CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE amending Ordinance 125212, relating to the financing of Equitable Development Implementation Plan projects; changing the source of the interfund loan from the Finance and Administrative Services Fund to the Revenue Stabilization Fund; increasing the loan of funds from $6,500,000 to $16,000,000; and changing appropriations to various departments and budget control levels and from various funds in the 2017 Budget.
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WHEREAS, on September 26, 2016, the City Council adopted Resolution 31711 in support of community-initiated projects for mitigating displacement and increasing access to opportunity in the Central Area, the Chinatown/International District, and South Seattle; and
WHEREAS, on November 21, 2016, the Council adopted Ordinance 125212, authorizing an interfund loan of up to $6,500,000 to be made from the Finance and Administrative Services Fund to the General Subfund to support the Equitable Development Implementation (EDI) program; and
WHEREAS, the interfund loan was to be used to support the first five identified equitable development projects: the Rainier Beach Food Innovation District, the Multicultural Community Center, the Southeast Economic Opportunity Center, the William Grose Cultural Innovation Hub, and the Little Saigon Landmark Project, through a first round of funding opportunities; and
WHEREAS, the loan was to be repaid from the sale of surplus property known as the Civic Square Block; and
WHEREAS, in July 2017 the Executive transmitted legislation related to the sale and redevelopment of the Civic Square Block for the construction of a residential project with public parking, public open space, and associated retail space for cash consideration in the amount of $16,000,000; and
WHEREAS, closing will occur when the Master Use Permit is issued by the Seattle Department of Construction and Inspections, approximately 14 to 18 months from applicatio...
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