Title
AN ORDINANCE authorizing the conveyance of the surplus property located at 906 Pine Street, Seattle, Washington, in council district four.
Body
STATEMENT OF FACTS:
1. The department of transportation declared the property located at 906 Pine Street, Seattle, Washington, located within council district four, surplus to its needs on January 20, 2016.
2. The facilities management division offered the property to other county agencies on January 29, 2016 and received no interest.
3. The facilities management division declared the property surplus to the current and future foreseeable needs of the county on March 1, 2016.
4. The facilities management division found the property suitable for affordable housing development on March 1, 2016.
5. King County received concurrence from the Federal Transit Agency on February 12, 2016, regarding the sale of the property.
6. King County received an offer from the Washington State Convention Center, a King County public facilities district utilizing its own funds and financing tools available to it, and accepted a purchase price of one hundred sixty one million, ten thousand, nine hundred forty dollars, based on a fair market value analysis.
7. In addition to the full appraised value of the property, the Washington State Convention Center will contribute $5,000,000 to an affordable housing program/fund managed by the department of community and human services, as specified in the purchase and sale agreement attached hereto.
8. In accordance with K.C.C. 4.56.100.A.1. and K.C.C. 4.56.140.A., the county may dispose of real property to another governmental agency by negotiation, upon such terms as may be agreed upon and for such consideration as may be deemed by the county to be adequate.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. The executive is authorized to convey the Convention Place Station to the Washington State Convention Center consistent with the terms set forth in the purchase and sale ag...
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