SEATTLE CITY COUNCIL - Record No: CB 118864

• Record No: CB 118864
• Version: 1
• Council Bill No: CB 118864
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/21/2016
• Ordinance No: Ord 125212
• Title: AN ORDINANCE relating to the financing of Equitable Development Implementation Plan projects; authorizing the loan of funds from the Finance and Administrative Services Fund in the amount of $6,500,000 to the General Subfund.
• Sponsors: Tim Burgess
• Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ordinance 125212, 3. Affidavit of Publication

Date	Ver.	Action By	Action	Result
11/28/2016	1	City Clerk	attested by City Clerk
11/28/2016	1	Mayor	Signed
11/28/2016	1	Mayor	returned
11/22/2016	1	City Clerk	submitted for Mayor's signature
11/21/2016	1	City Council	passed	Pass
11/16/2016	1	Select Budget Committee	pass	Pass
11/14/2016	1	City Council	referred
11/10/2016	1	Council President's Office	sent for review
11/9/2016	1	City Clerk	sent for review

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the financing of Equitable Development Implementation Plan projects; authorizing the loan of funds from the Finance and Administrative Services Fund in the amount of $6,500,000 to the General Subfund.
body
WHEREAS, on September 26, 2016, the Council adopted Resolution 31711 in support of six community-initiated projects for mitigating further displacement and increasing access to opportunity in the Central Area, the Chinatown/International District, and South Seattle; and
WHEREAS, in early 2017, the Council will consider sale of the Civic Square Block, bounded by Third Avenue, Fourth Avenue, James Street, and Columbia Street, for at least $16,000,000; and
WHEREAS, the Council desires to accelerate expenditures to advance Equitable Development Implementation Plan projects; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. A loan of up to $6,500,000 of principal and interest outstanding at any one time is hereby authorized to be made from the Finance and Administrative Services Fund to the General Subfund, from which may be paid capital and operating costs related to implementation of the six projects identified in the Equitable Development Implementation Plan adopted by Resolution 31711. This loan is to be repaid no later than December 31, 2019, with interest on the loan at the rate of return of the City's Consolidated (Residual) Cash Pool.
Section 2. The entire principal and interest amount of the loan authorized in Section 1 of this ordinance, and owed by the General Subfund to the Finance and Administrative Services Fund, shall be repaid from the sale of the surplus property known as the Civic Square Block. Except as authorized by Seattle Municipal Code subsection 5.06.030.C, any extension of this loan must be approved by ordinance.
Section 3. The Director of Finance may effectuate the loan authorized in Secti...