Title
AN ORDINANCE relating to financial investment properties; and amending Ordinance 10245, Section 6, as amended, and K.C.C. 4.56.075.
Body
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Ordinance 10245, Section 6, as amended, and K.C.C. 4.56.075 are hereby amended to read as follows:
A. The facilities management division shall determine which real properties within the inventory of county-owned properties ((are defined by this section)) shall be considered "financial investment properties," including those properties classified as such in Ordinance 15570. All financial investment properties shall be inventoried at least every three years to coincide with the appraisal valuations required by this section. These properties are currently not needed for county use but are held to provide a financial return to the county. It is the ultimate objective of the county to dispose of this type of property. Disposal should not occur until optimal market conditions exist for maximizing financial return to the county.
B. All financial investment properties ((within this category)) shall have an initial value established by an appraisal ((or)) performed by an independent appraiser, except that for any financial investment property with an apparent value of less than five hundred thousand dollars, in lieu of ((this)) an independent appraisal, the initial value ((shall)) may be established by the facilities management division.
C. Except as provided in subsection E. of this section, all financial investment properties with values of less than five hundred thousand dollars shall be revalued by independent appraisal or by the facilities management division every three years from when the initial value was established until the property ((is disposed of)) is no longer owned by the county. If a financial investment property increases in value to more than (($500,000)) five hundred thousand dollars, it is subject to the provisions in subsection D. of this s...
Click here for full text