Title
Public Hearing Regarding a Plan of Finance for the Issuance by the City Of Olympia of One or More Series of Tax-Exempt Obligations (The “Bonds”) to Finance Capital Improvements to the Hands On Children’s Museum
Recommended Action
Committee Recommendation:
The Finance Committee recommends issuance of tax-exempt bonds to finance capital improvements to the Hands On Children’s Museum (HOCM) expansion project.
City Manager Recommendation:
Hold a public hearing to comply with the federal tax code pursuant to the Tax Equity and Fiscal Responsibility Act (TEFRA) to provide the public an opportunity to give testimony for or against the proposed HOCM project and bond issuance.
Report
Issue:
Whether to hold a public hearing as required by the federal tax code and the Tax Equity and Fiscal Responsibility Act (TEFRA) to give the public an opportunity to give testimony for or against the proposed HOCM expansion project and bond issuance.
Staff Contact:
Debbie Sullivan, Assistant City Manager, 360.753.8499
Mark Barber, City Attorney, 360.753.8223
Presenter(s):
Michael Githens, Finance Director, 360.753.8465
Background and Analysis:
The HOCM opened in 2012. The original Public Facilities District was formed in 2003. HOCM is a destination museum for national and international visitors.
More than 315,000 visitors go to HOCM annually. The purpose of the HOCM expansion project is to alleviate overcrowding, provide sufficient restrooms, more space for staff, materials, and equipment, programs needs and new exhibits. The current HOCM has less square footage than any children’s museum serving 300,000 or more people annually. The proposed expansion will double exhibit square footage from 12,000 to 24,000 square feet. Limited Tax General Obligation (LTGO) bonds will be issued to finance the HOCM expansion project.
Climate Analysis:
It is not anticipated that the HOCM expansion project will have a significant negative impact on greenhouse gas emissions. HOCM is a national green museum, utilizing green technology through solar power and other green energy saving measures.
Equity Analysis:
The HOCM expansion provides an opportunity to enhance early childhood learning opportunities in the arts and sciences for all, and to contribute and enhance the quality of life for all Olympia area residents, while also contributing to economic vitality through tourism. HOCM also offers free and reduced price programs for low income families.
Neighborhood/Community Interests (if known):
HOCM has historically had strong community support and approval.
Financial Impact:
Proceeds from the sale of municipal (LTGO) bonds will be used for the HOCM expansion project.
Options:
1. Hold a public hearing to comply with the federal tax code pursuant to the Tax Equity and Fiscal Responsibility Act (TEFRA) to provide the public an opportunity to give testimony for or against the proposed HOCM project and bond issuance.
2. Delay the public hearing required by TEFRA to take public testimony for or against the proposed HOCM expansion project and bond issuance.
3. Take another action.
Attachments:
Notice of Public Hearing