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Port drops request for city financial contingency; Anacortes-Port event center talks continue
Summary
The Port City Liaison Committee reported progress on draft agreements for the proposed Port City Event Center: port staff removed a request for city financial contingencies and outside counsel reviewed edits; staff said bond counsel will require additional agreement changes before underwriting.
At a Port City Liaison Committee update on Feb. 10, Councilmember Walters reported that Port of Anacortes staff and their outside counsel had reviewed and edited two draft agreements for a proposed Port City Event Center and that the port had dropped its request for financial contingencies from the city in the event the center loses money.
Walters said the committee reviewed the edits and was broadly comfortable with them, but that the city's bond counsel has advised that additional changes will likely be needed to make the agreements compatible with bond underwriting requirements. He said the committee and staff plan further meetings with the port while waiting for firm guidance from bond counsel; the liaison group expected to meet again within the next two weeks.
Walters described the port's withdrawal of contingency requests as the most significant change and said the agreements will likely become more complex as they are revised to address bond counsel and underwriting input. No formal council action was requested at the Feb. 10 meeting; staff said they will return with specific agreement language and recommendations once bond counsel guidance is complete.
