Drafter
Clerk 10/03/2006
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A MOTION supporting an increase in the permanent endowment supporting the youth sports facilities grant program.
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WHEREAS, the King County council strongly supports the permanent endowment of funds supporting the acquisition, development, operation and maintenance of youth sports facilities throughout the county, and
WHEREAS, the county created the youth sports facilities grant fund. This fund has budgeted expenditure authority in excess of one million dollars in 2006, with a permanent endowment of over six hundred thousand dollars, and
WHEREAS, since 1993, the youth sports facilities grant program has issued two hundred thirteen grants with funded areas ranging from ball fields, sports courts, climbing walls, playgrounds, rowing facilities, skate parks, mountain biking courses, gymnasiums, swimming pools and weight rooms, and
WHEREAS, the youth sports facilities grant program has awarded over seven million dollars funding the aforementioned projects, and
WHEREAS, the program has partnered with cities, school districts and nonprofit agencies throughout the county to expand the options available to youth throughout the county, and
WHEREAS, additional funds added to the permanent endowment will expand the impact the youth sports facilities grants can have on King County, and
WHEREAS, the proceeds from the sale of the Johnson Building will allow the issuance of an additional one hundred thousand dollars per year in youth sports facilities grants, and
WHEREAS, King County purchased the property known as the Johnson Hardware Building, located at 590 First Avenue South, from the Johnson family on May 27, 1980, for nine hundred fifty thousand dollars as part of the Kingdome stadium development, and
WHEREAS, between 1980 and 1997 the property was used as by the Kingdome stadium authority as a storage facility and as storage for the Mariners baseball organization, and
WHEREAS, on June 17, 1997, Washington state voters approved Referendum 48, authorizing the financing, construction, ownership and operation of a stadium and exhibition center suitable for National Football League football and Olympic and World Cup soccer, with adjacent exhibition facilities, together with associated parking facilities and other ancillary facilities, and
WHEREAS, on September 8, 1998, King County passed Ordinance 13262 authorizing the King County executive to enter into an agreement, which, among other things, allowed the public stadium authority to purchase an option for the Johnson Hardware Building, and
WHEREAS, an option to purchase the Johnson Hardware Building was granted to First and Goal, Inc., on March 16, 2000. The option period was to extend one year from the issuance of the certificate of occupancy for the stadium property, which was issued on July 19, 2002. Purchase price was to be determined by fair market appraisal at the time of execution of the option, and
WHEREAS, First and Goal, Inc., has not executed the option, which has subsequently lapsed, and
WHEREAS, in accordance with K.C.C. 4.56.070, the property has been declared surplus to the needs of the county. Consistent with the policies established in the 1998 Budget Ordinance, Ordinance 12926, any proceeds from the sale of the Kingdome property known as the Johnson Hardware Building, after meeting the requirements of Ordinance 13262 to support the housing opportunity fund, shall become part of a permanent endowment within the youth sports facilities grant fund, and
WHEREAS, the county has agreed to a purchase and sale agreement in the amount of $2.2 million;
NOW, THEREFORE, BE IT MOVED by the Council of King County:
The council reaffirms that it is the intent of the county council that the proceeds from any sale of the building known as the Johnson Hardware Building, located at 590 First Avenue, become part of a permanent endowment within the youth sports facilities grant fund. The proceeds from the sale shall be deposited in the youth sports facilities grant fund. The earned interest may be designated for expenditure on an annual basis. The funds shall be used solely to develop, renovate or repair sports facilities throughout King County.