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Record No: CB 118440    Version: 1 Council Bill No: CB 118440
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 8/10/2015
Ordinance No: Ord 124831
Title: AN ORDINANCE relating to the sale of City real property for residential development; authorizing the sale of the site located at 6th Avenue and Yesler Way to Stream Real Estate, LLC; authorizing the Director of Housing to execute, deliver, and administer the contract for sale of land, deed, and related documents; authorizing other actions related to the disposition and use of the property; and ratifying and confirming certain prior acts.
Sponsors: John Okamoto
Attachments: 1. Att A - Agreement for Sale of Real Property v2, 2. Att B - Housing Use Covenant
Supporting documents: 1. Summary and Fiscal Note, 2. Summary Att A - Site Maps and Photo, 3. 6th and Yesler Presentation, 4. Signed Ord 124831
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the sale of City real property for residential development; authorizing the sale of the site located at 6th Avenue and Yesler Way to Stream Real Estate, LLC; authorizing the Director of Housing to execute, deliver, and administer the contract for sale of land, deed, and related documents; authorizing other actions related to the disposition and use of the property; and ratifying and confirming certain prior acts.
body
WHEREAS, the City of Seattle accepted King County Parcel 524780-1526 from King County in 1995 as part of a multi-parcel land trade; and
WHEREAS, Section 3 of Ordinance 117630, authorizing the City's acceptance of the parcel, stated that King County was "conveying [the property] to the City of Seattle for housing, redevelopment, or community garden purposes"; and
WHEREAS, the City of Seattle's Office of Housing presently has jurisdiction over this parcel of approximately 7,200 square feet; and
WHEREAS, the Office of Housing has determined that the parcel's present use, as a public parking lot, is of lesser public benefit than its potential to provide housing that is affordable to low-income persons; and
WHEREAS, the Office of Housing, in cooperation with the Department of Finance and Administrative Services, contracted for and obtained an appraisal of the property, which established its fair market value as $1.44 million; and
WHEREAS, the Office of Housing has determined that a private housing developer intends to construct housing upon the adjoining parcel and would be interested in expanding his project to encompass the City-owned parcel; and
WHEREAS, the private housing developer has agreed to restrict rents and income levels at the adjoining parcel as part of a linkage agreement, as provided for in Seattle Municipal Code 23.49.012, for 50 years; and
WHEREAS, representatives of the Office of Housing have successfully negot...

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