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Record No: CB 119045    Version: Council Bill No: CB 119045
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
Final Action: 9/12/2017
Ordinance No: Ord 125401
Title: AN ORDINANCE relating to the sale and redevelopment of the former Public Safety Building block; authorizing the execution of an Amended and Restated Purchase and Sale and Development Agreement with Bosa Development US LLC, for the construction of a residential project with public parking, public open space and associated retail space; authorizing the acceptance of an easement from Bosa on that property; and authorizing the Director of Finance and Administrative Services to execute documents and take other actions in connection with this project.
Sponsors: Tim Burgess
Attachments: 1. Att A - Amended and Restated Purchase and Sale and Development Agreement, 2. Att B - Perpetual Easement for Public Access
Supporting documents: 1. Summary and Fiscal Note, 2. Summary Att 1 - Map of Civic Square Property, 3. CB 119045 Proposed Amendment 1, 4. Presentation, 5. Signed Ordinance 125401, 6. Affidavit of Publication
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the sale and redevelopment of the former Public Safety Building block; authorizing the execution of an Amended and Restated Purchase and Sale and Development Agreement with Bosa Development US LLC, for the construction of a residential project with public parking, public open space and associated retail space; authorizing the acceptance of an easement from Bosa on that property; and authorizing the Director of Finance and Administrative Services to execute documents and take other actions in connection with this project.
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WHEREAS, following a public process, Triad Civic Center LLC (Triad) was selected to develop the Public Safety Building Site (Property) consistent with the City's Civic Center Master Plan for civic public open space, private development, underground parking, and pedestrian access to the Metro/Sound Transit bus tunnel and in 2008, the City and Triad executed a Purchase and Sale Agreement and a Project Agreement (City Agreements) for that development; and
WHEREAS, the transactions described in the City Agreements have not closed and Triad has requested the City's consent to a proposed assignment of its rights under the City Agreements to Bosa Development US LLC (Bosa); and
WHEREAS, under the terms of the proposed assignment and related transactions, Bosa would agree to enter into an Amended and Restated Purchase and Sale and Development Agreement (Amended Agreement) with the City by which Bosa would purchase the Property from the City on the terms and conditions stated therein, develop the project described in the following recital (Bosa's Project) and grant to the City a perpetual easement for public use of a public plaza to be constructed upon the Property in connection with Bosa's Project. In addition, Triad would provide the City with a release of all potential claims arising from the City Agreements and Bosa would pay the City cash...

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