW 42.17.130(1) provides that if the City Council is to take action to support or oppose the measure, action may be taken at an open public meeting by members of the elected legislative body so long as the notice includes the title and number of the ballot proposition, and “members of the legislative body…or members of the public are afforded an approximately equal opportunity for the expression of an opposing view.” STAFF RECOMMENDATION: Set a public meeting date of August 1, 2011 to consider the Veterans and Human Services Levy, solicit public comment, and consider a position supporting or opposing the measure. 7h. ‐ Executive Department recommends setting a public meeting on  8/1/2011 to consider The Veterans and Human Services Levy, solicit  Page 83 of 355 7h. ‐ Executive Department recommends setting a public meeting on  8/1/2011 to consider The Veterans and Human Services Levy, solicit  Page 84 of 355 King County | News | Services | Comments | Search Links to external sites do not constitute endorsements by King County. By visiting this and other King County web pages, you expressly agree to be bound by terms and conditions of the site. The details. Simple majority (RCW 84.55.010) ! " # $ $ The King County council has passed Ordinance No. 17072 concerning funding for regional veterans, health, and human services. This proposition would replace an expiring levy and fund capital facilities and services that reduce medical costs, homelessness, and criminal justice system involvement with half of proceeds supporting veterans and their families. It would authorize King County to levy an additional property tax of 5 cents per $1,000 of assessed valuation for collection in 2012 and authorize annual increases by the percentage increase in the consumer price index or 1%, whichever is greater, with a maximum increase of 3%, for the five succeeding years. Should this proposition be: APPROVED REJECTED Page 1 of 1Measure Information - King County 06/29/2011http://your.kingcounty.gov/elections/contests/measureinfo.aspx?cid=38652&eid=1248 7h. ‐ Executive Department recommends setting a public meeting on  8/1/2011 to consider The Veterans and Human Services Levy, solicit  Page 85 of 355 7h. ‐ Executive Department recommends setting a public meeting on  8/1/2011 to consider The Veterans and Human Services Levy, solicit  Page 86 of 355 7h. ‐ Executive Department recommends setting a public meeting on  8/1/2011 to consider The Veterans and Human Services Levy, solicit  Page 87 of 355 7h. ‐ Executive Department recommends setting a public meeting on  8/1/2011 to consider The Veterans and Human Services Levy, solicit  Page 88 of 355 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: 2011 2nd Quarter Budget Amendment Ordinance Meeting: Regular Council - 11 Jul 2011 Exhibits: Issue Paper 2011 2nd Quarter Budget Amendment Detail Budget Amendment Ordinance Submitting Data: Dept/Div/Board: Finance & Information Technology Staff Contact: Iwen Wang Recommended Action: Refer to Finance Committee Fiscal Impact: Expenditure Required: $ N/A Transfer Amendment: $3,104,909.00 Amount Budgeted: $ N/A Revenue Generated: $N/A Total Project Budget: $ N/A City Share Total Project: $ N/A SUMMARY OF ACTION: The proposed budget amendment increases the overall 2011/2012 City budget appropriations by $3.1 million, and: 1) Makes minor corrections to 2011/2012 adopted budget; 2) Recognizes grants, contributions, and associated costs; and 3) Provides for new cost items in the 2011/2012 budget to cover necessary expenditures that were not included in the adopted budget. STAFF RECOMMENDATION: Approve the proposed 2011 Second Quarter Budget Amendment and adopt the ordinance 7i. ‐ Finance and Information Services Department recommends approval  of second quarter 2011 Budget amendment increasing appropriations by Page 89 of 355 FINANCE AND INFORMATION TECHNOLOGY M E M O R A N D U M DATE:July 5, 2011 TO:Terri Briere, Council President Members of the Renton City Council VIA:Denis Law, Mayor FROM:Iwen Wang, Administrator SUBJECT:2011 2nd Quarter Budget Amendment Ordinance ISSUE Should the 2011/2012 Biennial Budget be amended to incorporate changes as detailed below? RECOMMENDATION Adopt the ordinance amending the 2011/2012 Biennial Budget. BACKGROUND SUMMARY The proposed 2011 2nd quarter budget amendments are primarily housekeeping in nature. It will 1) incorporate grants and associated expenditures awarded to the city during the period; 2) make corrections to 2011/2012 budget due to errors/omissions found; 3) establish a new sub-fund Library Development Fund (fund 336), and move appropriations from the Municipal CIP Fund (fund 316) to this new fund to better account for the resources and costs associated with the project. Below is a summary of the changes. General Governmental Adjustments: The proposed appropriation amendment will increase the appropriation by a total of $ 1.9 million over the 2-year period: 1.$1.67 million ($642 for 2011 and $1.03 million for 2012) for the 9 firefighter positions added with the Staffing for Adequate Fire and Emergency Response (SAFER) Grant the city received in May. 2.$8k for the 2011 Site Specific Performance Network 4Culture Grant. The purpose of this grant is working with veterans in creating various artworks. 3.$163k for December 2009 Real Estate Excise Tax (REET) should be recorded in Debt Service Fund. To correct this, a fund transfer from general fund (000) to debt service fund (201) is required. Since both funds are general governmental sub funds, no net impact on fund balance. 4.Correct Police Department salaries and benefits budget by $540k and $730k for 2011 and 2012, respectively. The original budgets for Police salaries and benefits were understated due to staff using 2009 position information as base for 2011/2012 budget and did not catch the changes for a group of employees in the department. The increases are offset by anticipated savings in SCORE Jail services and startup costs in 2011, and the state legislature approved a lower than budgeted PERS contribution rate for 2011 and 2012. No net impact to fund balance during current biennium. 5.A budget correction of $4k ($2k per year) for pagers in the Public Works Transportation division that was missed in the adopted 2011/2012 budget. 6.A budget correction of $16k for intermittent staffing for the specialized recreation program in Community Services Recreation division that was missed in the adopted 2011/2012 budget. We have corrected 2011 previously this would correct the 2012 budget as well. 7.A budget correction of $30k ($15k per year) for intermittent staffing for Aquatics in Community 7i. ‐ Finance and Information Services Department recommends approval  of second quarter 2011 Budget amendment increasing appropriations by Page 90 of 355 Terri Briere, Council President Members of the Renton City Council Page 2 of 2 July 5, 2011 h:\finance\council\2011\ip 2011 carryforward budget adjustment revised.doc Services Recreation division that was missed in the adopted 2011/2012 budget. Items 1 through 4 are funded by grant revenues or expenditure savings. Items 5 through 7 combined totals $50,304 minus the 2010 $8,500 4Culture grant revenue received in 2011 would result in a net decrease in fund balance by $41,804. The remaining General Fund balance will be slightly over $10 million or 10% of the annual expenditure budget. Other Funds: The proposed appropriation amendment for all other funds combined is $1.2 million; below are the details of these adjustments. 1.Library Development: as mentioned earlier, staff recommends creation of a new fund: Library Development Fund (fund 336) to better track the resources and costs. The budget amendment will delete the $19.6 million in the Municipal CIP Fund and move this budget to the new Library Development Fund for the construction of the two new libraries. It will also true up the budget to the $19.8 million preliminary budget available; and to recognize $160,000 in bond issue costs that will be covered by the bond proceeds. This is a combined increase in appropriation of $360k. 2.State and local Utility tax liability for City utilities: during the carry-forward budget adjustments we made correction to utility funds for 2011 state and local utility taxes payable based on revenue budgets. This adjustment will also bring 2012 tax liabilities in line with revenue. Water Fund (405): $360k and Wastewater Fund (406): $313k; and Surface Water Fund (407): $27k for a total of $700k. 3.Equipment Rental Fund (501): $154k expenditure increase for the purchase of: i.$29k for one NPDES vehicle for Surface Water, which is funded by the NPDES Grant. ii.$30k to move up replacement for pickup truck C222 from 2012 to 2011, which will have no budget impact. iii.$125k for one Boom Truck, which replaces D099 used by Transportation Systems for streetlights, signals, and sign maintenance; and will be funded with replacement reserves already collected. CONCLUSION The 2011 2nd quarter budget amendments will updated funding sources and appropriations for various operating and capital items and will make minor corrections to the adopted 2011/2012 budget as identified herein. Staff recommends Council approve the proposed adjustments. Attachments: 2011 2nd Quarter Budget Amendment Detail Budget Amendment Ordinance Exhibits: 2011 (Exh. A); and 2012 (Exh. B) adjusted budget by fund. 7i. ‐ Finance and Information Services Department recommends approval  of second quarter 2011 Budget amendment increasing appropriations by Page 91 of 355 2011/2012 2nd Quarter Budget Amendment Detail 1/2 GENERAL FUND (Fund 0XX) Adjusted 2011 Adjustment 2012 Adjustment Amended Beginning Fund Balance 11,407,119           ‐                                 11,407,119           REVENUES 198,711,402         CED 4Culture Grant 8,500                              ‐                                  CED 2011 Site Specific Performance Network 4Culture Grant 8,000                              ‐                                  Fire SAFER Grant 642,318                        1,027,709                      FIT Correct Dec 2009 REET Allocation 163,067                         ‐                                  Total Revenue Adjustment 198,711,402      821,885                      1,027,709                     200,560,996       EXPENDITURES 200,047,254         FIT Correct Dec 2009 REET Allocation 163,067                         ‐                                  CED 2011 Site Specific Performance Network 4Culture Grant 8,000                              ‐                                  Fire SAFER Grant 642,318                        1,027,709                      PW Pager budget was not included in 2011/2012 original budget due to error 1,994                             1,994                              CS Specialized Recreation‐Intermittent Wages/Benefits ‐                                 16,316                            CS Correction to 2011/2012 Intermittent Budget for Recreation 15,000                           15,000                            Police Police Salaries/Benefits correction 540,000                        730,000                         Police SCORE service/startup cost saving (540,000)                        ‐                                  FIT General Fund Dept's PERS contribution reduction (230,000)                       (500,000)                        Total Expenditure Adjustment 200,047,254      600,379                      1,291,019                     201,938,651       Ending Fund Balance 10,071,268          221,506                        (263,310)                       10,029,464           MUNICIPAL CIP FUND (Fund 316) Adjusted 2011 Adjustment 2012 Adjustment Amended Beginning Fund Balance 5,759,297             ‐                                 5,759,297              REVENUES 22,508,558           CS Move library construction budget to new fund (1,800,000)                   (800,000)                        CS Move library construction budget to new fund (10,000,000)                 (7,000,000)                    Total Revenue Adjustment 22,508,558        (11,800,000)               (7,800,000)                   2,908,558            EXPENDITURES 28,251,499           CS Move library construction budget to new fund (11,800,000)                 (7,800,000)                    Total Expenditure Adjustment 28,251,499        (11,800,000)               (7,800,000)                   8,651,499            Ending Fund Balance 16,356                   ‐                                  ‐                                 16,356                    NEW LIBRARY DEVELOPMENT FUND (Fund 336) Adjusted 2011 Adjustment 2012 Adjustment Amended Beginning Fund Balance ‐                          ‐                                  ‐                          REVENUES ‐                          CS Move library construction budget to new fund ‐ Property Tax 1,800,000                      ‐                                  CS Move library construction budget to new fund ‐ Bond Proceeds 18,160,000                    ‐                                  Total Revenue Adjustment ‐                       19,960,000                  ‐                                 19,960,000         EXPENDITURES ‐                          CS Library ‐ Bond Issue Costs 160,000                         ‐                                  CS Library ‐ Construction 11,800,000                   8,000,000                      Total Expenditure Adjustment ‐                       11,960,000                 8,000,000                     19,960,000         Ending Fund Balance ‐                         8,000,000                     (8,000,000)                    ‐                          WATER UTILITY FUND (Fund 405/425) Adjusted 2011 Adjustment 2012 Adjustment Amended Beginning Fund Balance 6,759,754             ‐                                 6,759,754              REVENUES 30,984,450           Total Revenue Adjustment 30,984,450         ‐                                ‐                                 30,984,450         EXPENDITURES 32,091,094           PW State Tax ‐                                 111,161                         PW Gross Rec Tax/Wtr Util To Gen ‐                                 248,395                         Total Expenditure Adjustment 32,091,094         ‐                               359,556                        32,450,650         Ending Fund Balance 5,653,110             ‐                                 (359,556)                       5,293,554              H:\Finance\Budget\2011-2012 Budget\2.Budget Adjustments\2011 2nd Quarter\2011 2nd Quarter Budget Adjustment.xlsx 07/06/2011 7i. ‐ Finance and Information Services Department recommends approval  of second quarter 2011 Budget amendment increasing appropriations by Page 92 of 355 2011/2012 2nd Quarter Budget Amendment Detail 2/2 WASTEWATER UTILITY FUND (Fund 406/416/426) Adjusted 2011 Adjustment 2012 Adjustment Amended Beginning Fund Balance 1,353,232             ‐                                 1,353,232              REVENUES 44,245,860           Total Revenue Adjustment 44,245,860         ‐                                ‐                                 44,245,860         EXPENDITURES 43,365,587           PW External Taxes & Operating Assessment ‐                                 (180,295)                        PW Interfund Taxes & Operating Assessment ‐                                 493,473                         Total Expenditure Adjustment 43,365,587         ‐                               313,178                        43,678,765         Ending Fund Balance 2,233,505             ‐                                 (313,178)                       1,920,327              SURFACEWATER UTILITY FUND (Fund 407/427) Adjusted 2011 Adjustment 2012 Adjustment Amended Beginning Fund Balance 3,273,863             ‐                                 3,273,863              REVENUES 19,018,830           Total Revenue Adjustment 19,018,830         ‐                                ‐                                 19,018,830         EXPENDITURES 19,834,245           PW State Tax ‐                                 18,527                            PW Gross Rec Tx/Strm Dr To Gen ‐                                 8,250                              PW NPDES Vehicle Purchase transfer, funded by 2011 Municipal Stormwater Capacity Grant (29,000)                          ‐                                  PW NPDES Vehicle Purchase transfer, funded by 2011 Municipal Stormwater Capacity Grant 29,000                            ‐                                  Total Expenditure Adjustment 19,834,245         ‐                               26,777                           19,861,022         Ending Fund Balance 2,458,448             ‐                                 (26,777)                         2,431,671              EQUIPMENT RENTAL FUND (Fund 501) Adjusted 2011 Adjustment 2012 Adjustment Amended Beginning Fund Balance 5,293,107             ‐                                 5,293,107              REVENUES 6,291,294             PW NPDES Vehicle Purchase transfer, funded by 2011 Municipal Stormwater Capacity Grant 29,000                            ‐                                  Total Revenue Adjustment 6,291,294          29,000                          ‐                                 6,320,294            EXPENDITURES 6,942,493             PW NPDES Vehicle Purchase transfer, funded by 2011 Municipal Stormwater Capacity Grant 29,000                            ‐                                  PW Move up replacement vehicle C222 to 2011 instead of 2012 30,000                           (30,000)                          PW Replacing Boom Truck D99 125,000                         ‐                                  Total Expenditure Adjustment 6,942,493          184,000                      (30,000)                         7,096,493            Ending Fund Balance 4,641,908            (155,000)                       30,000                           4,516,908              H:\Finance\Budget\2011-2012 Budget\2.Budget Adjustments\2011 2nd Quarter\2011 2nd Quarter Budget Adjustment.xlsx 07/06/2011 7i. ‐ Finance and Information Services Department recommends approval  of second quarter 2011 Budget amendment increasing appropriations by Page 93 of 355 7i. ‐ Finance and Information Services Department recommends approval  of second quarter 2011 Budget amendment increasing appropriations by Page 94 of 355 7i. ‐ Finance and Information Services Department recommends approval  of second quarter 2011 Budget amendment increasing appropriations by Page 95 of 355 7i. ‐ Finance and Information Services Department recommends approval  of second quarter 2011 Budget amendment increasing appropriations by Page 96 of 355 7i. ‐ Finance and Information Services Department recommends approval  of second quarter 2011 Budget amendment increasing appropriations by Page 97 of 355 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: Refunding of 2001 LTGO Bonds Meeting: Regular Council - 11 Jul 2011 Exhibits: Issue Paper Draft Ordinance Submitting Data: Dept/Div/Board: Finance & Information Technology Staff Contact: Iwen Wang, FIT Administrator Recommended Action: Refer to Finance Committee Fiscal Impact: Expenditure Required: $ Transfer Amendment: $ Amount Budgeted: $ Revenue Generated: $ Total Project