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Port City liaison committee reports progress on event center agreements; bond counsel may require changes
Summary
The Port City Liaison Committee reviewed proposed agreements for the Port City Event Center and said the Port withdrew its request for financial contingencies. Committee members said bond counsel advised additional contract changes will likely be needed to satisfy underwriting requirements.
Councilmember Matt Walters, reporting from the Port City Liaison Committee, told the council the committee reviewed draft agreements tied to the Port City Event Center project and that the Port’s outside counsel provided suggested edits. Walters said the Port had dropped its earlier request for the city to provide financial contingencies in the event the event center lost money.
Walters said the committee and port representatives agreed on several edits but that bond counsel is reviewing the overall financing structure. On bond counsel’s advice, Walters said additional contractual changes will likely be necessary to make the agreements acceptable to underwriters. The committee plans follow‑up meetings with the Port to resolve bond counsel’s recommendations and expects to meet again in the coming weeks.
Walters said the committee will report back to council when it has explicit guidance from bond counsel. There was no council action on the agreements at the meeting; the report was informational.
