PORT OF SEATTLE
MEMORANDUM
COMMISSION AGENDA
Item No.
7a
Date of Meeting
June 23, 2009
DATE: June 15, 2009
TO: Tay Yoshitani, Chief Executive Officer
FROM: George England, Program Leader, Aviation Capital Improvement Program
Janice Zahn, Assistant Director Engineering, Construction Services
SUBJECT: Briefing on Rental Car Facility Program Status
BACKGROUND
On May 13, 2008, the Commission authorized funding for the construction of the Rental Car
Facility (RCF) project and the award of the General Construction/Construction Management
(GC/CM) contract to Turner Construction Company (Turner). Due to the deterioration of the
financial markets, the Commission authorized the suspension of most work under the Turner
GC/CM contract on December 15, 2008, for a period not to exceed one year. Since that time, the
financial markets have made significant improvements and the Commission authorized staff to
implement the proposed plan of finance this month.
The purpose of this presentation is to brief the Commission on the upcoming action item on June
30 to lift the suspension and proceed with the restart and completion of the RCF Program.
A draft of the memo requesting authorization for the Chief Executive Officer to lift the
suspension and restart the RCF program, provided the bond sale is successful, is attached. There
are also a number of other actions outlined in the draft memo that must be taken if the
Commission approves the restart of the RCF program.
There will also be an update on the marketing of the bonds.