Budget: $ City Share Total Project: $ SUMMARY OF ACTION: The City issued $19.5 million of Limited Tax General Obligation Bonds (LTGO) in 2001 for 1) $13.5 million to refinance the 1997 LTGO issued for the acquisition and remodeling of the current City Hall; and 2) $6 million to provide “new money” for the development of City Center Garage which was refinanced in 2010. Of the $13.5 million City Hall portion of the bonds, $9.95 million remaining balance can be redeemed at face value on December 1, 2011. The proposed refinancing plan would issue approximately $10.15 million of bonds at an “all-in” interest cost of approximately 2.5%, to replace the remaining $9.95 million City Hall portion of the bonds carrying an average interest rate of 5.25%. Depending on the actual interest rates for the new bonds, the anticipated saving is between $150,000 to $190,000 per year, for a cumulative savings of $900k to over $1 million over the remaining six-year life of the 2001 bonds. STAFF RECOMMENDATION: Approve the proposed refinancing plan and adopt the ordinance 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 98 of 355 FINANCE AND INFORMATION TECHNOLOGY M E M O R A N D U M DATE:July 1, 2011 TO:Terri Briere, Council President Members of the Renton City Council VIA:Denis Law, Mayor FROM:Iwen Wang, F&IT Administrator SUBJECT:Refinancing 2001 LTGO Refunding Bonds ISSUE Should the City refinance the 2001 Limited Tax General Obligation (LTGO) Refunding Bonds issued in 2001 to refinance the 1997 bonds used to acquire and make improvements to the current City Hall? RECOMMENDATION Staff recommends approval of the proposed refinancing plan and adoption of the necessary ordinance authorizing the issuance of approximately $10.15 million of bonds at an “all-in” interest cost of approximately 2.5%, which will replace the existing $9.95 million of bonds carrying an average interest rate of 5.25%. BACKGROUND The City issued $19.5 million of Limited Tax General Obligation Bonds (LTGO) in 2001: 1)$6 million to provide “new money” for the development of City Center Garage; and 2)$13.5 million to refinance the 1997 LTGO issued for the acquisition and remodeling of the current City Hall. The $6 million parking garage portion of the issue was advance refinanced last year (2010). The City Hall portion of the bonds, have been advance refunded once before, and cannot be refinanced again until later this year when the remaining principal can be called/redeemed. Of the $13.5 million issued, $9.95 million of principal balance is remaining and can be redeemed at face value on December 1, 2011. The new refunding bonds can be issued within 90 days from the payment of the 2001 bonds, or as early as September 2nd with pricing (setting interest rates) as early as August 2nd. The new issue is expected to be around $10.15 million, and will follow the same level amortization schedule as with the 2001 bonds. Depending upon the actual interest rates at the time of pricing, we anticipate saving between $150,000 to $190,000 per year, for the remaining six years of the term for a cumulative savings of $900k to over $1 million. CONCLUSION Staff recommends the Council approve the refinancing ordinance and the associated documents necessary to issue the new bonds, including the escrow agreement, and the redemption of the outstanding 2001 bonds. 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 99 of 355 SUMMARY OF REFUNDING RESULTS City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Dated Date 12/01/2011 Delivery Date 12/01/2011 Arbitrage yield 2.188249% Escrow yield 0.009836% Bond Par Amount 9,620,000.00 True Interest Cost 2.330037% Net Interest Cost 2.412325% All-In TIC 2.508244% Average Coupon 3.669683% Average Life 3.590 Par amount of refunded bonds 9,950,000.00 Average coupon of refunded bonds 5.250000% Average life of refunded bonds 3.648 PV of prior debt to 12/01/2011 @ 2.188249% 11,003,782.28 Net PV Savings 902,231.94 Percentage savings of refunded bonds 9.067658% Percentage savings of refunding bonds 9.378710% 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 100 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 1 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 101 of 355 SAVINGS City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Present Value Prior Refunding Annual to 12/01/2011 Date Debt Service Debt Service Savings Savings @ 2.1882491% 06/01/2012 261,187.50 161,925.00 99,262.50 - 98,188.20 12/01/2012 1,716,187.50 1,651,925.00 64,262.50 163,525.00 62,879.02 06/01/2013 222,993.75 143,300.00 79,693.75 - 77,134.12 12/01/2013 1,752,993.75 1,673,300.00 79,693.75 159,387.50 76,299.31 06/01/2014 182,831.25 124,175.00 58,656.25 - 55,550.08 12/01/2014 1,792,831.25 1,689,175.00 103,656.25 162,312.50 97,104.64 06/01/2015 140,568.75 96,787.50 43,781.25 - 40,570.16 12/01/2015 1,835,568.75 1,716,787.50 118,781.25 162,562.50 108,878.11 06/01/2016 96,075.00 68,437.50 27,637.50 - 25,059.10 12/01/2016 1,881,075.00 1,748,437.50 132,637.50 160,275.00 118,961.70 06/01/2017 49,218.75 39,037.50 10,181.25 - 9,032.67 12/01/2017 1,924,218.75 1,774,037.50 150,181.25 160,362.50 131,796.76 11,855,750.00 10,887,325.00 968,425.00 968,425.00 901,453.88 Savings Summary PV of savings from cash flow 901,453.88 Plus: Refunding funds on hand 778.06 Net PV Savings 902,231.94 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 102 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 2 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 103 of 355 SOURCES AND USES OF FUNDS City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Dated Date 12/01/2011 Delivery Date 12/01/2011 Sources: Bond Proceeds: Par Amount 9,620,000.00 Premium 482,328.40 10,102,328.40 Uses: Refunding Escrow Deposits: Cash Deposit 1.34 SLGS Purchases 9,993,449.00 9,993,450.34 Delivery Date Expenses: Cost of Issuance 60,000.00 Underwriter's Discount 48,100.00 108,100.00 Other Uses of Funds: Additional Proceeds 778.06 10,102,328.40 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 104 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 3 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 105 of 355 BOND PRICING City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Tax Exempt Serial Bonds: 12/01/2012 1,490,000 2.500% 1.340% 101.148 17,105.20 12/01/2013 1,530,000 2.500% 1.530% 101.903 29,115.90 12/01/2014 1,565,000 3.500% 1.800% 104.943 77,357.95 12/01/2015 1,620,000 3.500% 2.070% 105.462 88,484.40 12/01/2016 1,680,000 3.500% 2.280% 105.734 96,331.20 12/01/2017 1,735,000 4.500% 2.680% 110.025 173,933.75 9,620,000 482,328.40 Dated Date 12/01/2011 Delivery Date 12/01/2011 First Coupon 06/01/2012 Par Amount 9,620,000.00 Premium 482,328.40 Production 10,102,328.40 105.013809% Underwriter's Discount -48,100.00 -0.500000% Purchase Price 10,054,228.40 104.513809% Accrued Interest - Net Proceeds 10,054,228.40 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 106 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 4 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 107 of 355 BOND DEBT SERVICE City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Annual Period Debt Ending Principal Coupon Interest Debt Service Service 06/01/2012 - - 161,925.00 161,925.00 - 12/01/2012 1,490,000 2.500% 161,925.00 1,651,925.00 1,813,850 06/01/2013 - - 143,300.00 143,300.00 - 12/01/2013 1,530,000 2.500% 143,300.00 1,673,300.00 1,816,600 06/01/2014 - - 124,175.00 124,175.00 - 12/01/2014 1,565,000 3.500% 124,175.00 1,689,175.00 1,813,350 06/01/2015 - - 96,787.50 96,787.50 - 12/01/2015 1,620,000 3.500% 96,787.50 1,716,787.50 1,813,575 06/01/2016 - - 68,437.50 68,437.50 - 12/01/2016 1,680,000 3.500% 68,437.50 1,748,437.50 1,816,875 06/01/2017 - - 39,037.50 39,037.50 - 12/01/2017 1,735,000 4.500% 39,037.50 1,774,037.50 1,813,075 9,620,000 1,267,325.00 10,887,325.00 10,887,325 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 108 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 5 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 109 of 355 BOND SUMMARY STATISTICS City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Dated Date 12/01/2011 Delivery Date 12/01/2011 Last Maturity 12/01/2017 Arbitrage Yield 2.188249% True Interest Cost (TIC) 2.330037% Net Interest Cost (NIC) 2.412325% NIC w/Interest only 3.669683% NIC w/Interest & OID 2.273046% NIC w/Interest, OID & Und. Discount 2.412325% All-In TIC 2.508244% Average Coupon 3.669683% Average Life (years) 3.590 Duration of Issue (years) 3.402 Par Amount 9,620,000.00 Bond Proceeds 10,102,328.40 Total Interest 1,267,325.00 Net Interest 833,096.60 Bond Years from Dated Date 34,535,000.00 Bond Years from Delivery Date 34,535,000.00 Total Debt Service 10,887,325.00 Maximum Annual Debt Service 1,816,875.00 Average Annual Debt Service 1,814,554.17 Underwriter's Fees (per $1000) Average Takedown - Other Fee 5.000000 Total Underwriter's Discount 5.000000 Bid Price 104.513809 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change Tax Exempt Serial Bonds 9,620,000.00 105.014 3.670% 3.590 3,385.80 9,620,000.00 3.590 3,385.80 All-In Arbitrage TIC TIC Yield Par Value 9,620,000.00 9,620,000.00 9,620,000.00 + Accrued Interest - - - + Premium (Discount) 482,328.40 482,328.40 482,328.40 - Underwriter's Discount -48,100.00 -48,100.00 - Cost of Issuance Expense -60,000.00 - Other Amounts - - - Target Value 10,054,228.40 9,994,228.40 10,102,328.40 Target Date 12/01/2011 12/01/2011 12/01/2011 Yield 2.330037% 2.508244% 2.188249% 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 110 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 6 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 111 of 355 PROOF OF ARBITRAGE YIELD City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Present Value to 12/01/2011 Date Debt Service @ 2.1882491% 06/01/2012 161,925.00 160,172.51 12/01/2012 1,651,925.00 1,616,361.49 06/01/2013 143,300.00 138,697.44 12/01/2013 1,673,300.00 1,602,028.17 06/01/2014 124,175.00 117,599.26 12/01/2014 1,689,175.00 1,582,410.48 06/01/2015 96,787.50 89,688.73 12/01/2015 1,716,787.50 1,573,653.88 06/01/2016 68,437.50 62,052.73 12/01/2016 1,748,437.50 1,568,162.11 06/01/2017 39,037.50 34,633.54 12/01/2017 1,774,037.50 1,556,868.06 10,887,325.00 10,102,328.40 Proceeds Summary Delivery date 12/01/2011 Par Value 9,620,000.00 Premium (Discount) 482,328.40 Target for yield calculation 10,102,328.40 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 112 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 7 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 113 of 355 FORM 8038 STATISTICS City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Dated Date 12/01/2011 Delivery Date 12/01/2011 Redemption Bond Component Date Principal Coupon Price Issue Price at Maturity Tax Exempt Serial Bonds: 12/01/2012 1,490,000.00 2.500% 101.148 1,507,105.20 1,490,000.00 12/01/2013 1,530,000.00 2.500% 101.903 1,559,115.90 1,530,000.00 12/01/2014 1,565,000.00 3.500% 104.943 1,642,357.95 1,565,000.00 12/01/2015 1,620,000.00 3.500% 105.462 1,708,484.40 1,620,000.00 12/01/2016 1,680,000.00 3.500% 105.734 1,776,331.20 1,680,000.00 12/01/2017 1,735,000.00 4.500% 110.025 1,908,933.75 1,735,000.00 9,620,000.00 10,102,328.40 9,620,000.00 Stated Weighted Maturity Interest Issue Redemption Average Date Rate Price at Maturity Maturity Yield Final Maturity 12/01/2017 4.500% 1,908,933.75 1,735,000.00 - - Entire Issue - - 10,102,328.40 9,620,000.00 3.6350 2.1882% Proceeds used for accrued interest 0.00 Proceeds used for bond issuance costs (including underwriters' discount) 108,100.00 Proceeds used for credit enhancement 0.00 Proceeds allocated to reasonably required reserve or replacement fund 0.00 Proceeds used to currently refund prior issues 9,993,450.34 Proceeds used to advance refund prior issues 0.00 Remaining weighted average maturity of the bonds to be currently refunded 3.6482 Remaining weighted average maturity of the bonds to be advance refunded 0.0000 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 114 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 8 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 115 of 355 FORM 8038 STATISTICS City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Refunded Bonds Bond Component Date Principal Coupon Price Issue Price 2001 LTGO & Refunding Bonds (11/1/01): SERIALS 12/01/2012 1,455,000.00 5.250% 100.000 1,455,000.00 SERIALS 12/01/2013 1,530,000.00 5.250% 100.000 1,530,000.00 SERIALS 12/01/2014 1,610,000.00 5.250% 100.000 1,610,000.00 SERIALS 12/01/2015 1,695,000.00 5.250% 100.000 1,695,000.00 SERIALS 12/01/2016 1,785,000.00 5.250% 100.000 1,785,000.00 SERIALS 12/01/2017 1,875,000.00 5.250% 100.000 1,875,000.00 9,950,000.00 9,950,000.00 Remaining Last Weighted Call Issue Average Date Date Maturity 2001 LTGO & Refunding Bonds (11/1/01) 12/31/2011 11/01/2001 3.6482 All Refunded Issues 12/31/2011 - 3.6482 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 116 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 9 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 117 of 355 ESCROW DESCRIPTIONS City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Type of Type of Maturity First Int Par Max Security SLGS Date Pmt Date Amount Rate Rate Dec 1, 2011: SLGS Certificate 12/31/2011 12/31/2011 9,993,449 0.010% 0.010% 9,993,449 SLGS Summary SLGS Rates File 21JUN11 Total Certificates of Indebtedness 9,993,449.00 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 118 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 10 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 119 of 355 ESCROW COST DETAIL City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Type of Maturity Par Total Security Date Amount Rate Cost Global Proceeds Escrow: SLGS 12/31/2011 9,993,449 0.010% 9,993,449.00 9,993,449 9,993,449.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield Global Proceeds Escrow: 12/01/2011 9,993,449 1.34 9,993,450.34 0.009836% 9,993,449 1.34 9,993,450.34 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 120 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 11 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 121 of 355 ESCROW CASH FLOW City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Present Value Net Escrow to 12/01/2011 Date Principal Interest Receipts @ 0.0098358% 12/31/2011 9,993,449.00 81.91 9,993,530.91 9,993,449.00 9,993,449.00 81.91 9,993,530.91 9,993,449.00 Escrow Cost Summary Purchase date 12/01/2011 Purchase cost of securities 9,993,449.00 Target for yield calculation 9,993,449.00 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 122 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 12 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 123 of 355 ESCROW SUFFICIENCY City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 12/01/2011 - 1.34 1.34 1.34 12/31/2011 9,993,531.25 9,993,530.91 -0.34 1.00 9,993,531.25 9,993,532.25 1.00 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 124 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 13 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 125 of 355 ESCROW STATISTICS City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Modified Yield to Yield to Perfect Value of Total Duration Receipt Disbursement Escrow Negative Cost of Escrow Cost (years) Date Date Cost Arbitrage Dead Time Global Proceeds Escrow: 9,993,450.34 0.083 0.009836% 0.009836% 9,975,424.03 18,026.30 0.01 9,993,450.34 9,975,424.03 18,026.30 0.01 Delivery date 12/01/2011 Arbitrage yield 2.188249% 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 126 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 14 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 127 of 355 PROOF OF COMPOSITE ESCROW YIELD City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp All restricted escrows funded by bond proceeds Present Value Security to 12/01/2011 Date Receipts @ 0.0098358% 12/31/2011 9,993,530.91 9,993,449.00 9,993,530.91 9,993,449.00 Escrow Cost Summary Purchase date 12/01/2011 Purchase cost of securities 9,993,449.00 Target for yield calculation 9,993,449.00 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 128 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 15 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 129 of 355 PRIOR BOND DEBT SERVICE City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Period Annual Ending Principal Coupon Interest Debt Service Debt Service 06/01/2012 - - 261,187.50 261,187.50 - 12/01/2012 1,455,000 5.250% 261,187.50 1,716,187.50 1,977,375.00 06/01/2013 - - 222,993.75 222,993.75 - 12/01/2013 1,530,000 5.250% 222,993.75 1,752,993.75 1,975,987.50 06/01/2014 - - 182,831.25 182,831.25 - 12/01/2014 1,610,000 5.250% 182,831.25 1,792,831.25 1,975,662.50 06/01/2015 - - 140,568.75 140,568.75 - 12/01/2015 1,695,000 5.250% 140,568.75 1,835,568.75 1,976,137.50 06/01/2016 - - 96,075.00 96,075.00 - 12/01/2016 1,785,000 5.250% 96,075.00 1,881,075.00 1,977,150.00 06/01/2017 - - 49,218.75 49,218.75 - 12/01/2017 1,875,000 5.250% 49,218.75 1,924,218.75 1,973,437.50 9,950,000 1,905,750.00 11,855,750.00 11,855,750.00 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 130 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 16 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 131 of 355 ESCROW REQUIREMENTS City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Period Principal Ending Interest Redeemed Total 12/31/2011 43,531.25 9,950,000.00 9,993,531.25 43,531.25 9,950,000.00 9,993,531.25 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 132 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 17 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 133 of 355 SUMMARY OF BONDS REFUNDED City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Maturity Interest Par Call Call Bond Date Rate Amount Date Price 2001 LTGO & Refunding Bonds (11/1/01), 01LTR: SERIALS 12/01/2012 5.250% 1,455,000.00 12/31/2011 100.000 12/01/2013 5.250% 1,530,000.00 12/31/2011 100.000 12/01/2014 5.250% 1,610,000.00 12/31/2011 100.000 12/01/2015 5.250% 1,695,000.00 12/31/2011 100.000 12/01/2016 5.250% 1,785,000.00 12/31/2011 100.000 12/01/2017 5.250% 1,875,000.00 12/31/2011 100.000 9,950,000.00 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 134 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 18 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 135 of 355 UNREFUNDED BOND DEBT SERVICE City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Period Annual Ending Principal Coupon Interest Debt Service Debt Service 06/01/2012 - - 153,556.25 153,556.25 - 12/01/2012 - - 153,556.25 153,556.25 307,112.50 06/01/2013 - - 153,556.25 153,556.25 - 12/01/2013 - - 153,556.25 153,556.25 307,112.50 06/01/2014 - - 153,556.25 153,556.25 - 12/01/2014 - - 153,556.25 153,556.25 307,112.50 06/01/2015 - - 153,556.25 153,556.25 - 12/01/2015 - - 153,556.25 153,556.25 307,112.50 06/01/2016 - - 153,556.25 153,556.25 - 12/01/2016 - - 153,556.25 153,556.25 307,112.50 06/01/2017 - - 153,556.25 153,556.25 - 12/01/2017 - - 153,556.25 153,556.25 307,112.50 06/01/2018 - - 153,556.25 153,556.25 - 12/01/2018 1,385,000 5.250% 153,556.25 1,538,556.25 1,692,112.50 06/01/2019 - - 117,200.00 117,200.00 - 12/01/2019 1,460,000 5.250% 117,200.00 1,577,200.00 1,694,400.00 06/01/2020 - - 78,875.00 78,875.00 - 12/01/2020 1,540,000 5.000% 78,875.00 1,618,875.00 1,697,750.00 06/01/2021 - - 40,375.00 40,375.00 - 12/01/2021 1,615,000 5.000% 40,375.00 1,655,375.00 1,695,750.00 6,000,000 