File #: 2009-0193    Version:
Type: Ordinance Status: Passed
File created: 3/16/2009 In control: Budget and Fiscal Management Committee
On agenda: Final action: 3/30/2009
Enactment date: 4/8/2009 Enactment #: 16427
Title: AN ORDINANCE relating to the financing of an economic development and revitalization project in unincorporated South King County; authorizing the King County executive to execute such financing agreements, promissory notes, security arrangements, and related documents for a $5,250,000 and a $1,000,000 Section 108 Loan Guarantee with the United States Department of Housing and Urban Development (HUD) for which King County will pledge future Community Development Block Grant funds for the repayment of the principal and interest due the Department of Housing and Urban Development Fiscal Agent or Trustee and other security; and authorizing the executive to reloan the proceeds from the Section 108 Loan to the White Center Investment Fund, LLC and execute such financing agreements, security arrangements and other related documents, to provide equity financing for the construction of a multi-tenant retail/office plaza in unincorporated King County and to provide security for King County's l...
Sponsors: Dow Constantine, Larry Gossett
Indexes: Community Development Block Grant, Housing, White Center
Attachments: 1. 16427.pdf, 2. 2009-0193 Attachment A dated March 30 2009 - 16427.doc, 3. 2009-0193 Transmittal Letter.doc, 4. 2009-B0193 Staff Report - US EPA Audit of KC NPDES Compliance (9-2-09).doc, 5. A U.S. Department of Housing and Urban Development, 6. A. U.S. Department of Housing and Urban Development, dated March 30, 2009, 7. A. U.S. Department of Housing and Urban Development, dated March 25, 2009, 8. Amendment Packet 3-30-09.pdf, 9. B. U.S. Department of Housing and Urban Development Section 108 Loan Guarantee Program, 10. B. U.S. Department of Housing and Urban Development Section 108 Loan Guarantee Program, dated March 25, 2009, 11. B. U.S. Department of Housing and Urban Development Section 108 Loan Guarantee Program, dated March 25, 2009, 12. C. Loan Agreement betgween White Center Square Investment Fund, LLC and King County, 13. C. Loan Agreement between White Center Investment Fund, LLC and King County, dated March 30, 2009, 14. D. Pledge and Security Agreement, dated March 30, 2009, 15. D. Pledge and Security Agreement, 16. E. Collateral Agency Agreement, dated March 30, 2009, 17. E. Collateral Agency Agreement, 18. F. Subordination and Forebearance Agreement, 19. F. Subordination and Forebearance Agreement, dated March 30, 2009, 20. Fiscal Note - WC Square.xls, 21. G. Indenture of Trust and Custodial Agreement, 22. G. Indenture of Trust and Custodial Agreement, 23. H. CDE Interest Control Agreement, dated March 30, 2009, 24. H. CDE Interest Control Agreement, 25. I. Waiver and Consent Agreement, dated March 30, 2009, 26. I. Waiver and Consent Agreement, 27. SR ATTACHMENT 7 03-25-09, 28. SR ATTACHMENT 6 03-25-09, 29. SR ATTACHMENT 8 03-25-09, 30. SR ATTACHMENT 9 03-25-09, 31. STAFF REPORT 03-25-09
Staff: Soo Hoo, Wendy
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AN ORDINANCE relating to the financing of an economic development and revitalization project in unincorporated South King County; authorizing the King County executive to execute such financing agreements, promissory notes, security arrangements, and related documents for a $5,250,000 and a $1,000,000 Section 108 Loan Guarantee with the United States Department of Housing and Urban Development (HUD) for which King County will pledge future Community Development Block Grant funds for the repayment of the principal and interest due the Department of Housing and Urban Development Fiscal Agent or Trustee and other security; and authorizing the executive to reloan the proceeds from the Section 108 Loan to the White Center Investment Fund, LLC and execute such financing agreements, security arrangements and other related documents, to provide equity financing for the construction of a multi-tenant retail/office plaza in unincorporated King County and to provide security for King County's loan to the White Center Investment Fund, LLC.
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BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Definitions. Unless the context otherwise requires, the terms defined in this section shall, for all purposes of the ordinance have the meanings specific;
A. "Community Development Block Grant (CDBG)" funds means those entitlement monies King County receives through the United States Department of Housing and Urban Development and that are dedicated to the CDBG Fund.
B. "CDBG Entitlement Community" means the local community entitled to receive CDBG monies from the United States Department of Housing And Urban Development.
C. "Housing and Urban Development Section 108 Loan Guarantee" means the guaranteeing by the United States Department of Housing and Urban Development of loans secured by notes issued by a CDBG Entitlement Community and guaranteed by the CDBG Entitlement Community's future CDBG allocation to finance economic development or other capital...

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