SEATTLE CITY COUNCIL - Record No: CB 118583

• Record No: CB 118583
• Version: 1
• Council Bill No: CB 118583
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 12/7/2015
• Ordinance No: Ord 124948
• Title: AN ORDINANCE relating to affordable housing; authorizing the Director of the Office of Housing to enter into and administer an Interlocal Cooperation Agreement with King County, Pierce County, Snohomish County, and the cities of Bellevue, Issaquah, Kenmore, Kirkland, Mercer Island, Redmond, and Woodinville to create and operate a Regional Equitable Development Initiative Fund (REDI Fund) for the Puget Sound Region; and providing that 2015 appropriations for the REDI Fund shall automatically carry forward into the 2016 fiscal year.
• Sponsors: Mike O'Brien
• Supporting documents: 1. Summary and Fiscal Note, 2. Summary Att 1 - REDI Fund Business Plan, 3. Briefing Memo, 4. Briefing Memo Attachment - Map, 5. Presentation

Date	Ver.	Action By	Action	Result
12/17/2015	1	City Clerk	attested by City Clerk
12/17/2015	1	Mayor	returned
12/17/2015	1	Mayor	Signed
12/11/2015	1	City Clerk	submitted for Mayor's signature
12/7/2015	1	City Council	passed	Pass
12/1/2015	1	Planning, Land Use, and Sustainability Committee	pass	Pass
11/30/2015	1	City Council	referred
11/17/2015	1	Council President's Office	sent for review
11/17/2015	1	City Clerk	sent for review
11/17/2015	1	Mayor	Mayor's leg transmitted to Council

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to affordable housing; authorizing the Director of the Office of Housing to enter into and administer an Interlocal Cooperation Agreement with King County, Pierce County, Snohomish County, and the cities of Bellevue, Issaquah, Kenmore, Kirkland, Mercer Island, Redmond, and Woodinville to create and operate a Regional Equitable Development Initiative Fund (REDI Fund) for the Puget Sound Region; and providing that 2015 appropriations for the REDI Fund shall automatically carry forward into the 2016 fiscal year.
body
WHEREAS, in September 2013 the Council adopted Resolution 31547, calling for promoting workforce housing in Seattle by supporting a regional transit oriented development acquisition fund, and establishing the Council's intent to authorize $1,000,000 for the Regional Equitable Development Initiative Fund (REDI Fund), conditioned on approval of a business plan and appropriate agreements with regional funding partners; and
WHEREAS, in September 2014 the Council adopted Resolution 31546, in which the Council and Mayor proposed that a Seattle Housing Affordability and Livability Agenda (HALA) Advisory Committee be jointly convened by the Council and Mayor to evaluate potential housing strategies; and
WHEREAS, in July 2015 the HALA Advisory Committee recommended that the City provide seed capital to the REDI Fund to support land acquisition; and
WHEREAS, in the 2015 Adopted Budget, Council authorized the one-time expenditure of $1,000,000 in Housing Bonus Funds for the REDI Fund; and
WHEREAS, in April 2015 a fund administrator was selected to solicit private investment and form a business plan for the REDI Fund; and
WHEREAS, the Council has reviewed and approved the REDI Fund business plan; and
WHEREAS, the Mayor and City Council wish to carry forward the authorization of unexpended Housing Bonus Funds into 2016; and
WHEREAS, RCW 39.3...