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Record No: CB 119676    Version: 1 Council Bill No: CB 119676
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/25/2019
Ordinance No: Ord 125989
Title: AN ORDINANCE relating to the financing of Equitable Development Implementation Plan projects; amending Ordinance 125462 to extend the term of an interfund loan.
Sponsors: Sally Bagshaw
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ordinance 125989
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the financing of Equitable Development Implementation Plan projects; amending Ordinance 125462 to extend the term of an interfund loan.
body
WHEREAS, on September 26, 2016, the City Council adopted Resolution 31711 in support of community-initiated projects for mitigating displacement and increasing access to opportunity in the Central Area, the Chinatown/International District, and South Seattle; and
WHEREAS, on November 20, 2017, the Council adopted Ordinance 125462, authorizing an interfund loan of up to $16,000,000 to be made from the Revenue Stabilization Fund to the General Subfund to support the Equitable Development Implementation (EDI) program; and
WHEREAS, the interfund loan was to be used to support the first five identified equitable development projects: the Rainier Beach Food Innovation District, the Multicultural Community Center, the Southeast Economic Opportunity Center, the William Grose Cultural Innovation Hub, and the Little Saigon Landmark Project, through a first round of funding opportunities; and
WHEREAS, the loan was intended to be repaid from the sale of surplus property known as the Civic Square Block; and
WHEREAS, in September 2017, the Council passed Ordinance 125401 relating to the sale and redevelopment of the former Public Safety Building block for the construction of a residential project with public parking, public open space, and associated retail space for cash consideration in the amount of $16,000,000; and
WHEREAS, closing has been delayed due to an extended MUP review process, and the final closing date is still undetermined due to possible future correction and review cycles, possible future appeals, and public notice of the final decision; and
WHEREAS, the Finance and Budget Directors have determined that an extension of the interfund loan for the eventuality of a closing date that occurs after December 31, 2019 is...

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