2,622,687.50 8,622,687.50 8,622,687.50 This portion was refunded in 2010 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 136 of 355 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 19 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 137 of 355 Terri Briere, Council President Members of the Renton City Council Page 40 of 2 July 6, 2011 COST OF ISSUANCE City of Renton Proposed Current Refunding of 2001 LTGO Bonds Current Interest Rates + 50bp Cost of Issuance $/1000 Amount Other Cost of Issuance 6.23701 60,000.00 6.23701 60,000.00 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 138 of 355 Terri Briere, Council President Members of the Renton City Council Page 41 of 2 July 6, 2011 Jun 21, 2011 11:12 am Prepared by Seattle-Northwest Securities Corp. (k:\city\RENTON:RENTON-R01LTR,R01LTR) Page 20 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 139 of 355 CITY OF RENTON, WASHINGTON LIMITED TAX GENERAL OBLIGATION REFUNDING BONDS, SERIES [2011B] ORDINANCE NO. _______ AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON, PROVIDING FOR THE ISSUANCE OF LIMITED TAX GENERAL OBLIGATION REFUNDING BONDS OF THE CITY IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $[9,800,000] TO REFUND CERTAIN OUTSTANDING LIMITED TAX GENERAL OBLIGATION BONDS AND TO PAY COSTS OF ISSUING THE BONDS; PROVIDING THE FORM AND TERMS OF THE BONDS; APPROVING AN ESCROW DEPOSIT AGREEMENT; AND DELEGATING THE AUTHORITY TO APPROVE THE FINAL TERMS OF THE BONDS. PASSED: July 25, 2011 PREPARED BY: PACIFICA LAW GROUP LLP Seattle, Washington TABLE OF CONTENTS* Page Section 1. Definitions and Interpretation of Terms 2 Section 2. Authorization of Bonds and Bond Details 8 Section 3. Registration, Exchange and Payments 9 Section 4. Redemption Prior to Maturity and Purchase of Bonds 14 Section 5. Form of Bonds 18 Section 6. Execution of Bonds 20 Section 7. Refunding Plan; Application of Bond Proceeds 21 Section 8. Tax Covenants 24 Section 9. Bond Fund and Provision for Tax Levy Payments 26 Section 10. Defeasance 27 Section 11. Sale of Bonds 28 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 140 of 355 Section 12. Bond Insurance 30 Section 13. Undertaking to Provide Ongoing Disclosure 31 Section 14. Lost, Stolen or Destroyed Bonds 35 Section 15. Severability; Ratification 36 Section 16. Effective Date of Ordinance 36 Exhibit A: Form of Escrow Deposit Agreement * This Table of Contents is provided for convenience only and is not a part of this ordinance. CITY OF RENTON, WASHINGTON ORDINANCE NO. _______ AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON, PROVIDING FOR THE ISSUANCE OF LIMITED TAX GENERAL OBLIGATION REFUNDING BONDS OF THE CITY IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $[9,800,000] TO REFUND CERTAIN OUTSTANDING LIMITED TAX GENERAL OBLIGATION BONDS AND TO PAY COSTS OF ISSUING THE BONDS; PROVIDING THE FORM AND TERMS OF THE BONDS; APPROVING AN ESCROW DEPOSIT AGREEMENT; AND DELEGATING THE AUTHORITY TO APPROVE THE FINAL TERMS OF THE BONDS. 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 141 of 355 WHEREAS, the City of Renton, Washington (the “City”) has outstanding its Limited TaxGeneral Obligation and Refunding Bonds, 2001, issued on November 1, 2001 pursuant toOrdinance No. 4922 adopted by the City Council (the “Council”) of the City on October 22, 2001(the “2001 Bond Ordinance”), which remain outstanding as follows: Maturity Dates (December 1) Principal Amounts Interest Rates 2011 $ 1,400,000 4.00 % 2012 1,455,000 5.25 2013 1,530,000 5.25 2014 1,610,000 5.25 2015 1,695,000 5.25 2016 1,785,000 5.25 2017 1,875,000 5.25 (the “2001 Bonds”); and WHEREAS, the 2001 Bond Ordinance provides that the City may call the 2001 Bonds maturing on and after December 1, 2012 (the “Refunding Candidates”) for redemption on and after December 1, 2011, in whole or in part on any date, at the price of par plus accrued interest, if any, to the date of redemption; and WHEREAS, after due consideration it appears that all or a portion of the Refunding Candidates (the “Refunded Bonds”) may be defeased and refunded by the proceeds of limited tax general obligation bonds at a savings to the City and its taxpayers; and WHEREAS, the Council deems it in the best interest of the City to issue limited tax general obligation refunding bonds in the aggregate principal amount of not to exceed $[9,800,000] (the “Bonds”) to redeem and defease the Refunded Bonds and to pay costs of issuing the Bonds; and WHEREAS, if determined to be in the best interest of the City, the Bonds authorized 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 142 of 355 herein may be combined into one single series with the City’s Limited Tax General Obligation Bonds, Series 2011A, authorized to be issued the aggregate principal amount of not to exceed $18,000,000 pursuant to Ordinance No. 5613 adopted by the Council on June 20, 2011; and WHEREAS, the City has received a proposal from Seattle-Northwest Securities Corporation, Seattle, Washington (the “Underwriter”) and now desires to issue and sell the Bonds to the Underwriter as set forth herein; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON DOES ORDAIN AS FOLLOWS: Section 1. Definitions and Interpretation of Terms. (a) Definitions. As used in this ordinance, the following words shall have the following meanings: Acquired Obligations means the Government Obligations acquired by the City under the terms of this ordinance and the Escrow Agreement to effect the defeasance and refunding of the Refunded Bonds. Beneficial Owner means any person that has or shares the power, directly or indirectly to make investment decisions concerning ownership of any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries). Bond Fund means the “City of Renton Limited Tax General Obligation Bond Debt Service Fund, 2011” authorized to be created pursuant to Section 9. Bond Insurance Policy means the municipal bond insurance policy, if any, issued by the Insurer insuring the payment when due of the principal of and interest on the Bonds as provided therein. Bond Purchase Contract means the contract for the purchase of the Bonds between the 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 143 of 355 Underwriter and City, executed pursuant to Section 11. Bond Register means the registration books showing the name, address and tax identification number of each Registered Owner of the Bonds, maintained pursuant to Section 149(a) of the Code. Bond Registrar means, initially, the fiscal agency of the State of Washington, for the purposes of registering and authenticating the Bonds, maintaining the Bond Register, effecting transfer of ownership of the Bonds and paying interest on and principal of the Bonds. Bond Year means each one-year period that ends on the date selected by the City. The first and last Bond Years may be short periods. If no day is selected by the City before the earlier of the final maturity date of the Bonds or the date that is five years after the date of issuance of the Bonds, Bond Years end on each anniversary of the date of issue and on the final maturity date of the Bonds. Bonds mean the City of Renton, Washington Limited Tax General Obligation Refunding Bonds, Series [2011B], or other series designation as approved by the Designated Representative, issued pursuant to this ordinance. Call Date means December 1, 2011. City means the City of Renton, Washington, a municipal corporation duly organized and existing by virtue of the laws of the State of Washington. Code means the Internal Revenue Code of 1986, as amended, and shall include all applicable regulations and rulings relating thereto. Commission means the Securities and Exchange Commission. Council means the City Council as the general legislative authority of the City, as duly and regularly constituted from time to time. 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 144 of 355 Designated Representative means the Mayor, the Chief Administrative Officer and the Finance Director of the City and any successor to the functions of such offices. The signature of one Designated Representative shall be sufficient to bind the City. DTC means The Depository Trust Company, New York, New York, a limited purpose trust company organized under the laws of the State of New York, as depository for the Bonds pursuant to Section 3. Escrow Agent means U.S. Bank National Association, Seattle, Washington. Escrow Agreement means the Escrow Deposit Agreement substantially in the form attached as Exhibit A hereto. Federal Tax Certificate means the certificate executed by the Designated Representative setting forth the requirements of the Code for maintaining the tax exemption of interest on the Bonds. Finance Director shall mean the City’s Finance and Information Services Administrator or the successor to such officer. Government Obligations mean those obligations now or hereafter defined as such in chapter 39.53 RCW. Insurer means the municipal bond insurance company, if any, selected and designated pursuant to Section 12, or any successor thereto or assignee thereof, as issuer of a Bond Insurance Policy for all or a portion of the Bonds. Letter of Representations means the blanket issuer letter of representations from the City to DTC. MSRB means the Municipal Securities Rulemaking Board or any successors to its functions. 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 145 of 355 Net Proceeds, when used with reference to the Bonds, mean the principal amount of the Bonds, plus accrued interest and original issue premium, if any, and less original issue discount, if any. Private Person means any natural person engaged in a trade or business or any trust, estate, partnership, association, company or corporation. Private Person Use means the use of property in a trade or business by a Private Person if such use is other than as a member of the general public. Private Person Use includes ownership of the property by the Private Person as well as other arrangements that transfer to the Private Person the actual or beneficial use of the property (such as a lease, management or incentive payment contract or other special arrangement) in such a manner as to set the Private Person apart from the general public. Use of property as a member of the general public includes attendance by the Private Person at municipal meetings or business rental of property to the Private Person on a day-to-day basis if the rental paid by such Private Person is the same as the rental paid by any Private Person who desires to rent the property. Use of property by nonprofit community groups or community recreational groups is not treated as Private Person Use if such use is incidental to the governmental uses of property, the property is made available for such use by all such community groups on an equal basis and such community groups are charged only a de minimis fee to cover custodial expenses. Refunded Bonds mean those Refunding Candidates designated by the Designated Representative for refunding pursuant to Section 7. Refunding Account means the account by that name established pursuant to Section 7. Refunding Candidates mean the 2001 Bonds maturing on and after December 1, 2012, as shown in the recitals to this ordinance. 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 146 of 355 Registered Owner means the person named as the registered owner of a Bond in the Bond Register. For so long as the Bonds are held in book-entry only form, DTC shall be deemed to be the sole Registered Owner. Rule means the Commission’s Rule 15c2-12 under the Securities Exchange Act of 1934, as the same may be amended from time to time. 2001 Bond Ordinance means Ordinance No. 4922 adopted by the Council on October 22, 2001, authorizing the issuance of the 2001 Bonds. 2001 Bonds mean the Limited Tax General Obligation and Refunding Bonds, 2001 of the City, issued on November 1, 2001 pursuant to the 2001 Bond Ordinance as described in the recitals of this ordinance. Underwriter means Seattle-Northwest Securities Corporation, Seattle, Washington. (b) Interpretation. In this ordinance, unless the context otherwise requires: (1) The terms “hereby,” “hereof,” “hereto,” “herein,” “hereunder” and any similar terms, as used in this ordinance, refer to this ordinance as a whole and not to any particular article, section, subdivision or clause hereof, and the term “hereafter” shall mean after, and the term “heretofore” shall mean before, the date of this ordinance; (2) Words of the masculine gender shall mean and include correlative words of the feminine and neutral genders and words importing the singular number shall mean and include the plural number and vice versa; (3) Words importing persons shall include firms, associations, partnerships (including limited partnerships), trusts, corporations and other legal entities, including public bodies, as well as natural persons; (4) Any headings preceding the text of the several articles and sections of 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 147 of 355 this ordinance, and any table of contents or marginal notes appended to copies hereof, shall be solely for convenience of reference and shall not constitute a part of this ordinance, nor shall they affect its meaning, construction or effect; and (5) All references herein to “articles,” “sections” and other subdivisions or clauses are to the corresponding articles, sections, subdivisions or clauses hereof. Section 2. Authorization of Bonds and Bond Details. For the purpose of refunding the Refunded Bonds and paying costs of issuance of the Bonds, including, but not limited to, the payment of the premium cost for a Bond Insurance Policy, if any, the City shall issue and sell its limited tax general obligation refunding bonds in the aggregate principal amount of not to exceed $[9,800,000] (the “Bonds”). The Bonds shall be general obligations of the City, shall be designated “City of Renton, Washington Limited Tax General Obligation Refunding Bonds, Series [2011B]” or other such designation as set forth in the Bond Purchase Contract and approved by the Designated Representative; shall be dated as of their date of delivery; shall be fully registered as to both principal and interest; shall be in the denomination of $5,000 each, or any integral multiple thereof, within a maturity; shall be numbered separately in such manner and with any additional designation as the Bond Registrar deems necessary for purposes of identification; and shall bear interest from their date payable on the first days of each December and June, commencing on December 1, 2011, at rates set forth in the Bond Purchase Contract; and shall mature on the dates and in the principal amounts set forth in the Bond Purchase Contract and as approved by the Designated Representative pursuant to Section 11. If determined to be in the best interest of the City, the Bonds authorized herein may be combined into one series with 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 148 of 355 the City’s Limited Tax General Obligation Bonds, Series 2011A, authorized to be issued the aggregate principal amount of not to exceed $18,000,000 pursuant to Ordinance No. 5613 adopted by the Council on June 20, 2011. The Bonds of any of the maturities may be combined and issued as term bonds, subject to mandatory redemption as provided in the Bond Purchase Contract. Section 3. Registration, Exchange and Payments. (a) Bond Registrar/Bond Register. The City hereby specifies and adopts the system of registration approved by the Washington State Finance Committee from time to time through the appointment of state fiscal agencies. The City shall cause a bond register to be maintained by the Bond Registrar. So long as any Bonds remain outstanding, the Bond Registrar shall make all necessary provisions to permit the exchange or registration or transfer of Bonds at its principal corporate trust office. The Bond Registrar may be removed at any time at the option of the Finance Director upon prior notice to the Bond Registrar and a successor Bond Registrar appointed by the Finance Director. No resignation or removal of the Bond Registrar shall be effective until a successor shall have been appointed and until the successor Bond Registrar shall have accepted the duties of the Bond Registrar hereunder. The Bond Registrar is authorized, on behalf of the City, to authenticate and deliver Bonds transferred or exchanged in accordance with the provisions of such Bonds and this ordinance and to carry out all of the Bond Registrar’s powers and duties under this ordinance. The Bond Registrar shall be responsible for its representations contained in the Certificate of Authentication of the Bonds. (b) Registered Ownership. The City and the Bond Registrar, each in its discretion, may deem and treat the Registered Owner of each Bond as the absolute owner thereof for all purposes (except as provided in Section 13), and neither the City nor the Bond Registrar shall be 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 149 of 355 affected by any notice to the contrary. Payment of any such Bond shall be made only as described in Section 3(h), but such Bond may be transferred as herein provided. All such payments made as described in Section 3(h) shall be valid and shall satisfy and discharge the liability of the City upon such Bond to the extent of the amount or amounts so paid. (c) DTC Acceptance/Letters of Representations. The Bonds initially shall be held in fully immobilized form by DTC acting as depository. To induce DTC to accept the Bonds as eligible for deposit at DTC, the City has executed and delivered to DTC a Blanket Issuer Letter of Representations. Neither the City nor the Bond Registrar will have any responsibility or obligation to DTC participants or the persons for whom they act as nominees (or any successor depository) with respect to the Bonds in respect of the accuracy of any records maintained by DTC (or any successor depository) or any DTC participant, the payment by DTC (or any successor depository) or any DTC participant of any amount in respect of the principal of or interest on Bonds, any notice which is permitted or required to be given to Registered Owners under this ordinance (except such notices as shall be required to be given by the City to the Bond Registrar or to DTC (or any successor depository)), or any consent given or other action taken by DTC (or any successor depository) as the Registered Owner. For so long as any Bonds are held in fully-immobilized form hereunder, DTC or its successor depository shall be deemed to be the Registered Owner for all purposes hereunder, and all references herein to the Registered Owners shall mean DTC (or any successor depository) or its nominee and shall not mean the owners of any beneficial interest in such Bonds. If any Bond shall be duly presented for payment and funds have not been duly provided by the City on such applicable date, then interest shall continue to accrue thereafter on the unpaid principal thereof at the rate stated on such Bond until it is paid. 