PFD authorizes financial feasibility review so Olympia can move forward with Hands On Children’s Museum bond plan

The Capital Area Regional Public Facilities District (PFD) Board of Directors on Friday voted unanimously to request a state-conducted financial feasibility review (FFR) and to enter an interagency agreement with the Washington State Department of Commerce so the City of Olympia and the Hands On Children’s Museum can proceed with planned bond issuance.

The PFD’s approval “starts the process” required by state law for PFDs that seek new debt, board members said, and allows Commerce to select an independent vendor to assess whether the PFD’s pledged revenue stream can cover the proposed bond payments. The board’s materials and staff briefings state the review will be billed to the PFD at an estimated cost of $20,000 to $40,000; the City of Olympia has committed to reimburse the PFD for that expense.

Board Chair David Bridal explained that a 2012 change in state law requires public facilities districts issuing new debt to undergo a financial feasibility review administered by the Department of Commerce. He said the review “is…