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AN ORDINANCE authorizing the King County executive to execute an amendment to the purchase and sale agreement dated June 21, 2007, in order to complete the sale of the county-owned property known as the North Half of the Former Kingdome Parking Lot parcel, located in council district eight, to North Lot Development, L.L.C.
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BE IT ORDAINED BY THE COUNTY COUNCIL OF KING COUNTY:
SECTION 1. Findings:
A. King County owns a 3.85 acre (167,513 square feet) parcel of land, commonly known as the North Half of the Former Kingdome Parking Lot ("the property"), in the City of Seattle, Washington, located adjacent to the King Street Center, the King Street Station, the Weller Street Pedestrian Bridge, and a surface parking lot owned by the Washington State Public Stadium Authority ("the PSA") and operated by First and Goal, Inc. King County facilities management division is the custodian.
B. Pursuant to Ordinance 15820, the King County executive executed a purchase and sale agreement ("the agreement"), dated June 21, 2007, for the sale of the property to North Lot Development, L.L.C. ("the buyer").
C. The agreement was amended by: a First Amendment dated September 28, 2007; a Second Amendment dated October 28, 2007; a Third Amendment dated November 20, 2007; a Fourth Amendment dated January 31, 2008; a Fifth Amendment dated March 20, 2008; a Sixth Amendment dated April 30, 2008; a Seventh Amendment dated December 17, 2008; an Eighth Amendment dated June 30, 2009; a Ninth Amendment dated August 29, 2009; a Tenth Amendment dated January 26, 2010; and an Eleventh Amendment dated June 28, 2010.
D. Pursuant to Ordinance 16555, the King County executive executed a Twelfth Amendment dated October 20, 2010, which extended the Buyer's Due Diligence Period and the closing date on the transaction until December 16, 2011, in return for payments equaling one million and modified certain requirements in the agreement applicable to the buyer and the project.
E. The...
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