SEATTLE CITY COUNCIL - Record No: CB 119135

• Record No: CB 119135
• Version: 1
• Council Bill No: CB 119135
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/20/2017
• Ordinance No: Ord 125462
• Title: 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 amending Ordinance 125207 to change appropriations to various departments and budget control levels and from various funds in the 2017 Budget.
• Sponsors: Lisa Herbold
• Supporting documents: 1. Summary and Fiscal Note, 2. Summary Att A - Interfund Loan Request Form, 3. Signed Ord_125462.pdf, 4. Affidavit of Publication

Date	Ver.	Action By	Action	Result
11/28/2017	1	City Clerk	attested by City Clerk
11/28/2017	1	Mayor	returned
11/22/2017	1	Mayor	Signed
11/22/2017	1	City Clerk	submitted for Mayor's signature
11/20/2017	1	City Council	passed	Pass
11/15/2017	1	Select Budget Committee	pass	Pass
11/13/2017	1	City Council	referred
11/8/2017	1	Council President's Office	sent for review
11/7/2017	1	City Clerk	sent for review

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
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 amending Ordinance 125207 to change appropriations to various departments and budget control levels and from various funds in the 2017 Budget.
body
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 t...