Title
(CONTINUED FROM APRIL 17, 2019) - Authorization for Issuance of Excise Tax-Funded Obligations to Repair or Improve the Phoenix Convention Center and Security Management Access Control Systems (Ordinance S-45548)
Description
An ordinance authorizing the City Manager to cause the issuance of obligations of or by a municipal property corporation, including execution and delivery of one or more ground leases, leases, purchase agreements or financing agreements and the taking of any and all actions necessary or appropriate to finance or reimburse a principal amount not exceeding $50,000,000 of costs for repairing, renovating and improving a previously constructed City-owned Convention Center and security management access and control systems plus related financing costs. Further authorizing the City Manager to execute and deliver one or more leases, purchase agreements or loan agreements, or supplemental or amended leases, purchase agreements or loan agreements and, if necessary, supplemental or amended ground leases relating to the refunding of principal and interest on all or a portion of the outstanding excise tax revenue obligations; authorizing the issuance of one or more series of excise tax revenue refunding obligations of or by a municipal property corporation or by a private leasing company, in a principal amount sufficient to refund the obligations being refunded plus related financing costs; authorizing a pledge if deemed appropriate, of excise taxes or other lawfully available funds; authorizing the execution and delivery of other appropriate agreements in connection therewith, including but not limited to any official statements and bond purchase agreements and certificates necessary or appropriate for the financing and associated financing costs; authorizing the City Manager to take any and all other necessary or desirable actions in connection with such bonds; and authorizing the City Controller to expend all necessary funds therefor.
Report
Summary
Shoring Wall
The Phoenix Convention Center expansion project was completed in December 2008. The expansion allowed for a future phase to be developed as a contiguous extension of the North Building beneath Washington Street, per the Phoenix Convention Center Master Plan. Accordingly, the lower level exhibition hall of the North Building was constructed with a temporary shoring wall to facilitate a future expansion project to the south.
The temporary shoring wall is constructed of steel beams and wood planks and was not intended to remain indefinitely or as a permanent structure. The shoring wall was built in 2006 and is subject to annual inspections and maintenance. The most recent structural inspections indicate that the wall is approaching the end of its useful life and needs to be replaced by a permanent shoring wall solution. This ordinance provides funding to repair, renovate and improve the Convention Center and/or other City facilities, including but not limited to, a replacement for the temporary shoring wall.
Security Management and Access Control Systems
This ordinance may also provide funding for a replacement of the security management and access control systems. These systems provide access control, badge administration and intrusion detection for the downtown campus, Citywide facilities and critical infrastructure sites throughout the City.
Additionally, the ordinance permits the refunding of currently outstanding excise tax obligations.
Concurrence/Previous Council Action
The Phoenix Convention Center Shoring Wall Replacement Project was presented to the Planning and Economic Development Subcommittee on Feb. 5, 2019. Information for the Security Management and Access Control System is included on the April 17, 2019 formal agenda.
Department
Responsible Department
This item is submitted by City Manager Ed Zuercher and the Finance Department.