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 150 of 355 (d) Use of Depository. (1) The Bonds shall be registered initially in the name of “Cede & Co.”, as nominee of DTC, with one Bond maturing on each of the maturity dates for the Bonds in a denomination corresponding to the total principal therein designated to mature on such date. Registered ownership of such immobilized Bonds, or any portions thereof, may not thereafter be transferred except (A) to any successor of DTC or its nominee, provided that any such successor shall be qualified under any applicable laws to provide the service proposed to be provided by it; (B) to any substitute depository appointed by the Finance Director pursuant to subsection (2) below or such substitute depository’s successor; or (C) to any person as provided in subsection (4) below. (2) Upon the resignation of DTC or its successor (or any substitute depository or its successor) from its functions as depository or a determination by the Finance Director to discontinue the system of book entry transfers through DTC or its successor (or any substitute depository or its successor), the Finance Director may hereafter appoint a substitute depository. Any such substitute depository shall be qualified under any applicable laws to provide the services proposed to be provided by it. (3) In the case of any transfer pursuant to clause (A) or (B) of subsection (1) above, the Bond Registrar shall, upon receipt of all outstanding Bonds, together with a written request on behalf of the Finance Director, issue a single new Bond for each maturity then outstanding, registered in the name of such successor or such substitute depository, or their nominees, as the case may be, all as specified in such written request of the Finance Director. 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 151 of 355 (4) In the event that (A) DTC or its successor (or substitute depository or its successor) resigns from its functions as depository, and no substitute depository can be obtained, or (B) the Finance Director determines that it is in the best interest of the beneficial owners of the Bonds that such owners be able to obtain such bonds in the form of Bond certificates, the ownership of such Bonds may then be transferred to any person or entity as herein provided, and shall no longer be held in fully-immobilized form. The Finance Director shall deliver a written request to the Bond Registrar, together with a supply of definitive Bonds, to issue Bonds as herein provided in any authorized denomination. Upon receipt by the Bond Registrar of all then outstanding Bonds together with a written request on behalf of the Finance Director to the Bond Registrar, new Bonds shall be issued in the appropriate denominations and registered in the names of such persons as are requested in such written request. (e) Registration of Transfer of Ownership or Exchange; Change in Denominations. The transfer of any Bond may be registered and Bonds may be exchanged, but no transfer of any such Bond shall be valid unless it is surrendered to the Bond Registrar with the assignment form appearing on such Bond duly executed by the Registered Owner or such Registered Owner’s duly authorized agent in a manner satisfactory to the Bond Registrar. Upon such surrender, the Bond Registrar shall cancel the surrendered Bond and shall authenticate and deliver, without charge to the Registered Owner or transferee therefor, a new Bond (or Bonds at the option of the new Registered Owner) of the same date, maturity and interest rate and for the same aggregate principal amount in any authorized denomination, naming as Registered Owner the person or persons listed as the assignee on the assignment form appearing on the surrendered Bond, in exchange for such surrendered and cancelled Bond. Any Bond may be surrendered to the Bond Registrar and exchanged, without charge, for an equal aggregate 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 152 of 355 principal amount of Bonds of the same date, maturity and interest rate, in any authorized denomination. The Bond Registrar shall not be obligated to register the transfer or to exchange any Bond during the 15 days preceding any interest payment or principal payment date any such Bond is to be redeemed. (f) Bond Registrar’s Ownership of Bonds. The Bond Registrar may become the Registered Owner of any Bond with the same rights it would have if it were not the Bond Registrar, and to the extent permitted by law, may act as depository for and permit any of its officers or directors to act as a member of, or in any other capacity with respect to, any committee formed to protect the right of the Registered Owners of Bonds. (g) Registration Covenant. The City covenants that, until all Bonds have been surrendered and canceled, it will maintain a system for recording the ownership of each Bond that complies with the provisions of Section 149 of the Code. (h) Place and Medium of Payment. Both principal of and interest on the Bonds shall be payable in lawful money of the United States of America. Interest on the Bonds shall be calculated on the basis of a year of 360 days and twelve 30-day months. For so long as all Bonds are in fully immobilized form, payments of principal and interest thereon shall be made as provided in accordance with the operational arrangements of DTC referred to in the Letter of Representations. In the event that the Bonds are no longer in fully immobilized form, interest on the Bonds shall be paid by check or draft mailed to the Registered Owners at the addresses for such Registered Owners appearing on the Bond Register on the fifteenth day of the month preceding the interest payment date, or upon the written request of a Registered Owner of more than $1,000,000 of Bonds (received by the Bond Registrar at least 15 days prior to the applicable payment date), such payment shall be made by the Bond Registrar by wire transfer 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 153 of 355 to the account within the United States designated by the Registered Owner. Principal of the Bonds shall be payable upon presentation and surrender of such Bonds by the Registered Owners at the principal office of the Bond Registrar. Section 4. Redemption Prior to Maturity and Purchase of Bonds. (a) Mandatory Redemption of Term Bonds and Optional Redemption, if any. The Bonds shall be subject to optional redemption on the dates, at the prices and under the terms set forth in the Bond Purchase Contract approved by the Designated Representative pursuant to Section 11. The Bonds shall be subject to mandatory redemption to the extent, if any, set forth in the Bond Purchase Contract and as approved by the Designated Representative pursuant to Section 11. (b) Purchase of Bonds. The City reserves the right to purchase any of the Bonds offered to it at any time at a price deemed reasonable by the Designated Representative. (c) Selection of Bonds for Redemption. For as long as the Bonds are held in book-entry only form, the selection of particular Bonds within a maturity to be redeemed shall be made in accordance with the operational arrangements then in effect at DTC. If the Bonds are no longer held in uncertificated form, the selection of such Bonds to be redeemed and the surrender and reissuance thereof, as applicable, shall be made as provided in the following provisions of this subsection (c). If the City redeems at any one time fewer than all of the Bonds having the same maturity date, the particular Bonds or portions of Bonds of such maturity to be redeemed shall be selected by lot (or in such manner determined by the Bond Registrar) in increments of $5,000. In the case of a Bond of a denomination greater than $5,000, the City and the Bond Registrar shall treat each Bond as representing such number of separate Bonds each of the denomination of $5,000 as is obtained by dividing the actual principal amount of 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 154 of 355 such Bond by $5,000. In the event that only a portion of the principal sum of a Bond is redeemed, upon surrender of such Bond at the principal office of the Bond Registrar there shall be issued to the Registered Owner, without charge therefor, for the then unredeemed balance of the principal sum thereof, at the option of the Registered Owner, a Bond or Bonds of like maturity and interest rate in any of the denominations herein authorized. (d) Notice of Redemption. (1) Official Notice. For so long as the Bonds are held in uncertificated form, notice of redemption (which notice may be conditional) shall be given in accordance with the operational arrangements of DTC as then in effect, and neither the City nor the Bond Registrar will provide any notice of redemption to any Beneficial Owners. Thereafter (if the Bonds are no longer held in uncertificated form), notice of redemption shall be given in the manner hereinafter provided. Unless waived by any owner of Bonds to be redeemed, official notice of any such redemption (which redemption may be conditioned by the Bond Registrar on the receipt of sufficient funds for redemption or otherwise) shall be given by the Bond Registrar on behalf of the City by mailing a copy of an official redemption notice by first class mail at least 20 days and not more than 60 days prior to the date fixed for redemption to the Registered Owner of the Bond or Bonds to be redeemed at the address shown on the Register or at such other address as is furnished in writing by such Registered Owner to the Bond Registrar. All official notices of redemption shall be dated and shall state: (A) the redemption date, (B) the redemption price, (C) if fewer than all outstanding Bonds are to be redeemed, the identification by maturity (and, in the case of partial redemption, the respective principal 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 155 of 355 amounts) of the Bonds to be redeemed, (D) that on the redemption date the redemption price will become due and payable upon each such Bond or portion thereof called for redemption, and that interest thereon shall cease to accrue from and after said date, and (E) the place where such Bonds are to be surrendered for payment of the redemption price, which place of payment shall be the principal office of the Bond Registrar. On or prior to any redemption date, the City shall deposit with the Bond Registrar an amount of money sufficient to pay the redemption price of all the Bonds or portions of Bonds which are to be redeemed on that date. (2) Effect of Notice; Bonds Due. If an unconditional notice of redemption has been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for redemption in accordance with said notice, such Bonds shall be paid by the Bond Registrar at the redemption price. Installments of interest due on or prior to the redemption date shall be payable as herein provided for payment of interest. All Bonds which have been redeemed shall be canceled by the Bond Registrar and shall not be reissued. (3) Additional Notice. In addition to the foregoing notice, further notice shall be given by the City as set out below, but no defect in said further notice nor any failure to give all or any portion of such further notice shall in any manner defeat the effectiveness of a call for redemption if notice thereof is given as above prescribed. Each further notice of redemption given hereunder shall contain the information required above for an official notice 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 156 of 355 of redemption plus (A) the CUSIP numbers of all Bonds being redeemed; (B) the date of issue of the Bonds as originally issued; (C) the rate of interest borne by each Bond being redeemed; (D) the maturity date of each Bond being redeemed; and (E) any other descriptive information needed to identify accurately the Bonds being redeemed. Each further notice of redemption may be sent at least 20 days before the redemption date to each party entitled to receive notice pursuant to Section 13 and with such additional information as the City shall deem appropriate, but such mailings shall not be a condition precedent to the redemption of such Bonds. (4) Amendment of Notice Provisions. The foregoing notice provisions of this Section 4, including but not limited to the information to be included in redemption notices and the persons designated to receive notices, may be amended by additions, deletions and changes in order to maintain compliance with duly promulgated regulations and recommendations regarding notices of redemption of municipal securities. Section 5. Form of Bonds. The Bonds shall be in substantially the following form: [STATEMENT OF INSURANCE] UNITED STATES OF AMERICA NO. $ ___ STATE OF WASHINGTON CITY OF RENTON LIMITED TAX GENERAL OBLIGATION REFUNDING BOND, [SERIES 2011B] INTEREST RATE: % MATURITY DATE: CUSIP NO.: REGISTERED OWNER: CEDE & CO. PRINCIPAL AMOUNT: The City of Renton, Washington (the “City”), hereby acknowledges itself to owe and for value received promises to pay to the Registered Owner identified above, or registered assigns, on the Maturity Date identified above, the Principal Amount indicated above and to pay interest thereon from ___________, 2011, or the most recent date to which interest has been paid or duly provided for until payment of this bond at the Interest Rate set forth above, payable on 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 157 of 355 December 1, 2011, and semiannually thereafter on the first days of each succeeding June and December. Both principal of and interest on this bond are payable in lawful money of the United States of America. The fiscal agency of the State of Washington has been appointed by the City as the authenticating agent, paying agent and registrar for the bonds of this issue (the “Bond Registrar”). For so long as the bonds of this issue are held in fully immobilized form, payments of principal and interest thereon shall be made as provided in accordance with the operational arrangements of The Depository Trust Company (“DTC”) referred to in the Blanket Issuer Letter of Representations (the “Letter of Representations”) from the City to DTC. The bonds of this issue are issued under and in accordance with the provisions of the Constitution and applicable statutes of the State of Washington and Ordinance No. _______ duly passed by the City Council on July 25, 2011 (the “Bond Ordinance”). Capitalized terms used in this bond have the meanings given such terms in the Bond Ordinance. This bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Bond Ordinance until the Certificate of Authentication hereon shall have been manually signed by or on behalf of the Bond Registrar or its duly designated agent. This bond is one of an authorized issue of bonds of like date, tenor, rate of interest and date of maturity, except as to number and amount in the aggregate principal amount of $__________ and is issued pursuant to the Bond Ordinance to provide a portion of the funds necessary (a) to refund and defease certain limited tax general obligation bonds of the City, and (b) to pay costs of issuance. The bonds of this issue are subject to redemption as provided in the Bond Ordinance and the Bond Purchase Contract. The City hereby irrevocably covenants and agrees with the owner of this bond that it will include in its annual budget and levy taxes annually, within and as a part of the tax levy permitted to the City without a vote of the electorate, upon all the property subject to taxation in amounts sufficient, together with other money legally available therefor, to pay the principal of and interest on this bond as the same shall become due. The full faith, credit and resources of the City are hereby irrevocably pledged for the annual levy and collection of such taxes and the prompt payment of such principal and interest. The bonds of this issue have not been designated by the City as “qualified tax-exempt obligations” for investment by financial institutions under Section 265(b) of the Code. The pledge of tax levies for payment of principal of and interest on the bonds may be discharged prior to maturity of the bonds by making provision for the payment thereof on the terms and conditions set forth in the Bond Ordinance. It is hereby certified that all acts, conditions and things required by the Constitution and statutes of the State of Washington to exist, to have happened, been done and performed precedent to and in the issuance of this bond have happened, been done and performed and that the issuance of this bond and the bonds of this issue does not violate any constitutional, statutory or other limitation upon the amount of bonded indebtedness that the City may incur. 