Kennewick staff brief council on city guarantee, timeline for bonds to finance 3 Rivers convention center expansion

Kennewick City staff and outside financing advisers told the City Council at a Jan. 14 workshop that the Kennewick Public Facilities District plans to sell municipal bonds in mid‑March to help finance the 3 Rivers Convention Center expansion and that the city will guarantee the PFD’s debt through a contingent loan arrangement.

The presentation, led by Finance Director Jessica Platt and representatives from Hilltop Securities, Piper Sandler and bond counsel Foster Garvey, said the project is currently estimated at about $71,000,000 and that the PFD would likely borrow roughly in the $50,000,000 range to fund design and construction. “We currently anticipate that the PFD will be selling bonds in mid March,” Hilltop representative Lindsey Sogdi said.

The financing team said the bonds will be sold publicly to investors and that the city’s guarantee means the city would be responsible for debt service if the PFD lacks operating or tax revenues to pay on schedule. “These bonds will…