Drafter
Clerk 09/30/2004
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AN ORDINANCE approving ground leases of two sites from the county to Goat Hill Properties and a lease by Goat Hill Properties back to the county of a new parking garage and office building to be constructed on such sites; authorizing the county executive to execute final forms of the ground leases and project lease; approving certain provisions of the development and financing plan of Goat Hill Properties; agreeing to take unencumbered title to the parking garage and office building when bonds issued by Goat Hill Properties are discharged; and approving certain other provisions of the lease-lease back transaction.
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PREAMBLE:
Pursuant to RCW 36.34.205 and K.C.C. 4.56.160, which incorporate by reference RCW 35.42.070 through 35.42.080 ("the Municipal Leasing Act"), the county has heretofore sought proposals for lease financing of the construction of a new parking garage and office building on privately owned land or on land owned by the county in downtown Seattle and has chosen Goat Hill Properties ("GHP"), a nonprofit corporation, and Wright Runstad Associates Limited Partnership ("Wright Runstad") to develop the project on two sites owned by the county by means of a lease-lease back transaction.
Terms of the ground leases, project lease and development agreement have been negotiated, and the county wishes to approve the ground leases and project lease and to approve GHP's plan for developing and financing the project, including the issuance of tax-exempt bonds to be secured by a pledge of the county's payments under the project lease.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Findings.
A. The council hereby finds that the public interest, welfare and benefit require the county to acquire a new parking garage and office building ("the project") to be built on sites owned by the county in downtown Seattle by means of a lease-lease back transaction, authorized by the Municipal Leasing Act and in acc...
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