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 158 of 355 IN WITNESS WHEREOF, the City of Renton, Washington has caused this bond to be executed by the manual or facsimile signatures of the Mayor and the City Clerk and the seal of the City imprinted, impressed or otherwise reproduced hereon as of this ____ day of ___________, 2011. [SEAL] CITY OF RENTON, WASHINGTON By /s/ manual or facsimile Mayor ATTEST: /s/ manual or facsimile City Clerk The Bond Registrar’s Certificate of Authentication on the Bonds shall be in substantially the following form: CERTIFICATE OF AUTHENTICATION This bond is one of the bonds described in the within-mentioned Bond Ordinance and is one of the Limited Tax General Obligation Refunding Bonds, Series 2011 of the City of Renton, Washington, dated ____________, 2011. WASHINGTON STATE FISCAL AGENCY, as Bond Registrar By Section 6. Execution of Bonds. The Bonds shall be executed on behalf of the City with the manual or facsimile signatures of the Mayor and City Clerk of the City and the seal of the City shall be impressed, imprinted or otherwise reproduced thereon. Only such Bonds as shall bear thereon a Certificate of Authentication in the form hereinbefore recited, manually executed by the Bond Registrar, shall be valid or obligatory for any purpose or entitled to the benefits of this ordinance. Such Certificate of Authentication 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 159 of 355 shall be conclusive evidence that the Bonds so authenticated have been duly executed, authenticated and delivered hereunder and are entitled to the benefits of this ordinance. In case either of the officers who shall have executed the Bonds shall cease to be an officer or officers of the City before the Bonds so signed shall have been authenticated or delivered by the Bond Registrar, or issued by the City, such Bonds may nevertheless be authenticated, delivered and issued and upon such authentication, delivery and issuance, shall be as binding upon the City as though those who signed the same had continued to be such officers of the City. Any Bond may be signed and attested on behalf of the City by such persons who at the date of the actual execution of such Bond, are the proper officers of the City, although at the original date of such Bond any such person shall not have been such officer of the City. Section 7. Refunding Plan; Application of Bond Proceeds. (a) Refunding Plan. For the purpose of realizing a debt service savings and benefiting the taxpayers of the City, the Council proposes to refund and defease the Refunded Bonds as set forth herein. The Refunded Bonds shall include those Refunding Candidates designated by the Designated Representative when the Bonds are sold pursuant to the Bond Purchase Contract. Proceeds of the Bonds shall be deposited with the Escrow Agent pursuant to the Escrow Deposit Agreement, in the form set forth as Exhibit A hereto, to be used immediately upon receipt thereof to defease the Refunded Bonds as authorized by the 2001 Bond Ordinance and to pay costs of issuance of the Bonds. The net proceeds deposited with the Escrow Agent shall be used to defease the Refunded Bonds and discharge the obligations thereon by the purchase of certain Government Obligations (which obligations so purchased, are herein called “Acquired Obligations”), bearing 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 160 of 355 such interest and maturing as to principal and interest in such amounts and at such times which, together with any necessary beginning cash balance, will provide for the payment of: (1) interest on the Refunded Bonds due and payable on and prior to the Call Date; and (2) the redemption prices of the Refunded Bonds on the Call Date. Such Acquired Obligations shall be purchased at a yield not greater than the yield permitted by the Code and regulations relating to acquired obligations in connection with refunding bond issues. (b) Escrow Agent/Escrow Agreement. The City hereby appoints U.S. Bank National Association, Seattle, Washington, as the Escrow Agent for the Refunded Bonds (the “Escrow Agent”). A beginning cash balance, if any, and the Acquired Obligations shall be deposited irrevocably with the Escrow Agent in an amount sufficient to defease the Refunded Bonds. The proceeds of the Bonds remaining after acquisition of the Acquired Obligations and provision for the necessary beginning cash balance shall be utilized to pay expenses of the acquisition and safekeeping of the Acquired Obligations and expenses of the issuance of the Bonds. In order to carry out the purposes of this Section 7, the Designated Representative is authorized and directed to execute and deliver to the Escrow Agent, an Escrow Deposit Agreement, substantially in the form attached hereto as Exhibit A. (e) Call for Redemption of Refunded Bonds. The City hereby irrevocably sets aside sufficient funds out of the purchase of Acquired Obligations from proceeds of the Bonds to make the payments described in Section 7(d). The City hereby irrevocably calls the Refunded Bonds for redemption on their Call Date 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 161 of 355 in accordance with the provisions of the 2001 Bond Ordinance authorizing the redemption and retirement of the 2001 Bonds prior to their fixed maturities. Said defeasance and call for redemption of the Refunded Bonds shall be irrevocable after the issuance of the Bonds and delivery of the Acquired Obligations to the Escrow Agent. The Escrow Agent is hereby authorized and directed to provide for the giving of notices of the redemption of the Refunded Bonds in accordance with the applicable provisions of the 2001 Bond Ordinance. The costs of publication of such notices shall be an expense of the City. The Escrow Agent is hereby authorized and directed to pay to the Finance Director, or, at the direction of the Finance Director, to the paying agent for the Refunded Bonds, sums sufficient to pay, when due, the payments specified in Section 7. All such sums shall be paid from the moneys and Acquired Obligations deposited with the Escrow Agent, and the income therefrom and proceeds thereof. All such sums so paid to said Finance Director shall be credited to the Refunding Account. All moneys and Acquired Obligations deposited with the Escrow Agent and any income therefrom shall be held, invested (but only at the direction of the Finance Director) and applied in accordance with the provisions of this ordinance and with the laws of the State of Washington for the benefit of the City and owners of the Refunded Bonds. The City will take such actions as are found necessary to see that all necessary and proper fees, compensation and expenses of the Escrow Agent for the Refunded Bonds shall be paid when due. Section 8. Tax Covenants. The City covenants that it will not take or permit to be taken on its behalf any action that would adversely affect the exemption from federal income taxation of the interest on the Bonds and will take or require to be taken such acts as may reasonably be within its ability and as may from time to time be required under applicable law 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 162 of 355 to continue the exemption from federal income taxation of the interest on the Bonds. (a) Arbitrage Covenant. Without limiting the generality of the foregoing, the City covenants that it will not take any action or fail to take any action with respect to the proceeds of the sale of the Bonds or any other funds of the City which may be deemed to be proceeds of the Bonds pursuant to Section 148 of the Code and the regulations promulgated thereunder which, if such use had been reasonably expected on the dates of delivery of the Bonds to the initial purchasers thereof, would have caused the Bonds to be treated as “arbitrage bonds” within the meaning of such term as used in Section 148 of the Code. The City will comply with the requirements of Section 148 of the Code and the applicable regulations thereunder throughout the term of the Bonds. (b) Private Person Use Limitation for Bonds. The City covenants that for as long as the Bonds are outstanding, it will not permit: (1) More than 10% of the Net Proceeds of the Bonds to be allocated to any Private Person Use; and (2) More than 10% of the principal or interest payments on the Bonds in a Bond Year to be directly or indirectly: (A) secured by any interest in property used or to be used for any Private Person Use or secured by payments in respect of property used or to be used for any Private Person Use, or (B) derived from payments (whether or not made to the City) in respect of property, or borrowed money, used or to be used for any Private Person Use. The City further covenants that, if: (3) More than five percent of the Net Proceeds of the Bonds are allocable to any Private Person Use; and (4) More than five percent of the principal or interest payments on the 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 163 of 355 Bonds in a Bond Year are (under the terms of this ordinance or any underlying arrangement) directly or indirectly: (A) secured by any interest in property used or to be used for any Private Person Use or secured by payments in respect of property used or to be used for any Private Person Use, or (B) derived from payments (whether or not made to the City) in respect of property, or borrowed money, used or to be used for any Private Person Use, then, (i) any Private Person Use of projects described in subsection (3) hereof or financed with proceeds of the Refunded Bonds or Private Person Use payments described in subsection (4) hereof that is in excess of the five percent limitations described in such subsections (3) or (4) will be for a Private Person Use that is related to the state or local governmental use of the projects funded and refunded by the proceeds of the Bonds, and (ii) any Private Person Use will not exceed the amount of Net Proceeds of the Bonds allocable to the state or local governmental use portion of the projects to which the Private Person Use of such portion of projects funded or refunded by the proceeds of the Bonds relate. The City further covenants that it will comply with any limitations on the use of the projects funded or refunded by the proceeds of the Bonds by other than state and local governmental users that are necessary, in the opinion of its bond counsel, to preserve the tax exemption of the interest on the Bonds. The covenants of this section are specified solely to assure the continued exemption from regular income taxation of the interest on the Bonds. (c) Modification of Tax Covenants. The covenants of this section are specified solely to assure the continued exemption from regular income taxation of the interest on the Bonds. To that end, the provisions of this section may be modified or eliminated without any 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 164 of 355 requirement for formal amendment thereof upon receipt of an opinion of the City’s bond counsel that such modification or elimination will not adversely affect the tax exemption of interest on any Bonds. (d) No Designation under Section 265(b). The City has not designated the Bonds as “qualified tax-exempt obligations” under Section 265(b)(3) of the Code for investment by financial institutions. Section 9. Bond Fund and Provision for Tax Levy Payments. The City hereby authorizes the creation of a fund to be used for the payment of debt service on the Bonds, designated as the “City of Renton Limited Tax General Obligation Bond Debt Service Fund, 2011” (the “Bond Fund”). No later than the date each payment of principal of or interest on the Bonds becomes due, the City shall transmit sufficient funds, from the Bond Fund or from other legally available sources, to the Bond Registrar for the payment of such principal or interest. Money in the Bond Fund may be invested in legal investments for City funds. The City hereby irrevocably covenants and agrees for as long as any of the Bonds are outstanding and unpaid that each year it will include in its budget and levy an ad valorem tax upon all the property within the City subject to taxation in an amount that will be sufficient, together with all other revenues and money of the City legally available for such purposes, to pay the principal of and interest on the Bonds when due. The City hereby irrevocably pledges that the annual tax provided for herein to be levied for the payment of such principal and interest shall be within and as a part of the tax levy permitted to cities without a vote of the people, and that a sufficient portion of each annual levy to be levied and collected by the City prior to the full payment of the principal of and interest on the Bonds will be and is hereby irrevocably set aside, pledged and appropriated for 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 165 of 355 the payment of the principal of and interest on the Bonds. The full faith, credit and resources of the City are hereby irrevocably pledged for the annual levy and collection of said taxes and for the prompt payment of the principal of and interest on the Bonds when due. Section 10. Defeasance. In the event that the City, to effect the payment, retirement or redemption of any Bond, sets aside in the Bond Fund or in another special account, cash or noncallable Government Obligations, or any combination of cash and/or noncallable Government Obligations, in amounts and maturities which, together with the known earned income therefrom, are sufficient to redeem or pay and retire such Bond in accordance with its terms and to pay when due the interest and redemption premium, if any, thereon, and such cash and/or noncallable Government Obligations are irrevocably set aside and pledged for such purpose, then no further payments need be made into the Bond Fund for the payment of the principal of and interest on such Bond. The owner of a Bond so provided for shall cease to be entitled to any lien, benefit or security of this ordinance except the right to receive payment of principal, premium, if any, and interest from the Bond Fund or such special account, and such Bond shall be deemed to be not outstanding under this ordinance. The City shall give written notice of defeasance to the owners of all Bonds so provided for within 30 days of the defeasance and to each party entitled to receive notice in accordance with Section 13. Section 11. Sale of Bonds. (a) Bond Sale. The Bonds shall be sold at negotiated sale to the Underwriter pursuant to the terms of the Bond Purchase Contract. The Underwriter has advised the Council that market conditions are fluctuating and, as a result, the most favorable market conditions may occur on a day other than a regular meeting date of the Council. The Council has 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 166 of 355 determined that it would be in the best interest of the City to delegate to the Designated Representative for a limited time the authority to approve the final interest rates, aggregate principal amount, principal amounts of each maturity of the Bonds, selection of the Refunded Bonds, and redemption rights. If found to be in the best interest of the City, the Designated Representative may combine the Bonds authorized herein into a single series with the City’s Limited Tax General Obligation Bonds, Series 2011A, authorized to be issued the aggregate principal amount of not to exceed $18,000,000 pursuant to Ordinance No. 5613 adopted by the Council on June 20, 2011. Any such designation shall be reflected in the Bond Purchase Contract for the Bonds and the Limited Tax General Obligation Bonds, Series 2011A. The Designated Representative is hereby authorized to approve the final interest rates, aggregate principal amount, principal maturities, selection of the Refunded Bonds, whether to combine the Bonds into a single series with the City’s Limited Tax General Obligation Bonds, Series 2011A, and redemption rights for the Bonds in the manner provided hereafter so long as (a) the aggregate principal amount of the Bonds does not exceed $[9,800,000], (b) the final maturity date for the Bonds is no later than December 1, 20___, (c) the Bonds are sold (in the aggregate) at a price not less than [95]% and not greater than [110]%, (d) the Bonds are sold for a price that results in a minimum net present value debt service savings over the Refunded Bonds of ____%, and (e) the true interest cost for the Bonds (in the aggregate) does not exceed _____%. In determining whether or not to acquire a Bond Insurance Policy and determining the final interest rates, aggregate principal amounts, principal maturities and redemption rights, the Designated Representative shall take into account those factors that, in his or her judgment, will result in the lowest true interest cost on the Bonds to their maturity, including, but not limited 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 167 of 355 to current financial market conditions and current interest rates for obligations comparable in tenor and quality to the Bonds. Subject to the terms and conditions set forth in this Section 11, the Designated Representative is hereby authorized to execute the Bond Purchase Contract. The signature of one Designated Representative shall be sufficient. Following the execution of the Bond Purchase Contract, the Designated Representative or the Finance Director shall provide a report to the Council describing the final terms of the Bonds approved pursuant to the authority delegated in this section. The authority granted to the Designated Representative by this Section 11 shall expire 120 days after the effective date of this ordinance. If a Bond Purchase Contract for the Bonds has not been executed within 120 days after the effective date of this ordinance, the authorization for the issuance of the Bonds shall be rescinded, and the Bonds shall not be issued nor their sale approved unless such Bonds shall have been re-authorized by ordinance of the Council. The ordinance re-authorizing the issuance and sale of such Bonds may be in the form of a new ordinance repealing this ordinance in whole or in part or may be in the form of an amendatory ordinance approving a bond purchase contract or establishing terms and conditions for the authority delegated under this Section 11. (b) Delivery of Bonds; Documentation. Upon the passage and approval of this ordinance, the proper officials of the City including the Designated Representative, are authorized and directed to undertake all action necessary for the prompt execution and delivery of the Bonds to the Underwriter and further to execute all closing certificates and documents required to effect the closing and delivery of the Bonds in accordance with the terms of the Bond Purchase Contract. (c) Preliminary and Final Official Statements. The Finance Director is hereby 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 168 of 355 authorized to ratify and to deem final the preliminary Official Statement relating to the Bonds for the purposes of the Rule. The Finance Director is further authorized to ratify and to approve for purposes of the Rule, on behalf of the City, the Official Statement relating to the issuance and sale of the Bonds and the distribution of the Official Statement pursuant thereto with such changes, if any, as may be deemed by her to be appropriate. Section 12. Bond Insurance. The Finance Director is hereby further authorized to solicit proposals from municipal bond insurance companies for the issuance of a Bond Insurance Policy. In the event that the Finance Director receives multiple proposals, the Finance Director may select the proposal having the lowest cost and resulting in an overall lower interest cost with respect to the Bonds. The Finance Director may execute a commitment received from the Insurer selected by the Finance Director. The Council further authorizes and directs all proper officers, agents, attorneys and employees of the City to cooperate with the Insurer in preparing such additional agreements, certificates, and other documentation on behalf of the City as shall be necessary or advisable in providing for the Bond Insurance Policy. Section 13. Undertaking to Provide Ongoing Disclosure. (a) Contract/Undertaking. This section constitutes the City’s written undertaking for the benefit of the owners, including Beneficial Owners, of the Bonds as required by Section (b)(5) of the Rule. (b) Financial Statements/Operating Data. The City agrees to provide or cause to be provided to the Municipal Securities Rulemaking Board (“MSRB”), the following annual financial information and operating data for the prior fiscal year (commencing in 2012 for the fiscal year ended December 31, 2011): 1. Annual financial statements, which statements may or may not 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 169 of 355 be audited, showing ending fund balances for the City’s general fund prepared in accordance with the Budgeting Accounting and Reporting System prescribed by the Washington State Auditor pursuant to RCW 43.09.200 (or any successor statute) and generally of the type included in the official statement for the Bonds under the heading “General Fund Comparative Statement of Revenues, Expenditures and Changes in Fund Balance”; 2. The assessed valuation of taxable property in the City; 3. Ad valorem taxes due and percentage of taxes collected; 4. Property tax levy rate per $1,000 of assessed valuation; and 5. Outstanding general obligation debt of the City. Items 2-5 shall be required only to the extent that such information is not included in the annual financial statements. The information and data described above shall be provided on or before nine months after the end of the City’s fiscal year. The City’s current fiscal year ends December 31. The City may adjust such fiscal year by providing written notice of the change of fiscal year to the MSRB. In lieu of providing such annual financial information and operating data, the City may cross-reference to other documents available to the public on the MSRB’s internet website