CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to the financing of the Memorial Stadium redevelopment project; creating the 2026 Multipurpose LTGO Bond Fund B; authorizing the loan of funds in the amount of $9,300,000 from the REET I Capital Projects Fund to the 2026 Multipurpose LTGO Bond Fund B for the Memorial Stadium redevelopment project.
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WHEREAS, Memorial Stadium is a 77-year-old student-centered facility owned by Seattle Public Schools (SPS), built on land deeded to SPS by The City of Seattle (City) in 1946 with the stipulation that SPS would build, operate and maintain an athletic facility, and now is in need of replacement; and
WHEREAS, on November 22, 2022, the SPS Superintendent and the Mayor entered a Memorandum of Agreement outlining their intention to jointly issue a request for proposals (RFP) seeking proposals from qualified parties to invest in and lead redeveloping, operating, and maintaining a new financially sustainable Memorial Stadium as a state-of-the art multi-purpose sports, educational, and entertainment stadium; and
WHEREAS, on March 20, 2023, SPS and the City jointly issued the RFP. The One Roof Stadium Partnership (ORSP) was one of two RFP respondents and a panel of subject matter experts and community representatives unanimously concluded the ORSP proposal best met the shared SPS and City goals and evaluation criteria as established by the RFP; and
WHEREAS, on June 15, 2023 the Mayor and Superintendent concurred with the Panel's findings and issued the decision to select One Roof for further negotiation; and
WHEREAS, SPS, the City, and ORSP are collaborating on plans and negotiating agreements for the Memorial Stadium Redevelopment project; and
WHEREAS, the new stadium will serve as SPS's premier venue for interscholastic sports events, and will be truly integrated into the heart of Seattle Center with new public open space, and campus connections, be welcoming to all,...
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