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 FOL...
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