Drafter
Clerk 01/10/2019
Title
AN ORDINANCE authorizing King County to participate in the United States Department of Housing and Urban Development public offering as part of the Section 108 Loan Guarantee Assistance Program to refinance the existing promissory note in the original principal amount of six million eight hundred fifty thousand dollars that was authorized by Ordinance 15222, and authorize the county administrator and the director of the finance and business operations division of the department of executive services to execute the Housing and Urban Development contract, promissory note and other documents to complete the refinancing; and declaring an emergency.
Body
STATEMENT OF FACTS:
1. In July 2005, the King County council adopted Ordinance 15222, which authorized the executive to accept a six million eight hundred fifty thousand dollar loan from the Section 108 loan guarantee program of the United States Department of Housing and Urban Development department ("HUD"), a loan program that gives local governments the ability to borrow against their federal community development block grant allocation to fund physical and economic revitalization projects.
2. The county used the loan to fund infrastructure improvements at the King County Housing Authority's Greenbridge development in the White Center neighborhood in unincorporated King County.
3. The loan was to be repaid by a variety of county fund sources, including the roads capital fund, the surface water management fund, the real estate excise tax number 1 fund, the general fund and the housing and community development fund, including proceeds from the county's community development block grant allocation.
4. Debt service payments on the loan are anticipated to be completed in 2024, and have been gradually declining as the various funds complete their required payments, with the real estate tax number 1 fund making its final payment in 2014 and the roads capital fund and surface water ma...
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