Title
AN ORDINANCE authorizing the executive to execute a purchase and sale agreement and all necessary conveyance documents 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 8, to North Lot Development, L.L.C.
Body
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Findings:
A. King County owns a 3.85 acre, which is 167,513 square feet, parcel of land, commonly known as the North Half of the Former Kingdome Parking Lot ("North Half Lot"), 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 ("PSA") and operated by First and Goal, Inc. ("FGI"). King County facilities management division is the custodian.
B. The property was purchased by King County in 1971 from Burlington Northern, Inc., for the purpose of the Kingdome stadium development.
C. On September 8, 1998, Ordinance 13262 was passed in which the King County council determined that the North Half Lot would become surplus to the county's needs upon transfer of use and control of the Kingdome parcel to the PSA. The King County executive was authorized to execute a property transfer agreement to convey the Kingdome parcel to the PSA.
D. On September 30, 1998, King County entered into an Agreement on Stadium and Exhibition Center Property Contributions and Reservation of Possessory Rights with the PSA, as authorized by King County Ordinance 13262. Under said agreement, the county retained ownership of the North Half Lot, and the PSA relinquished all rights and interests in the North Half Lot with certain conditions. Conditions included the PSA having use of the North Half Lot for parking and event staging until it receives notice of commencement of a mixed-use development on the North Half Lot.
E. As called for by tha...
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