Title
AN ORDINANCE relating to lease terms; and amending Ordinance 12045, Section 17, as amended, and K.C.C. 4.56.180.
Body
STATEMENT OF FACTS:
1. Offering lease terms of up to twenty-five years is consistent with commercial retail leasing practices.
2. Longer lease terms allow King County to be competitive in securing retail tenants, especially national, credit tenants.
3. Longer leases enable retail tenants to amortize tenant improvement investments over a longer term.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Ordinance 12045, Section 17, as amended, and K.C.C. 4.56.180 are each hereby amended to read as follows:
A. The county may lease real property for a term of years and upon such terms and conditions as may be deemed in the best interests of the public and the county. A lease shall not be for a longer term in any one instance than ten years, except as follows:
1. If the county determines it to be in the best interest of the county, real property necessary to the support or expansion of an adjacent facility may be leased to the lessee of the adjacent facility for a term to expire simultaneously with the term of the lease of the adjacent facility, but not to exceed thirty-five years;
2. If the county determines it to be in the best interest of the county, if the property to be leased is improved or is to be improved and the value of the improvement is or will be at least equal to the value of the property to be leased, the county may lease the property for a term not to exceed thirty-five years;
3. If the property to be leased is to be used for public recreation and police training purposes, for parks and recreation purposes, for a hospital or a medical training and research facility, for a childcare facility to be improved with full or partial funding from a government-sponsored childcare bonus program, for the county's own use in accordance with a lease or leaseback arrangement entered into under K.C.C. 4.56...
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