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Record No: CB 119677    Version: 1 Council Bill No: CB 119677
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/25/2019
Ordinance No: Ord 125990
Title: AN ORDINANCE relating to the financing of the Central Waterfront Improvement Program; amending Ordinance 123761 to extend the duration of the existing interfund loan to the Central Waterfront Improvement Fund; changing the lending fund from the Move Seattle Fund to the REET I Capital Project Fund; and reducing the amount of the existing interfund loan.
Sponsors: Sally Bagshaw
Supporting documents: 1. Summary and Fiscal Note
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the financing of the Central Waterfront Improvement Program; amending Ordinance 123761 to extend the duration of the existing interfund loan to the Central Waterfront Improvement Fund; changing the lending fund from the Move Seattle Fund to the REET I Capital Project Fund; and reducing the amount of the existing interfund loan.
body
WHEREAS, in 2010, The Department of Transportation conducted a preliminary feasibility analysis of special benefits for various program elements of the Alaskan Way Viaduct and Seawall Replacement Program, which supports a potential range of special benefits for a future Local Improvement District; and
WHEREAS, a loan of $2.4 million to the Central Waterfront Improvement Fund was authorized in 2011 by Ordinance 123761 and increased to $13.7 million in 2012 by Ordinance 124033, and the Mayor and Council anticipated revising the legislation to increase the amount of that loan to accommodate future years' spending; and
WHEREAS, Ordinance 124345 increased the interfund loan from $13.7 million to $31.225 million; and
WHEREAS, Ordinance 125188 amended the expiration date of the interfund loan to the Central Waterfront Improvement Fund to December 31, 2019; 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, in the normal course of business the City may temporarily lend cash between funds to maintain required balances; and
WHEREAS, in January 2019, Ordinance 125760, the City Council ("Council") of The City of Seattle ("City") established Local Improvement District No. 6751 of the City (interchangeably, "LID 6751" or the "Waterfront LID"), created the Local Improvement District No. 6751 Fund ("Waterfront LID Fund") and authorized Interim Financing (including interfund loans) to pay for the costs of the LID Improv...

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