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Record No: CB 119035    Version: 1 Council Bill No: CB 119035
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
Final Action: 8/2/2017
Ordinance No: Ord 125373
Title: AN ORDINANCE relating to the financing of King Street Station third-floor tenant improvements; authorizing the loan of funds in the amount of $2.8 million from the Municipal Arts Fund to the 2018 Multipurpose LTGO Bond Fund for bridge financing for design and construction of improvements.
Sponsors: Lisa Herbold
Supporting documents: 1. Summary and Fiscal Note, 2. Office of Arts and Culture Memo, 3. Central Staff Memo, 4. Signed Ordinance 125373, 5. Affidavit of Publication
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the financing of King Street Station third-floor tenant improvements; authorizing the loan of funds in the amount of $2.8 million from the Municipal Arts Fund to the 2018 Multipurpose LTGO Bond Fund for bridge financing for design and construction of improvements.
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WHEREAS, through Ordinance 125197, adopted November 21, 2016, the Council authorized $1.8 million of limited tax general obligation (LTGO) bond financing in 2017 for tenant improvements at King Street Station, owned by the Seattle Department of Transportation (SDOT), on behalf of the Office of Arts and Culture ("Arts"); and
WHEREAS, the City Council provided $1.8 million of appropriation authority in the 2017 Adopted Budget for the Seattle Department of Transportation Operating Fund for these tenant improvements financed by the authorized 2017 LTGO bond proceeds; and
WHEREAS, during the pre-design phase of the tenant improvements project ("Project"), it was revealed that the Project timeline would extend into mid-2018 and costs would be greater than anticipated in the 2017 Adopted Budget; and
WHEREAS, due to the timing of finalizing a revised Project budget and schedule, it was determined that 2017 LTGO bond proceeds would not be used for this Project, and that it would be more suitable to consider debt financing for this Project in 2018; and
WHEREAS, SDOT will require bridge financing to fund approved tenant improvement design and construction on behalf of Arts in advance of the LTGO bond issuance in 2018; and
WHEREAS, the Executive will submit requests for revised appropriations for expenditures in 2017 through the 2nd Quarter Supplemental Ordinance; and
WHEREAS, the Executive will submit requests for additional SDOT appropriations for expenditures in 2018, and additional LTGO bond authorization to support this project in the 2018 Proposed Budget and the 2018 LTGO bond ordinance submitted...

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