or filed with the Commission. If not provided as part of the annual financial information discussed above, the City shall provide the City’s audited annual financial statement prepared in accordance with the Budgeting Accounting and Reporting System prescribed by the Washington State Auditor pursuant to RCW 43.09.200 (or any successor statute) when and if available to the MSRB. (c) Listed Events. The City agrees to provide or cause to be provided to the MSRB, in a timely manner not in excess of ten business days after the occurrence of the event, 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 170 of 355 notice of the occurrence of any of the following events with respect to the Bonds: 1. Principal and interest payment delinquencies; 2. Non-payment related defaults, if material; 3. Unscheduled draws on debt service reserves reflecting financial difficulties; 4. Unscheduled draws on credit enhancements reflecting financial difficulties; 5. Substitution of credit or liquidity providers, or their failure to perform; 6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the Bonds, or other material events affecting the tax status of the Bonds; 7. Modifications to the rights of Bondholders, if material; 8. Optional, contingent or unscheduled Bond calls other than scheduled sinking fund redemptions for which notice is given pursuant to Exchange Act Release 34-23856, if material, and tender offers; 9. Defeasances; 10. Release, substitution, or sale of property securing repayment of the Bonds, if material; 11. Rating changes; 12. Bankruptcy, insolvency, receivership or similar event of the City; 13. The consummation of a merger, consolidation, or acquisition involving 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 171 of 355 the City or the sale of all or substantially all of the assets of the City, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; and 14. Appointment of a successor or additional trustee or the change of name of a trustee, if material. The City shall promptly determine whether the events described above are material. (d) Format for Filings with the MSRB. All notices, financial information and operating data required by this undertaking to be provided to the MSRB must be in an electronic format as prescribed by the MSRB. All documents provided to the MSRB pursuant to this undertaking must be accompanied by identifying information as prescribed by the MSRB. (e) Notification Upon Failure to Provide Financial Data. The City agrees to provide or cause to be provided, in a timely manner, to the MSRB notice of its failure to provide the annual financial information described in Subsection (b) above on or prior to the date set forth in Subsection (b) above. (f) Termination/Modification. The City’s obligations to provide annual financial information and notices of certain listed events shall terminate upon the legal defeasance, prior redemption or payment in full of all of the Bonds. Any provision of this section shall be null and void if the City (1) obtains an opinion of nationally recognized bond counsel to the effect that the portion of the Rule that requires that provision is invalid, has been repealed retroactively or otherwise does not apply to the Bonds and (2) notifies the MSRB of such opinion and the cancellation of this section. 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 172 of 355 The City may amend this section with an opinion of nationally recognized bond counsel in accordance with the Rule. In the event of any amendment of this section, the City shall describe such amendment in the next annual report, and shall include a narrative explanation of the reason for the amendment and its impact on the type (or in the case of a change of accounting principles, on the presentation) of financial information or operating data being presented by the City. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements, (A) notice of such change shall be given in the same manner as for a listed event under Subsection (c), and (B) the annual report for the year in which the change is made shall present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles. (g) Bond Owner’s Remedies Under This Section. The right of any bondowner or Beneficial Owner of Bonds to enforce the provisions of this section shall be limited to a right to obtain specific enforcement of the City’s obligations under this section, and any failure by the City to comply with the provisions of this undertaking shall not be an event of default with respect to the Bonds. (h) No Default. Except as otherwise disclosed in the City’s official statement relating to the Bonds, the City is not and has not been in default in the performance of its obligations of any prior undertaking for ongoing disclosure with respect to its obligations. Section 14. Lost, Stolen or Destroyed Bonds. In case any Bond or Bonds shall be lost, stolen or destroyed, the Bond Registrar may execute and deliver a new Bond or Bonds of like date, number and tenor to the Registered Owner thereof upon the Registered Owner’s paying the expenses and charges of the City and the Bond Registrar in connection therewith 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 173 of 355 and upon his/her filing with the City evidence satisfactory to the City that such Bond was actually lost, stolen or destroyed and of his/her ownership thereof, and upon furnishing the City and/or the Bond Registrar with indemnity satisfactory to the City and the Bond Registrar. Section 15. Severability; Ratification. If any one or more of the covenants or agreements provided in this ordinance to be performed on the part of the City shall be declared by any court of competent jurisdiction to be contrary to law, then such covenant or covenants, agreement or agreements, shall be null and void and shall be deemed separable from the remaining covenants and agreements of this ordinance and shall in no way affect the validity of the other provisions of this ordinance or of the Bonds. All acts taken pursuant to the authority granted in this ordinance but prior to its effective date are hereby ratified and confirmed. Section 16. Effective Date of Ordinance. This ordinance shall be effective upon its passage, approval, and thirty (30) days after publication. PASSED BY THE CITY COUNCIL this ___ day of ______, 2011. Bonnie I. Walton, City Clerk APPROVED BY THE MAYOR this ___ day of _____, 2011. Denis Law, Mayor Approved as to form: Deanna Gregory Pacifica Law Group LLP Bond Counsel Date of Publication: ___________________ 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 174 of 355 EXHIBIT A E S C R O W D E P O S I T A G R E E M E N T CITY OF RENTON, WASHINGTON LIMITED TAX GENERAL OBLIGATION REFUNDING BONDS, SERIES 2011[B] THIS ESCROW AGREEMENT, dated as of _______, 2011 (herein, together with any amendments or supplements hereto, called the “Agreement”) is entered into by and between the City of Renton, Washington (the “City”) and U.S. Bank National Association, Seattle, Washington, as escrow agent (herein, together with any successor in such capacity, called the “Escrow Agent”). The notice addresses of the City and the Escrow Agent are shown on Exhibit A attached hereto and made a part hereof. WITNESSETH: WHEREAS, the City heretofore has issued and there presently remain outstanding the obligations described in Exhibit B attached hereto (the “Refunded Bonds”); and WHEREAS, pursuant to Ordinance No. ___ passed on July 25, 2011 (the “Bond Ordinance”), the City has determined to issue its Limited Tax General Obligation Refunding Bonds, Series 2011 (the “Bonds”); and WHEREAS, a portion of the proceeds of the Bonds will be used for the purpose of providing funds to pay the costs of refunding the Refunded Bonds; and WHEREAS, __________ has prepared a report dated _______ __, 2011 (the “Verification Report”) relating to the source and use of funds available to accomplish the refunding of the Refunded Bonds, the investment of such funds in Government Obligations (as defined herein) and the adequacy of such funds and investments to provide for the payment of the debt service due on the Refunded Bonds; and WHEREAS, pursuant to the Bond Ordinance, the Refunded Bonds have been designated for redemption prior to their scheduled maturity dates and, after provision is made for such redemption, the Refunded Bonds will come due in such years, bear interest at such rates, and be payable at such times and in such amounts as are set forth in Exhibit C attached hereto and made a part hereof; and WHEREAS, when Escrowed Securities have been deposited with the Escrow Agent for the payment of all principal and interest of the Refunded Bonds when due, then the Refunded Bonds shall be legally defeased; and WHEREAS, the issuance, sale, and delivery of the Refunding Bonds have been duly authorized to be issued, sold, and delivered for the purpose of obtaining the funds required to provide for the payment of the principal of, interest on and redemption premium (if any) on the 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 175 of 355 Refunded Bonds when due as shown on Exhibit C attached hereto; NOW, THEREFORE, in consideration of the mutual undertakings, promises and agreements herein contained, the sufficiency of which hereby are acknowledged, and to secure the full and timely payment of principal of and the interest on the Refunded Bonds, the City and the Escrow Agent mutually undertake, promise and agree for themselves and their respective representatives and successors, as follows: Article Definitions Section Definitions. Unless the context clearly indicates otherwise, the following terms shall have the meanings assigned to them below when they are used in this Agreement: Escrow Fund means the fund created by this Agreement to be established, held and administered by the Escrow Agent pursuant to the provisions of this Agreement. Escrowed Securities means the noncallable Government Obligations described in Exhibit D attached to this Agreement, or cash or other noncallable obligations substituted therefor pursuant to Section 4.2 of this Agreement. Government Obligations means direct, noncallable (a) United States Treasury Obligations, (b) United States Treasury Obligations - State and Local Government Series, (c) non-prepayable obligations which are unconditionally guaranteed as to full and timely payment of principal and interest by the United States of America or (d) REFCORP debt obligations unconditionally guaranteed by the United States. Paying Agent means The Bank of New York Mellon, as the fiscal agency of the State of Washington, and as the paying agent for the Refunded Bonds. Refunding Bonds means that portion of the Bonds authorized under the Bond Ordinance for the purpose of refunding the Refunded Bonds. Section Other Definitions. The terms “Agreement,” “City,” “Escrow Agent,” “Bond Ordinance,” “Verification Report,” “Refunded Bonds,” and “Bonds” when they are used in this Agreement, shall have the meanings assigned to them in the preamble to this Agreement. Section Interpretations. The titles and headings of the articles and sections of this Agreement have been inserted for convenience and reference only and are not to be considered a part hereof and shall not in any way modify or restrict the terms hereof. This Agreement and all of the terms and provisions hereof shall be liberally construed to effectuate the purposes set forth herein and to achieve the 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 176 of 355 intended purpose of providing for the refunding of the Refunded Bonds in accordance with applicable law. Article Deposit of Funds and Escrowed Securities Section Deposits in the Escrow Fund. Concurrently with the sale and delivery of the Bonds, the City shall deposit, or cause to be deposited, with the Escrow Agent, for deposit in the Escrow Fund (as defined below), the funds (from the proceeds of the Refunding Bonds and a cash contribution by the City, if necessary) sufficient to purchase the Escrowed Securities and pay costs of issuance described in Exhibit D, and the Escrow Agent shall, upon the receipt thereof, acknowledge such receipt to the City in writing. Article Creation and Operation of Escrow Fund Section Escrow Fund. The Escrow Agent has created on its books a special trust fund and irrevocable escrow account to be known as the Refunding Account (the “Escrow Fund”). The Escrow Agent hereby agrees that upon receipt thereof it will deposit to the credit of the Escrow Fund the funds and the Escrowed Securities described in Exhibit D attached hereto. Such deposit, all proceeds therefrom, and all cash balances from time to time on deposit therein (a) shall be the property of the Escrow Fund, (b) shall be applied only in strict conformity with the terms and conditions of this Agreement, and (c) are hereby irrevocably pledged to the payment of the principal of and interest on the Refunded Bonds as set forth in Ordinance No. 4922 adopted by the City Council of the City on October 22, 2001 (the “2001 Bond Ordinance”), which payment shall be made by timely transfers of such amounts at such times as are provided for in Section 3.2 hereof. When the final transfers have been made for the payment of such principal of and interest on the Refunded Bonds, any balance then remaining in the Escrow Fund shall be transferred to the City, and the Escrow Agent shall thereupon be discharged from any further duties hereunder. Section Payment of Principal and Interest. The Escrow Agent is hereby irrevocably instructed to transfer to the Paying Agent from the cash balances from time to time on deposit in the Escrow Fund, the amounts required to pay the principal of the Refunded Bonds at their respective redemption dates and interest thereon to such redemption dates in the amounts and at the times shown in Exhibit C attached hereto. Section Sufficiency of Escrow Fund. The City represents that, based upon the information provided in the Verification Report, the successive receipts of the principal of and interest on the Escrowed Securities will assure that the cash balance on deposit from time to time in the Escrow Fund will be at all times sufficient to provide moneys for transfer to the Paying Agent at the times and in the amounts required to pay the interest on the Refunded Bonds as such interest comes due and the principal 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 177 of 355 of the Refunded Bonds as the Refunded Bonds are paid on an optional redemption date prior to maturity, all as more fully set forth in Exhibit E attached hereto and as required for the legal defeasance of the Refunded Bonds under the terms of the 2001 Bond Ordinance. If, for any reason, at any time, the cash balances on deposit or scheduled to be on deposit in the Escrow Fund shall be insufficient to transfer the amounts required by the Paying Agent to make the payments set forth in Section 3.2. hereof, the City shall timely deposit in the Escrow Fund, from any funds that are lawfully available therefor, additional funds in the amounts required to make such payments. Notice of any such insufficiency shall be given promptly as hereinafter provided, but the Escrow Agent shall not in any manner be responsible for any insufficiency of funds in the Escrow Fund or the City’s failure to make additional deposits thereto. Section Trust Fund. The Escrow Agent or its affiliate, shall hold at all times the Escrow Fund, the Escrowed Securities and all other assets of the Escrow Fund, wholly segregated from all other funds and securities on deposit with the Escrow Agent; it shall never allow the Escrowed Securities or any other assets of the Escrow Fund to be commingled with any other funds or securities of the Escrow Agent; and it shall hold and dispose of the assets of the Escrow Fund only as set forth herein. The Escrowed Securities and other assets of the Escrow Fund shall always be maintained by the Escrow Agent as trust funds for the benefit of the owners of the Refunded Bonds; and a special account thereof shall at all times be maintained on the books of the Escrow Agent. The owners of the Refunded Bonds shall be entitled to the same preferred claim and first lien upon the Escrowed Securities, the proceeds thereof, and all other assets of the Escrow Fund to which they are entitled as owners of the Refunded Bonds as set forth in the 2001 Bond Ordinance. The amounts received by the Escrow Agent under this Agreement shall not be considered as a banking deposit by the City, and the Escrow Agent shall have no right to title with respect thereto except as a trustee and Escrow Agent under the terms of this Agreement. The amounts received by the Escrow Agent under this Agreement shall not be subject to warrants, drafts or checks drawn by the City or, except to the extent expressly herein provided, by the Paying Agent. Article Limitation on Investments Section Investments. Except for the initial investment in the Escrowed Securities the Escrow Agent shall not have any power or duty to invest or reinvest any money held hereunder, or to make substitutions of the Escrowed Securities, or to sell, transfer, or otherwise dispose of the Escrowed Securities. Section Substitution of Securities. [Reserved] 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 178 of 355 Article Application of Cash Balances Section In General. Except as provided in Section 2.1, 3.2 and 4.2 hereof, no withdrawals, transfers orreinvestment shall be made of cash balances in the Escrow Fund. Cash balances shall be held bythe Escrow Agent in United States currency as cash balances as shown on the books and recordsof the Escrow Agent and, except as provided herein, shall not be reinvested by the EscrowAgent; provided, however, a conversion to currency shall not be required (i) for so long as theEscrow Agent’s internal rate of return does not exceed 20%, or (ii) if the Escrow Agent’s internalrate of return exceeds 20%, the Escrow Agent receives a letter of instructions, accompanied bythe opinion of nationally recognized bond counsel, approving the assumed reinvestment of suchproceeds at such higher yield. Article Redemption of Refunded Bonds Section Call for Redemption. The City hereby irrevocably calls the Refunded Bonds for redemption on their earliest redemption dates, as shown in the Verification Report and on Appendix A attached hereto. Section Notice of Redemption/Notice of Defeasance. The Escrow Agent agrees to give a notice of defeasance and a notice of the redemption of the Refunded Bonds pursuant to the terms of the Refunded Bonds and in substantially the forms attached hereto as Appendices A and B attached hereto and as described on said Appendices A and B to the Paying Agent for distribution as described therein. The notice of defeasance shall be given immediately following the execution of this Agreement, and the notice of redemption shall be given in accordance with the ordinance authorizing the Refunded Bonds. The Escrow Agent hereby certifies that provision satisfactory and acceptable to the Escrow Agent has been made for the giving of notice of redemption of the Refunded Bonds. Article Records and Reports Section Records. The Escrow Agent will keep books of record and account in which complete and accurate entries shall be made of all transactions relating to the