CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to the Pacific Place Garage and the Parking Garage Operations Fund; authorizing the loan of funds from the Fleet Services Subfund (50320), a subfund of the Finance and Administrative Services Fund, to the Parking Garage Operations Fund (46010).
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WHEREAS, The City of Seattle acquired the Pacific Place Garage through agreements authorized by Ordinance 118011 for the purpose of encouraging short-term parking in, and contributing to the revitalization of, the downtown retail core with the intent that revenues from the operation of the Pacific Place Garage would pay all costs of the Garage, including the cost of debt service on the financing of the Garage; and
WHEREAS, due to economic conditions, rising debt service payments, and other factors, net proceeds from the operation of the Garage historically have not been sufficient to pay all costs of its operations, support a positive cash balance in the Parking Garage Operations Fund, and maintain the Garage's parking rates below prevailing market levels in accordance with the objective of revitalizing the downtown retail core; and
WHEREAS, the City Council passed Ordinance 124348, authorizing a loan of not more than $9,500,000 to the Parking Garage Operations Fund from the City's Consolidated (Residual) Cash Pool, which expired December 31, 2015; and
WHEREAS, the City wishes to replace the expired loan with a new loan, one which expires December 31, 2016, and will not exceed $10,000,000; and
WHEREAS, Seattle Municipal Code subsection 5.06.030.C requires City Council approval by ordinance of any interfund loan for a duration of more than 90 days; and
WHEREAS, there is sufficient cash in the Fleet Services Subfund (50320) of the Finance and Administrative Services Fund to support a revolving loan of up to $10,000,000 through the end of 2016; and
WHEREAS, funds loaned to the Parking Garage Operation...
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