AN ORDINANCE relating to the Pacific Place Garage and the Parking Garage Operations Fund; authorizing the loan of funds from the Fleet Services Subfund (50320), a subfund of the Finance and Administrative Services Fund, to the Parking Garage Operations Fund (46010).
The Report of the Affordable Housing Neighborhoods and Finance Committee Agenda Item two Accountable 118 633 Relating to the Pacific Place Garage and the Parking Garage Operations Fund. Authorizing the loan of funds from the fleet services. Something subpar and a subset of Finance and Administrative Services Fund to the Parking Garage Operations Fund. The committee recommends the bill pass. Council Member Burgess. Thank you very much. Council President O'Brien This in many ways, this is housekeeping legislation. It replaces a 2013 inter fund loan for the Pacific Place Garage Fund with a new Enter fund loan, which runs through December 31st, 2016. It authorizes a loan of up to $10 million, seven and a half million of which will be used to repay the formal loan. The rest will be used to cover any shortfalls in the garage fund. As I mentioned this morning and council briefing, this is essentially a bridge loan. As you all know, we have initiated a process to sell the Pacific Place garage and we have received multiple bids as part of that process. All of the bids are high enough to fully repay this loan and make the city whole. We expect legislation to come to the council in the next few months that will propose the sale of the garage. Any comments or questions. All right, please call the roll and the passage of the bill. BURGESS Hi. GONZALEZ Purple. Johnson. MORRIS So on. President. O'Brien All right. Seven in favor. Nine opposed. The bill passes and the chair will sign it. Reporter The sustainability and transportation committee will read the report.