receipts, disbursements, allocations and application of the money and Escrowed Securities deposited to the Escrow Fund and all proceeds thereof, and such books shall be available for inspection during business hours and after reasonable notice by the parties hereto and by the owners of the Refunded Bonds. Section Reports. While this Agreement remains in effect, the Escrow Agent monthly shall prepare and send to the City a written report summarizing all transactions relating to the Escrow Fund during 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 179 of 355 the preceding financial month, including, without limitation, credits to the Escrow Fund as a result of interest payments on or maturities of the Escrowed Securities and transfers from the Escrow Fund for payments on the Refunded Bonds or otherwise, together with a detailed statement of all Escrowed Securities and the cash balance on deposit in the Escrow Fund as of the end of such period. Article Concerning the Paying Agents and Escrow Agent Section Representations. The Escrow Agent hereby represents that it has all necessary power and authority to enter into this Agreement and undertake the obligations and responsibilities imposed upon it herein, and that it will carry out all of its obligations hereunder. Section Limitation on Liability. The liability of the Escrow Agent to transfer funds for the payment of the principal of and interest on the Refunded Bonds shall be limited to the proceeds of the Escrowed Securities and the cash balances from time to time on deposit in the Escrow Fund. Notwithstanding any provision contained herein to the contrary, the Escrow Agent shall have no liability whatsoever for the insufficiency of funds from time to time in the Escrow Fund or any failure of the obligors of the Escrowed Securities to make timely payment thereon, except for the obligation to notify the City promptly of any such occurrence. The recitals herein and in the proceedings authorizing the Refunding Bonds shall be taken as the statements of the City and shall not be considered as made by, or imposing any obligation or liability upon, the Escrow Agent. The Escrow Agent is not a party to the proceedings authorizing the Refunding Bonds or the Refunded Bonds and is not responsible for nor bound by any of the provisions thereof. In its capacity as Escrow Agent, it is agreed that the Escrow Agent need look only to the terms and provisions of this Agreement. The Escrow Agent makes no representations as to the value, conditions or sufficiency of the Escrow Fund, or any part thereof, or as to the title of the City thereto, or as to the security afforded thereby or hereby, and the Escrow Agent shall not incur any liability or responsibility in respect to any of such matters. It is the intention of the parties hereto that the Escrow Agent shall never be required to use or advance its own funds or otherwise incur personal financial liability in the performance of any of its duties or the exercise of any of its rights and powers hereunder. The Escrow Agent shall not be liable for any action taken or neglected to be taken by it in good faith in any exercise of reasonable care and believed by it to be within the discretion or power conferred upon it by this Agreement, nor shall the Escrow Agent be responsible for the consequences of any error of judgment; and the Escrow Agent shall not be answerable except for 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 180 of 355 its own neglect or willful misconduct, nor for any loss unless the same shall have been through its negligence or bad faith. Unless it is specifically otherwise provided herein, the Escrow Agent has no duty to determine or inquire into the happening or occurrence of any event or contingency or the performance or failure of performance of the City with respect to arrangements or contracts with others, with the Escrow Agent’s sole duty hereunder being to safeguard the Escrow Fund, to dispose of and deliver the same in accordance with this Agreement. If, however, the Escrow Agent is called upon by the terms of this Agreement to determine the occurrence of any event or contingency, the Escrow Agent shall be obligated, in making such determination, only to exercise reasonable care and diligence, and in event of error in making such determination the Escrow Agent shall be liable only for its own willful misconduct or its negligence. In determining the occurrence of any such event or contingency the Escrow Agent may request from the City or any other person such reasonable additional evidence as the Escrow Agent in its discretion may deem necessary to determine any fact relating to the occurrence of such event or contingency, and in this connection may make inquiries of, and consult with, among others, the City at any time. Section Compensation. The City shall pay to the Escrow Agent fees for performing the services hereunder and for the expenses incurred or to be incurred by the Escrow Agent in the administration of this Agreement pursuant to the terms of the Fee Schedule attached hereto as Appendix B. The Escrow Agent hereby agrees that in no event shall it ever assert any claim or lien against the Escrow Fund for any fees for its services, whether regular or extraordinary, as Escrow Agent, or in any other capacity, or for reimbursement for any of its expenses as Escrow Agent or in any other capacity. Section Successor Escrow Agents. Any corporation, association or other entity into which the Escrow Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or otherwise transfer all or substantially all of its corporate trust assets and business or any corporation, association or other entity resulting from any such conversion, sale, merger, consolidation or other transfer to which it is a party, ipso facto, shall be and become successor escrow agent hereunder, vested with all other matters as was its predecessor, without the execution or filing of any instrument or any further act on the part of the parties hereto, notwithstanding anything herein to the contrary. If at any time the Escrow Agent or its legal successor or successors should become unable, through operation or law or otherwise, to act as escrow agent hereunder, or if its property and affairs shall be taken under the control of any state or federal court or administrative body because of insolvency or bankruptcy or for any other reason, a vacancy shall forthwith exist in the office of Escrow Agent hereunder. In such event, the City, by appropriate action, promptly shall appoint an Escrow Agent to fill such vacancy. If no successor Escrow Agent shall have been appointed by the City within 60 days, a successor may be appointed by the owners of a majority in principal amount of the Refunded Bonds then outstanding by an instrument or 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 181 of 355 instruments in writing filed with the City, signed by such owners or by their duly authorized attorneys-in-fact. If, in a proper case, no appointment of a successor Escrow Agent shall be made pursuant to the foregoing provisions of this section within three months after a vacancy shall have occurred, the owner of any Refunded Bond may apply to any court of competent jurisdiction to appoint a successor Escrow Agent. Such court may thereupon, after such notice, if any, as it may deem proper, prescribe and appoint a successor Escrow Agent. Any successor Escrow Agent shall be a corporation organized or doing business under the laws of the United States or the State of Washington, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $100,000,000 and subject to the supervision or examination by federal or state authority. Any successor Escrow Agent shall execute, acknowledge and deliver to the City and the Escrow Agent an instrument accepting such appointment hereunder, and the Escrow Agent shall execute and deliver an instrument transferring to such successor Escrow Agent, subject to the terms of this Agreement, all the rights, powers and trusts of the Escrow Agent hereunder. Upon the request of any such successor Escrow Agent, the City shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor Escrow Agent all such rights, powers and duties. The obligations assumed by the Escrow Agent pursuant to this Agreement may be transferred by the Escrow Agent to a successor Escrow Agent if (a) the requirements of this Section 8.4 and the 2001 Bond Ordinance are satisfied; (b) the successor Escrow Agent has assumed all the obligations of the Escrow Agent under this Agreement; and (c) all of the Escrowed Securities and money held by the Escrow Agent pursuant to this Agreement have been duly transferred to such successor Escrow Agent. Article Miscellaneous Section Notice. Any notice, authorization, request, or demand required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given when mailed by registered or certified mail, postage prepaid addressed to the City or the Escrow Agent at the address shown on Exhibit A attached hereto. The United States Post Office registered or certified mail receipt showing delivery of the aforesaid shall be conclusive evidence of the date and fact of delivery. Any party hereto may change the address to which notices are to be delivered by giving to the other parties not less than ten days prior notice thereof. Section Termination of Responsibilities. Upon the taking of all the actions as described herein by the Escrow Agent, the Escrow Agent shall have no further obligations or responsibilities hereunder to the City, the owners of the Refunded Bonds or to any other person or persons in connection with this Agreement. Section Binding Agreement. 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 182 of 355 This Agreement shall be binding upon the City and the Escrow Agent and their respective successors and legal representatives, and shall inure solely to the benefit of the owners of the Refunded Bonds, the City, the Escrow Agent and their respective successors and legal representatives. Section Severability. In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, but this Agreement shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein. Section Washington Law Governs. This Agreement shall be governed exclusively by the provisions hereof and by the applicable laws of the State of Washington. Section Time of the Essence. Time shall be of the essence in the performance of obligations from time to time imposed upon the Escrow Agent by this Agreement. Section Notice to Moody’s. In the event that this Agreement or any provision thereof is severed, amended or revoked, the City shall provide written notice of such severance, amendment or revocation to Moody’s Investors Service at 7 World Trade Center at 250 Greenwich Street, New York, New York, 10007, Attention: Public Finance Rating Desk/ Refunded Bonds. Section 9.8. Amendments. This Agreement shall not be amended except to cure any ambiguity or formal defect or omission in this Agreement. No amendment shall be effective unless the same shall be in writing and signed by the parties thereto. No such amendment shall adversely affect the rights of the holders of the Refunded Bonds. No such amendment shall be made without first receiving written confirmation from the rating agencies (if any) which have rated the Refunded Bonds that such administrative changes will not result in a withdrawal or reduction of its rating then assigned to the Refunded Bonds. If this Agreement is amended, prior written notice and copies of the proposed changes shall be given to the rating agencies which have rated the Refunded Bonds. 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 183 of 355 EXECUTED as of the date first written above. CITY OF RENTON, WASHINGTON [Designated City Representative] U.S. BANK NATIONAL ASSOCIATION Name:____________________________ _ Title:_____________________________ Exhibit A — Addresses of the City and the Escrow Agent Exhibit B — Description of the Refunded Bonds Exhibit C — Schedule of Debt Service on Refunded Bonds Exhibit D — Description of Beginning Cash Deposit (if any) and Escrowed Securities Exhibit E — Escrow Fund Cash Flow Appendix A — Notice of Redemption for the 2001 Bonds Appendix B — Notice of Defeasance for the 2001 Bonds Appendix C — Fee Schedule 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 184 of 355 EXHIBIT A Addresses of the City and Escrow Agent The City: City of Renton, Washington 1055 S. Grady Way Renton, Washington 98057 Attention: Finance and Information Services Administrator Escrow Agent: U.S. Bank National Association Corporate Trust Services PD-WA-T7CT 1420 Fifth Avenue, 7th Floor Seattle, WA 98101 Attention: Carolyn Morrison, Vice President 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 185 of 355 EXHIBIT B Description of the Refunded Bonds City of Renton, Washington Limited Tax General Obligation and Refunding Bonds, 2001 Maturity Dates (December 1) Principal Interest Rates 2012 $ 1,455,000 5.25% 2013 1,530,000 5.25 2014 1,610,000 5.25 2015 1,695,000 5.25 2016 1,785,000 5.25 2017 1,875,000 5.25 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 186 of 355 EXHIBIT C Schedule of Debt Service on the Refunded Bonds Date Interest Principal/ Redemption Price Total $___$_____$____ $___$_____$____ 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 187 of 355 EXHIBIT D Escrow Deposit I. Cash: $____ II. Other Obligations: Description Maturity Date Principal Amount Interest Rate Total Cost III. Costs of Issuance (1): Escrow Agent Fee (U.S. Bank) $ Bond Counsel Fee (Pacifica Law Group LLP) Rating Agency (_________) Printing/mailing the POS Fee Contingency TOTAL: $ (1) Net of Purchaser’s fee of $___.00. 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 188 of 355 EXHIBIT E Escrow Fund Cash Flow Date Escrow Requirement Net Escrow Receipts Excess Receipts Cash Balance $ _____$ _____$ _____ $ ____________________ $ ____ $_____ $ _____ $ _____ APPENDIX A-1 NOTICE OF REDEMPTION* City of Renton, Washington Limited Tax General Obligation and Refunding Bonds, 2001 NOTICE IS HEREBY GIVEN that the City of Renton, Washington (the “City”) has called for redemption on December 1, 2011, its outstanding Limited Tax General Obligation and Refunding Bonds, 2001 (the “Bonds”). The Bonds to be refunded will be redeemed at a price of one hundred percent (100%) of their principal amount, plus interest accrued to December 1, 2011. The redemption price of the Bonds is payable on presentation and surrender of the Bonds at the office of: The Bank of New York Mellon Worldwide Series Processing 2001 Bryan Street, 9th Floor Dallas, Texas 75021 -or- Wells Fargo Bank National Association Corporate Trust Department 14th Floor - M/S 257 999 Third Avenue Seattle, Washington 98104 Interest on the Bonds to be refunded or portions thereof which are redeemed shall cease to accrue on December 1, 2011. The following Bonds are being redeemed: 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 189 of 355 Maturity Dates (December 1) Principal Amounts Interest Rates CUSIP Numbers 2012 $ 1,455,000 5.25% 2013 1,530,000 5.25 2014 1,610,000 5.25 2015 1,695,000 5.25 2016 1,785,000 5.25 2017 1,875,000 5.25 By Order of the City of Renton, Washington The Bank of New York Mellon, as Paying Agent Dated: . Withholding of 28% of gross redemption proceeds of any payment made within the United States may be required by the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”) unless the Paying Agent has the correct taxpayer identification number (social security or employer identification number) or exemption certificate of the payee. Please furnish a properly completed Form W-9 or exemption certificate or equivalent when presenting your Bonds. APPENDIX B Notice of Defeasance* City of Renton, Washington Limited Tax General Obligation and Refunding Bonds, 2001 NOTICE IS HEREBY GIVEN to the owners of that portion of the above-captioned bonds with respect to which, pursuant to an Escrow Deposit Agreement dated _________ __, 2011, by and between the City of Renton, Washington (the “City”) and U.S. Bank National Association, Seattle, Washington (the “Escrow Agent”), the City has deposited into an escrow account, held by the Escrow Agent, cash and non-callable direct obligations of the United States of America, the principal of and interest on which, when due, will provide money sufficient to pay each year, to and including the respective maturity or redemption dates of such bonds so provided for, the principal thereof and interest thereon (the “Defeased Bonds”). The Defeased Bonds will be called on December 1, 2011, at a price of 100% plus accrued interest. Such Defeased Bonds are therefore deemed to be no longer outstanding pursuant to the provisions of Ordinance No. 4922 of the City, authorizing the issuance of the Defeased Bonds, but will be paid by application of the assets of such escrow account. The Defeased Bonds are described as follows: Limited Tax General Obligation and Refunding Bonds, 2001 (Dated November 1, 2001) 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 190 of 355 Maturity Dates (December 1) Principal Interest Rates CUSIP Numbers 2012 $ 1,455,000 5.25% 2013 1,530,000 5.25 2014 1,610,000 5.25 2015 1,695,000 5.25 2016 1,785,000 5.25 2017 1,875,000 5.25 Information for Individual Registered Owner The addressee of this notice is the registered owner of Bond Certificate No. _____ of the Defeased Bonds described above, which certificate is in the principal amount of $_________. All of which has been defeased as described above. APPENDIX C Fee Schedule CERTIFICATE I, the undersigned, City Clerk of the City Council of the City of Renton, Washington (the “City”), DO HEREBY CERTIFY: 1. The attached copy of Ordinance No. ____ (the “Ordinance”) is a full, true and correct copy of an ordinance duly passed at a regular meeting of the City Council of the City held at the regular meeting place thereof on July 25, 2011, as that ordinance appears on the minute book of the City; and the Ordinance will be in full force and effect after publication in the City’s official newspaper as provided by law; and 2. A quorum of the members of the City Council was present throughout the meeting and a majority of those members present voted in the proper manner for the passage of the Ordinance. IN WITNESS WHEREOF, I have hereunto set my hand this 25th day of July, 2011. 