SEATTLE CITY COUNCIL - Record No: CB 120484

• Record No: CB 120484
• Version: 1
• Council Bill No: CB 120484
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 1/24/2023
• Ordinance No: Ord 126754
• Title: AN ORDINANCE authorizing the Director of Finance and Administrative Services to execute a fifth amendment to the Lease and Concession Agreement between The City of Seattle and BH Music Center for Benaroya Hall.
• Sponsors: Andrew Lewis
• Supporting documents: 1. Summary and Fiscal Note, 2. Summary Att A - Map of Facility, 3. Amendment 1, 4. Amendment 2, 5. Amendment 3, 6. Central Staff Memo, 7. Presentation, 8. Signed Ordinance 126754, 9. Affidavit of Publication

Date	Ver.	Action By	Action	Result
1/30/2023	1	City Clerk	attested by City Clerk
1/30/2023	1	Mayor	returned
1/30/2023	1	Mayor	Signed
1/26/2023	1	City Clerk	submitted for Mayor's signature
1/24/2023	1	City Council	passed	Pass
1/18/2023	1	Public Assets and Homelessness Committee	pass as amended	Pass
12/13/2022	1	City Council	referred
11/17/2022	1	Council President's Office	sent for review
11/16/2022	1	City Clerk	sent for review
11/16/2022	1	Mayor	Mayor's leg transmitted to Council

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE authorizing the Director of Finance and Administrative Services to execute a fifth amendment to the Lease and Concession Agreement between The City of Seattle and BH Music Center for Benaroya Hall.
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WHEREAS, pursuant to Ordinance 117855, the City and the Seattle Symphony Orchestra ("Symphony") executed a Master Agreement in October 1995, which agreement was amended pursuant to Ordinance 118112 in June 1996 (the "Amended Master Agreement"). The Amended Master Agreement provided for the City to develop and construct a new Downtown concert hall for primary use by the Symphony ("Benaroya Hall") and detailed the terms under which the parties would cooperate to finance and construct the new facility. In September 1996, the Symphony, with the City's approval, assigned its interests under the Amended Master Agreement and the related Design and Construction Agreements to the BH Music Center ("BHMC"); and
WHEREAS, in September 1997, the City and BHMC executed a Lease and Concession Agreement (the "Lease"), pursuant to which the City leased Benaroya Hall to BHMC; and
WHEREAS, pursuant to the Amended Master Agreement and the Lease, the City issued bonds to pay for a portion of the cost of acquiring and constructing Benaroya Hall ("Concert Hall Bonds"), and BHMC agreed to repay the costs of that financing through its concession payments under the Lease; and
WHEREAS, in 2004, The City of Seattle refinanced the Concert Hall Bonds in order to realize a lower interest rate; and
WHEREAS, in November 2007, the City Council passed Ordinance 122555, which authorized a second amendment to the Lease with a modified concession payment schedule to reflect the City's lower borrowing costs achieved through refinancing the Concert Hall Bonds; and
WHEREAS, in November 2012, the City Council passed Ordinance 124029, authorizing a third amendment to the Lease to modify the concession payment to...