SEATTLE CITY COUNCIL - Record No: CB 120703

• Record No: CB 120703
• Version: 1
• Council Bill No: CB 120703
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/21/2023
• Ordinance No: Ord 126951
• Title: AN ORDINANCE relating to affordable housing; amending Ordinance 126258 to authorize forgiveness of a loan to Community Roots Housing.
• Sponsors: Teresa Mosqueda
• Supporting documents: 1. Signed Ordinance 126951, 2. Affidavit of Publication

Date	Ver.	Action By	Action	Result
12/1/2023	1	City Clerk	attested by City Clerk
12/1/2023	1	Mayor	returned
12/1/2023	1	Mayor	Signed
11/29/2023	1	City Clerk	submitted for Mayor's signature
11/21/2023	1	City Council	passed	Pass
11/14/2023	1	Select Budget Committee	pass	Pass
11/7/2023	1	City Council	referred
11/2/2023	1	Council President's Office	sent for review
11/1/2023	1	City Clerk	sent for review

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to affordable housing; amending Ordinance 126258 to authorize forgiveness of a loan to Community Roots Housing.
body
WHEREAS, the City made a loan in the principal amount of $1,000,000 to Community Roots Housing pursuant to Ordinance 126258 to mitigate the financial impacts of COVID-19; and
WHEREAS, the financial impacts of COVID-19 impaired Community Roots Housing's ability to repay the loan; and
WHEREAS, forgiveness of the loan may improve Community Roots Housing's ability to actively develop, operate and maintain affordable housing in Seattle; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Section 2 of Ordinance 126258 is amended as follows:
Section 2. The principal amount of the Loan shall be payable in installments upon the earlier of (i) the loan schedule included in the promissory note and loan agreement (collectively, the "Loan Documents"); or (ii) demand by the City. If the Loan principal has not been fully repaid by the maturity date defined in the Loan Documents due to ongoing financial conditions that create a hardship for Community Roots Housing to successfully complete payments on the installments, the OH Director is authorized to extend the term for an additional period of up to three years in the OH Director's reasonable discretion. The Loan shall bear interest at the rate of the City's internal rate of borrowing; however, the interest expense shall be borne by the City and shall not be payable by Community Roots Housing. The principal balance outstanding on the Loan at any time shall not exceed $1,000,000. Principal payments shall be deposited in the General Fund via Finance General and may not be lent again in any amount exceeding an aggregate total of $1,000,000 without Council approval. Other terms and conditions of the Loan not described in this ordinance shall be negotiated by the OH Directo...