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 191 of 355 7j. ‐ Finance and Information Services Department requests approval of  an ordinance authorizing the issuance of revenue bonds in the amount Page 192 of 355 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: Grant MOU & Amendment #1 with Washington Traffic Safety Commision (WTSC) for Target Zero Teams North and South King County Task Forces Meeting: Regular Council - 11 Jul 2011 Exhibits: MOU Washington Traffic Safety Commission Target Zero Teams North and South King County Target Zero Task Forces Amendment #1 to MOU WTSC Submitting Data: Dept/Div/Board: Police Staff Contact: Melissa Day, Kent Curry Recommended Action: Council Concur Fiscal Impact: Expenditure Required: $ $22,285.50 Transfer Amendment: $ Amount Budgeted: $ Revenue Generated: $$22,285.50 Total Project Budget: $ City Share Total Project: $ SUMMARY OF ACTION: To reduce the number of people killed or seriously injured by impaired drivers in King County the Washington Traffic Safety Commission grants funding to the City of Renton Police Department. Officers will be deployed in coordination with other law enforcement agencies to generate the highest number of deterrence possible for DUI. The WTSC has amended their initial grant funding amount to $22,285.50. STAFF RECOMMENDATION: Approve grant MOU and Amendment #1 with the Washington Traffic Safety Commission for Target Zero Teams North and South King County Target Zero Task Forces and authorize the Mayor and City Clerk to sign. 7k. ‐ Police Department requests approval to accept $22,285.50 in grant  funds from the Washington State Traffic Safety Commission and to sign Page 193 of 355 7k. ‐ Police Department requests approval to accept $22,285.50 in grant  funds from the Washington State Traffic Safety Commission and to sign Page 194 of 355 7k. ‐ Police Department requests approval to accept $22,285.50 in grant  funds from the Washington State Traffic Safety Commission and to sign Page 195 of 355 7k. ‐ Police Department requests approval to accept $22,285.50 in grant  funds from the Washington State Traffic Safety Commission and to sign Page 196 of 355 7k. ‐ Police Department requests approval to accept $22,285.50 in grant  funds from the Washington State Traffic Safety Commission and to sign Page 197 of 355 7k. ‐ Police Department requests approval to accept $22,285.50 in grant  funds from the Washington State Traffic Safety Commission and to sign Page 198 of 355 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: 2012-2017 Six-Year Transportation Improvement Program (TIP) and Arterial Street Plan update Meeting: Regular Council - 11 Jul 2011 Exhibits: Draft 2012-2017 TIP including Project Map (Exhibit A) and Map Index (Exhibit B) within the document Arterial Street Plan (Exhibit C) Resolution Submitting Data: Dept/Div/Board: Public Works Staff Contact: Juliana Fries, Program Development Coordinator, ext. 7232 Recommended Action: Refer to Transportation Committee and set Public Hearing date on August 1, 2011 Fiscal Impact: Expenditure Required: $ N/A Transfer Amendment: $ Amount Budgeted: $ Revenue Generated: $ Total Project Budget: $ City Share Total Project: $ SUMMARY OF ACTION: The City is required by law to annually review the Six-Year Transportation Improvement Program (TIP) and adopt the update by resolution. In conjunction with this, the Arterial Street Plan is also updated. STAFF RECOMMENDATION: 1) Approve the annual updates to the Six-Year Transportation Improvement Program (TIP 2012-2017); 2) Approve the 2011 Arterial Street Plan; 3) Set August 1, 2011, as the public hearing on the 2012-2017 TIP; 4) Present the resolution regarding this matter for reading and adoption. 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 199 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 200 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 201 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 202 of 355 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7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 215 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 216 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 217 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 218 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 219 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 220 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 221 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 222 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 223 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 224 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 225 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 226 of 355 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7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 269 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 270 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 271 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 272 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 273 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 274 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 275 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 276 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 277 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 278 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 279 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 280 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 281 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 282 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 283 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 284 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 285 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 286 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 287 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 288 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 289 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 290 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 291 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 292 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 293 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 294 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 295 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 296 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 297 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 298 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 299 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 300 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 301 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 302 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 303 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 304 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 305 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 306 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 307 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 308 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 309 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 310 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 311 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 312 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 313 of 355 7l. ‐ Transportation Systems Division submits the annual update of the  Six‐Year Transportation Improvement Program (TIP) and Arterial Street Page 314 of 355 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: Kaynan, Inc. Lease Rate Increase Meeting: Regular Council - 11 Jul 2011 Exhibits: Issue Paper Addenda to Lease LAG 011-85 & LAG 003-84 Submitting Data: Dept/Div/Board: Public Works Staff Contact: Ryan Zulauf, Airport Manager, (extension 7471) Recommended Action: Council Concur Fiscal Impact: Expenditure Required: $ Transfer Amendment: $ Amount Budgeted: $ Revenue Generated: $$5,314.20 Total Project Budget: $ City Share Total Project: $ SUMMARY OF ACTION: Kaynan, Inc. has two leases on the Airport under LAG 011-85 and LAG 003-84. LAG 011- 85 is a ground lease for tiedown aircraft storage and LAG 003-84 is a ground lease for hangars at 350 Airport Way. The periodic lease rate adjustment was effective June 1, 2011, and a 2009 market appraisal was used to determine the new lease rate of $0.62 per square foot per year. The old lease rate was $0.57 and the increase results in an annual revenue increase of $5,314.20, for both leases. STAFF RECOMMENDATION: Approve a lease rate increase and authorize the Mayor and City Clerk to sign the addenda to Kaynan, Inc.'s leases LAG 011-85 and LAG 003-84. 7m. ‐ Transportation Systems Division recommends approval of addenda  to airport leases LAG‐85‐011 and LAG‐84‐003, with Kaynan, Inc., to Page 315 of 355 PUBLIC WORKS DEPARTMENT M E M 0 R A N D U M DATE: TO: July 11, 2011 Terri Briere, Council President Members of the Renton City Council VIA: FROM: STAFF CONTACT: SUBJECT: Denis Law, Mayor . /1 Gregg Zimmermaiifministrator Ryan Zulauf, Airport Manager (ext 7471) Kaynan, Inc. Lease Rate Increase ISSUE: Should Council approve a lease rate increase to Kaynan, Inc.'s leases LAG 011-85 and LAG 003-84? RECOMMENDATION: Approve a lease rate increase and authorize the Mayor and City Clerk to sign the addenda to Kaynan, Inc.'s leases LAG 011-85 and LAG 003-84. BACKGROUND: Kaynan, Inc. leases two parcels on the Airport; a 27,085 square foot area for tiedowns, and a 79,199 square foot area for hangars. The terms of both leases allow for the City to use a means other than the Consumer Price Index-Urban to determine the new lease rate for each 3 year period. The Airport contracted with Allen Brackett Shedd to perform a market appraisal in February 2009, which established the fair market ground lease rate for all parcels on the Airport at $0.62 per square foot per year. On March 28, 2011, Kaynan, Inc. was notified by certified letter that the City would be using the market appraisal ground lease rate of $0.62 per square foot per year. 7m. ‐ Transportation Systems Division recommends approval of addenda  to airport leases LAG‐85‐011 and LAG‐84‐003, with Kaynan, Inc., to Page 316 of 355 Terri Brier, Council President Members of the Renton City Council Page 2 of 2 July 11, 2011 For the period June 1, 2011 until May 31, 2014, Kaynan, Inc.'s ground lease amount will be $16J92.70 for lease LAG 011-85 and $49,103.38 annually. This is a total increase of $5,314.20 annually for both leases. cc: Rich Perteet, Deputy Public Works Administrator- Transportation Connie Brundage, Transportation Administrative Secretary Susan Campbeii-Hehr, Airport Secretary H:\File Sys\AIR- Airport, Transportation Services Division\03 Projects\01Tasks\Agenda Bills\2011Agenda Bills\Agenda Bill- Kaynan rate increase 7m. ‐ Transportation Systems Division recommends approval of addenda  to airport leases LAG‐85‐011 and LAG‐84‐003, with Kaynan, Inc., to Page 317 of 355 7m. ‐ Transportation Systems Division recommends approval of addenda  to airport leases LAG‐85‐011 and LAG‐84‐003, with Kaynan, Inc., to Page 318 of 355 7m. ‐ Transportation Systems Division recommends approval of addenda  to airport leases LAG‐85‐011 and LAG‐84‐003, with Kaynan, Inc., to Page 319 of 355 7m. ‐ Transportation Systems Division recommends approval of addenda  to airport leases LAG‐85‐011 and LAG‐84‐003, with Kaynan, Inc., to Page 320 of 355 7m. ‐ Transportation Systems Division recommends approval of addenda  to airport leases LAG‐85‐011 and LAG‐84‐003, with Kaynan, Inc., to Page 321 of 355 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: Amendment No. 1 to Interlocal Agreement with City of Seattle and Seattle Public Utilities Meeting: Regular Council - 11 Jul 2011 Exhibits: Amendment No. 1 Resolution Submitting Data: Dept/Div/Board: Public Works Staff Contact: Abdoul Gafour, x7210 Recommended Action: Refer to Utilities Committee Fiscal Impact: Expenditure Required: $ N/A Transfer Amendment: $N/A Amount Budgeted: $ N/A Revenue Generated: $N/A Total Project Budget: $ N/A City Share Total Project: $ N/A SUMMARY OF ACTION: The Water Utility requests Council’s approval of Amendment No. 1 to the Interlocal Agreement with the City of Seattle and Seattle Public Utilities for the operation of Seattle’s water transmission lines within Renton’s rights-of-way and for Renton’s use of real property owned by Seattle. The amendment will extend the termination date of the Interlocal Agreement to January 1, 2062 to coincide with the expiration date of the City’s 50-year (2012-2062) wholesale water supply contract with Seattle Public Utilities. STAFF RECOMMENDATION: Approve Amendment No. 1 to the Interlocal Agreement with the City of Seattle and Seattle Public Utilities to extend the termination date of the Interlocal Agreement to January 1, 2062 and adopt the resolution. 7n. ‐ Utility Systems Division recommends approval of Amendment #1 to  the 1998 interlocal agreement (Franchise) with the City of Seattle and  Page 322 of 355 1 AMENDMENT NO. 1 TO THE INTERLOCAL AGREEMENT BETWEEN THE CITY OF RENTON AND THE CITY OF SEATTLE AND SEATTLE PUBLIC UTILITIES This Amendment to the Interlocal Agreement, hereinafter referred to as “Amendment”, is made and entered into this ______ day of ___________, 2011, by and between the CITY OF SEATTLE, a municipal corporation in the State of Washington, acting by and through its SEATTLE PUBLIC UTILITIES, hereinafter referred to as “SEATTLE”, and the CITY OF RENTON, a municipal corporation in the State of Washington, hereafter referred to as “RENTON”. WHEREAS, SEATTLE and RENTON entered into an Interlocal Agreement, hereinafter referred to as “Interlocal Agreement”, on November 9, 1998 and said Agreement is attached under Exhibit A for reference; WHEREAS, SEATTLE and RENTON mutually desires to amend the Interlocal Agreement to extend the termination date of the agreement; NOW, THEREFORE, SEATTLE and RENTON agrees to amend the Agreements as follows: I.In accordance with Section III of the Interlocal Agreement, the duration of the Agreement is extended until January 1, 2062. II.No other provision of the Interlocal Agreement is affected by this Amendment. IN WITNESS WHEREOF, the parties hereby execute this Amendment No. 1 to the Interlocal Agreement CITY OF RENTON CITY OF SEATTLE / SEATTLE PUBLIC UTILITIES By:Denis Law, Mayor By: Date: _____________________ Title: _____________________ Date: _____________________ Attest: Bonnie I. Walton, City Clerk Date: ______________________ 7n. ‐ Utility Systems Division recommends approval of Amendment #1 to  the 1998 interlocal agreement (Franchise) with the City of Seattle and  Page 323 of 355 7n. ‐ Utility Systems Division recommends approval of Amendment #1 to  the 1998 interlocal agreement (Franchise) with the City of Seattle and  Page 324 of 355 7n. ‐ Utility Systems Division recommends approval of Amendment #1 to  the 1998 interlocal agreement (Franchise) with the City of Seattle and  Page 325 of 355 CITY OF RENTON COUNCIL AGENDA BILL Subject/Title: Amendment No. 1 to Lease Agreement No. 327- 815 with the City of Seattle and Seattle Public Utilities Meeting: Regular Council - 11 Jul 2011 Exhibits: Amendment No. 1 Resolution Submitting Data: Dept/Div/Board: Public Works Staff Contact: Abdoul Gafour, x7210 Recommended Action: Refer to Utilities Committee Fiscal Impact: Expenditure Required: $ N/A Transfer Amendment: $N/A Amount Budgeted: $ N/A Revenue Generated: $N/A Total Project Budget: $ N/A City Share Total Project: $ N/A SUMMARY OF ACTION: The Water Utility requests Council’s approval of Amendment No. 1 to Lease Agreement No. 327-815 with the City of Seattle and Seattle Public Utilities to extend the termination date of the lease agreement to January 1, 2062, to coincide with the expiration date of the City’s 50-year (2012-2062) wholesale water supply contract with Seattle Public Utilities. The amendment will also revise Renton’s use of Seattle’s right-of-way for park purposes and for parking and construction staging purposes for the new KCLS library site. STAFF RECOMMENDATION: Approve Amendment No. 1 to Lease Agreement No. 327-815 with the City of Seattle and Seattle Public Utilities to extend the termination date to January 1, 2062, and to revise Renton’s use of Seattle’s right- of-way for park purposes and for parking and construction staging purposes for the new KCLS library site, and adopt the resolution. 7o. ‐ Utility Systems Division recommends approval of Amendment #1 to  the 1998 lease agreement (Franchise) with the City of Seattle and  Page 326 of 355 1 AMENDMENT NO. 1 TO LEASE AGREEMENT NO. 327-815 BETWEEN THE CITY OF RENTON AND THE CITY OF SEATTLE AND SEATTLE PUBLIC UTILITIES This Amendment to Lease Agreement No. 327-815, hereinafter referred to as “Amendment”, is made and entered into this ______ day of ___________, 2011, by and between the CITY OF SEATTLE, a municipal corporation in the State of Washington, acting by and through its SEATTLE PUBLIC UTILITIES, hereinafter referred to as “SEATTLE”, and the CITY OF RENTON, a municipal corporation in the State of Washington, hereafter referred to as “RENTON”. WHEREAS, SEATTLE and RENTON entered into Lease Agreement No. 327-815, hereinafter referred to as “Lease Agreement”, on November 9, 1998 and said Lease Agreement is attached under Exhibit A for reference; WHEREAS, SEATTLE and RENTON mutually desires to amend the Lease Agreement to extend the termination date and to revise Section 2; NOW, THEREFORE, SEATTLE and RENTON agrees to amend the Agreement as follows: I.In accordance with Section 20 of the Lease Agreement, the duration of the Agreement is extended until January 1, 2062. II.Paragraph 2 of the Lease Agreement is deleted in its entirety and replaced with the following: 2.Renton's Use of the Leased Land. Renton’s use of Parcel A shall be for public vehicle parking, which may include sole dedicated parking for and access to the abutting north site which is planned to be redeveloped as a KCLS (King County Library System) library and for a pedestrian crossing. During the construction of the library, portions of Parcel A may be fenced off and used as a staging area upon Seattle Public Utilities’ written approval of the plans prior to using Parcel A for staging. Parcel B shall be used for park grounds. The leased land shall be used for these purposes only. All designs for construction, improvements or repairs to the parking, access to the abutting north site or park uses shall be approved in writing by Seattle prior to construction, as more clearly defined in Section 7. A copy of detailed as-built plans shall be provided to Seattle within 60 calendar days after construction is complete including any reconstruction plans. III.No other provision of the Lease Agreement is affected by this Amendment. IN WITNESS WHEREOF, the parties hereby execute this Amendment No. 1 to Lease Agreement No. 327-815 7o. ‐ Utility Systems Division recommends approval of Amendment #1 to  the 1998 lease agreement (Franchise) with the City of Seattle and  Page 327 of 355 2 CITY OF RENTON CITY OF SEATTLE / SEATTLE PUBLIC UTILITIES By:Denis Law, Mayor By: Date: _____________________ Title: _____________________ Date: _____________________ Attest: Bonnie I. Walton, City Clerk Date: ______________________ 7o. ‐ Utility Systems Division recommends approval of Amendment #1 to  the 1998 lease agreement (Franchise) with the City of Seattle and  Page 328 of 355 7o. ‐ Utility Systems Division recommends approval of Amendment #1 to  the 1998 lease agreement (Franchise) with the City of Seattle and  Page 329 of 355 7o. ‐ Utility Systems Division recommends approval of Amendment #1 to  the 1998 lease agreement (Franchise) with the City of Seattle and  Page 330 of 355 9a. ‐ Declaring 17040 108th Ave. SE (Old Fire Station 13 Property) as  surplus (See 8.a.)Page 331 of 355 9a. ‐ Declaring 17040 108th Ave. SE (Old Fire Station 13 Property) as  surplus (See 8.a.)Page 332 of 355 9a. ‐ Massage and spa business regulations code amendment (See 8.c.) Page 333 of 355 9a. ‐ Massage and spa business regulations code amendment (See 8.c.) Page 334 of 355 9a. ‐ Massage and spa business regulations code amendment (See 8.c.) 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