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Record No: CB 120414    Version: 1 Council Bill No: CB 120414
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 9/13/2022
Ordinance No: Ord 126667
Title: AN ORDINANCE relating to the redevelopment of Yesler Terrace by the Housing Authority of The City of Seattle; authorizing the Mayor to execute an amendment to the Yesler Terrace Cooperative Agreement with the Housing Authority of the City of Seattle that was authorized by Ordinance 123961; authorizing the Director of Housing to implement the Cooperative Agreement as amended; and ratifying and confirming certain prior acts.
Sponsors: Teresa Mosqueda
Attachments: 1. Ex A - Third Amendment to the Cooperative Agreement
Supporting documents: 1. Summary and Fiscal Note, 2. Summary Ex A - Map of Site, 3. Presentation, 4. Signed Ordinance 126667
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the redevelopment of Yesler Terrace by the Housing Authority of The City of Seattle; authorizing the Mayor to execute an amendment to the Yesler Terrace Cooperative Agreement with the Housing Authority of the City of Seattle that was authorized by Ordinance 123961; authorizing the Director of Housing to implement the Cooperative Agreement as amended; and ratifying and confirming certain prior acts.
body
WHEREAS, the Housing Authority of the City of Seattle ("SHA") has received a $30 million grant from the U.S. Department of Housing and Urban Development under the Choice Neighborhoods Initiative to partially fund the redevelopment of the public housing community known as Yesler Terrace in Seattle's First Hill neighborhoods into a mixed-income mixed-use community in partnership with public and private entities; and
WHEREAS, on September 21, 2012, the City and SHA signed the Yesler Terrace Cooperative Agreement ("Cooperative Agreement"), in which SHA committed to produce 561 units of Replacement Housing (as defined in the Cooperative Agreement) and 290 units of housing for households with incomes up to 60 percent of median income ("60% of AMI Housing"), and the City committed Office of Housing funds to assist with development of this housing; and
WHEREAS on July 14, 2017, the City approved the Second Amendment to the Cooperative Agreement providing up to $13 million in funding for the production of 420 units of housing, including 263 units of replacement housing and 157 units of 60% of AMI housing; and
WHEREAS, housing partners currently developing 155 units of affordable housing, including 30% and 60% AMI units, have experienced significant construction cost increases requiring further funding to complete the housing; and
WHEREAS, the City and SHA desire to amend the Cooperative Agreement to allow for such additional funding as part of Phase III, as describe...

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