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The City of Seattle
Ordinance /
Council Bill /
title
An ordinance relating to the financing of the Seattle Center Revitalization Program; creating the Seattle Center UTGO Bond Fund; authorizing the loan of funds in the amount of $3,221,341 from the Real Estate Excise Tax I Capital Projects Fund and/or the Real Estate Excise Tax II Capital Projects Fund to the Seattle Center UTGO Bond Fund as bridge financing for the Seattle Center Revitalization Program; and ratifying and confirming certain prior acts.
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Recitals:
Seattle Center served as the site for the 1962 World’s Fair (Century 21 Exposition) and remains a popular cultural destination for the city.
Much of the Seattle Center campus’s infrastructure including electrical, plumbing, and life safety systems are now more than 60 years old and have reached the end of their useful lives or become obsolete.
The Seattle City Council, through passage of Resolution 32205, endorsed the creation of a 2027 ballot measure to fund the Seattle Center Revitalization Program (Program), subject to the approval by Seattle voters.
Pursuant to Resolution 32205, the City is considering the use of general obligation bonds to finance the Program, and current proposals involve seeking voter approval during 2027 for this debt to be issued as unlimited tax general obligation (UTGO) bonds.
The City anticipates that, if voter approval of the UTGO ballot measure is obtained in 2027, following the passage of the bond measure, the City will seek City Council authorization in 2027 to amend the term and amount of this interfund loan based on information available at that time, with the anticipation that UTGO bonds would be issued in 2028 following additional action by the City Council authorizing the bonds.
The City currently anticipates that, if the UTGO ballot measure were to not proceed to the ballot, or not be approved by voters, the...
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