File #: 2004-0377    Version:
Type: Ordinance Status: Passed
File created: 8/16/2004 In control: Budget and Fiscal Management Committee
On agenda: 10/11/2004 Final action: 10/11/2004
Enactment date: 10/22/2004 Enactment #: 15043
Title: 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.
Sponsors: Larry Gossett
Indexes: Bonds, Budget, Construction and Facilities Management (DCFM), Executive, Finance, Lease, NCOB (New County Office Building), Parking
Attachments: 1. Ordinance 15043.pdf, 2. 2004-0377 Attachment 10 to 9-15-04 staff report.xls, 3. 2004-0377 Attachment 10 to 9-29-04 Staff Report.pdf, 4. 2004-0377 Attachment 11 to 9-15-04 staff report.xls, 5. 2004-0377 Attachment 11 to 9-29-04 Staff Report.pdf, 6. 2004-0377 Attachment 12 to 9-15-04 staff report.doc, 7. 2004-0377 Attachment 12 to 9-29-04 Staff Report.pdf, 8. 2004-0377 Attachment 13 to 9-15-04 Staff Report.pdf, 9. 2004-0377 Attachment 13 to 9-29-04 Staff Report.pdf, 10. 2004-0377 Attachment 14 to 9-29-04 Staff Report.pdf, 11. 2004-0377 Attachment 7 to 9-29-04 Staff Report.pdf, 12. 2004-0377 Attachment 8 to 9-29-04 Staff Report.pdf, 13. 2004-0377 Attachment 9 to 9-29-04 Staff Report.pdf, 14. 2004-0377 NCOB 9-15-04 staff report, 15. 2004-0377 NCOB sr. 08-18-04 , 16. 2004-0377 Revised Staff Report 9-29-04.doc, 17. 2004-0377 Staff Report 092904, 18. 2004-0377 Transmittal Letter.doc, 19. A. Garage Ground Lease Agreement between King County, a political subdivision of the State of Washington as Lessor and Goat Hill Properties, a Washington nonprofit corporation as Lessee, 20. A. Garage Ground Lease Agreement between King County, a political subdivision of the State of Washington as Lessor and Goat Hill Properties, a Washington nonprofit corporation as Lessee dated 9-27-04, 21. B. Building Ground Lease Agreement between King County, a political subdivision of the State of Washington as Lessor and Goat Hill Properties, a Washington nonprofit corporation as Lessee, 22. B. Building Ground Lease Agreement between King County, a political subdivision of the State of Washington as Lessor and Goat Hill Properties, a Washington nonprofit corporation as Lessee dated 9-27-04, 23. C. Project Lease Agreement between Goat Hill Properties, a Washington nonprofit corporation as Landlord and King County, a political subdivision of the State of Washington as Tenant, 24. C. Project Lease Agreement between Goat Hill Properties, a Washington nonprofit corporation as Landlord and King County, a political subdivision of the State of Washington as Tenant dated 9-27-04, 25. D. Exhibit D United Statesof America The State of Washington Secretary of State Certificate of Incorporation to Goat Hill Properties, 26. D. Exhibit D United Statesof America The State of Washington Secretary of State Certificate of Incorporation to Goat Hill Properties dated 9-27-04, 27. E. King County Office Building Development Agreement Between Goat Hill Properties a Washington nonprofit corporation ("Owner") and Wright Runstad Associates Limited Partnership a Washington limited partnership ("Developer"), 28. E. King County Office Building Development Agreement Between Goat Hill Properties a Washington nonprofit corporation ("Owner") and Wright Runstad Associates Limited Partnership a Washington limited partnership ("Developer") dated 9-27-04, 29. F. Exhibit F King County, Washington Undertaking For Ongoing Disclosure, 30. F. Exhibit F King County, Washington Undertaking For Ongoing Disclosure dated 9-27-04, 31. G. New County Office Building Phase II Follow-up
Drafter
Clerk 09/30/2004
title
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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