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Record No: CB 118713    Version: 1 Council Bill No: CB 118713
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
Final Action: 7/15/2016
Ordinance No: Ord 125074
Title: AN ORDINANCE relating to the sale of the Pacific Place Garage condominium unit ("Garage"); finding that City ownership of the Garage no longer serves municipal purposes; authorizing the sale of the Garage for $87 million to MPH PP Garage LLC; authorizing the Director of Finance and Administrative Services to execute all documents and take other necessary actions to complete the sale of the Garage; directing the deposit of the net sale proceeds; and exempting the sale from the requirements of Resolution 29799 as amended by Resolution 30862.
Sponsors: Tim Burgess
Attachments: 1. Att A - Purchase and Sale Agreement (Part 1 of 2), 2. Att A - Purchase and Sale Agreement (Part 2 of 2)
Supporting documents: 1. Summary and Fiscal Note, 2. Summary Exhibit A – Depiction of location, 3. Presentation, 4. Signed Ord 125074, 5. Affidavit of Publication
Related files: CB 118717, CB 118718
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the sale of the Pacific Place Garage condominium unit ("Garage"); finding that City ownership of the Garage no longer serves municipal purposes; authorizing the sale of the Garage for $87 million to MPH PP Garage LLC; authorizing the Director of Finance and Administrative Services to execute all documents and take other necessary actions to complete the sale of the Garage; directing the deposit of the net sale proceeds; and exempting the sale from the requirements of Resolution 29799 as amended by Resolution 30862.
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WHEREAS, the Pacific Place Garage condominium unit ("Garage") and adjoining Pacific Place Retail condominium unit were constructed to support the redevelopment of three square blocks of downtown Seattle and to catalyze redevelopment of the overall downtown retail core by contributing to increased pedestrian traffic, improved public safety, and enhanced vehicular circulation; and
WHEREAS, Ordinance 118011 authorized the City to acquire the Garage and enter into an agreement with the original developers of Pacific Place, and the City accepted the deed for the Garage by Ordinance 119290 and since then has continuously operated it as a commercial parking garage; and
WHEREAS, by offering a predictable and affordable supply of short-term parking in the heart of the downtown retail core, the Garage has contributed immeasurably to the health of the downtown retail core and has facilitated an increase in the City's share of sales tax and business and occupation taxes as generated by other businesses in the downtown retail core; and
WHEREAS, the Garage is subject to recorded parking covenants and a parking agreement by and amongst the City, MPH Pacific LLC (as successor to the original retail unit owner), and Nordstrom, Inc. ("the Parking Agreement"); and
WHEREAS, the Parking Agreement governs the rates charged for short-term parking and remains in...

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