CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to the financing of the Mercer West project; authorizing the loan of funds from the City's Consolidated (Residual) Cash Pool, or its participating funds, to the Transportation Master Fund; and providing for the repayment thereof.
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WHEREAS, the Mayor has proposed and the City Council has approved a 2015 Budget and 2015-2020 Capital Improvement Program that includes construction activities for the Mercer West project; and
WHEREAS, construction of the project was planned to be partially funded with sale proceeds from surplus property at 800/816 Mercer Street; and
WHEREAS, while a vacation of the Broad Street right-of-way in advance of the sale of the surplus property on either side of it will deviate from the Street Vacation Policies as established in Clerk File 310078, the deviation is necessary in order to achieve the highest sale price of the property; and
WHEREAS, the anticipated sale price of the property was determined assuming no restrictions on the sale; and
WHEREAS, use of the property for anything other than its highest and best use could lower the sales price and possibly generate insufficient funding to repay the loan; and
WHEREAS, this process is estimated to be completed by December 31, 2017; and
WHEREAS, there is sufficient cash in the City's Consolidated (Residual) Cash Pool or its participating funds to continue to support a loan of up to $30.3 million through the end of 2017; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. A loan of up to $30,300,000 of principal and interest outstanding at any one time is hereby authorized to be made from the City's Consolidated (Residual) Cash Pool, or its participating funds, to the Transportation Master Fund from which may be paid capital costs related to the Mercer West project and related debt service costs. This loan is to be repaid no later than Dec...
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