CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to the Seattle Department of Transportation; authorizing the Director of Transportation to execute and record a Leasehold Deed of Trust reflecting Cultural Space Agency’s leasehold estate rights created through the agreement it executed with the City of Seattle as authorized under Ordinance 126916; and ratifying and confirming certain prior acts.
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WHEREAS, in January 2021, the City chartered the Cultural Space Agency Public Development Authority (CSA), whose mission is, in part, to secure long-term affordable commercial cultural space with community partners, more specifically with communities of color, with a particular focus on the needs of Black and Indigenous communities (see Clerk File 321874); and
WHEREAS, in 2021 CSA and the Seattle Department of Transportation (SDOT), which has operated and maintained King Street Station on behalf of the City since acquiring the building in 2008, partnered to design and deliver significant tenant improvements on the second floor of King Street Station in order to allow CSA to house multiple arts organizations on the second floor and provide the City with lease income to cover the cost of permanent capital improvements, as well as ongoing operations and maintenance costs; and
WHEREAS, upon CSA’s completion of the tenant improvements, the City Council passed Council Bill 120666 (Ordinance 126916) authorizing SDOT to execute a 30-year lease with CSA in consideration of its capital investments and ongoing lease payments; and
WHEREAS, the Washington State Department of Commerce (“Commerce”) has awarded a $485,000 grant to CSA, conditioned on it providing a Deed of Trust in order to prove its Leasehold Estate property interest in the building, which is also necessary for CSA to purchase title insurance as required under the grant agreement with Commerce; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. The Director of Transportation or designee ("Director") is authorized to execute and record a Leasehold Deed of Trust substantially in the form of Attachment A to this ordinance, and to execute, deliver, record, and file, as appropriate, all agreements and documents necessary for the Cultural Space Agency to prove its leasehold interest in the second floor of King Street Station and purchase title insurance as required for securitization of the Washington State Department of Commerce grant. The Director's authority is conditioned on the Cultural Space Agency securing a valid title insurance commitment for its leasehold interest in the amount of $485,000, naming the Washington State Department of Commerce as the insurance policy beneficiary.
Section 2. Any act consistent with the authority of this ordinance taken after its passage and prior to its effective date is ratified and confirmed.
Section 3. This ordinance shall take effect as provided by Seattle Municipal Code Sections 1.04.020 and 1.04.070.
Passed by the City Council the ________ day of _________________________, 2025, and signed by me in open session in authentication of its passage this ________ day of _________________________, 2025.
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President ____________ of the City Council
Approved / returned unsigned / vetoed this ____day of _______________, 2025.
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Bruce A. Harrell, Mayor
Filed by me this ________ day of _________________________, 2025.
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Scheereen Dedman, City Clerk
(Seal)
Attachments:
Attachment A - Cultural Space Agency Leasehold Deed of Trust