CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to the financing of the Memorial Stadium redevelopment project; amending Ordinance 127125 to increase the amount of an existing interfund loan; creating the 2027 Multipurpose LTGO Bond Fund B, and allowing it to be a borrowing fund for the loan; and authorizing the loan of funds in the amount of $39,800,000 from multiple city funds as bridge financing to the 2027 Multipurpose LTGO Bond Fund B for the Memorial Stadium redevelopment project.
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WHEREAS, The City of Seattle (City) in partnership with Seattle Public Schools (SPS) commenced a project to redevelop Memorial Stadium, a 78-year-old student-centered facility owned by SPS on the Seattle Center campus; and
WHEREAS, in 2025, Ordinance 127222 authorized the City to enter into in an interlocal agreement with SPS for executing the Memorial Stadium project and a development agreement with Memorial Stadium Redevelopment LLC, providing clarity to the project timeline and spending plan; and
WHEREAS, in 2024, Ordinance 127125 authorized an interfund loan of $9.3 million to the 2026 Multipurpose LTGO Bond Fund B before bond proceeds were to become available to meet anticipated early project costs for the redevelopment project; and
WHEREAS, increasing the interfund loan to $39.8 million is needed to meet the City's total commitment for the project, with construction scheduled to conclude by September 2027; and
WHEREAS, Seattle Municipal Code subsection 5.06.030.C requires City Council approval by ordinance of any interfund loan for a duration of 90 days or more; and
WHEREAS, in the normal course of business the City may temporarily lend cash between funds to maintain required balances; and
WHEREAS, the Director of Finance and the City Budget Director have determined that this interfund loan request is consistent with the Debt Management Policies adopted by Resolution 31553; and
WHEREAS, there is sufficient cash ...
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