AN ORDINANCE relating to affordable housing; authorizing the Director of the Office of Housing to enter into and administer an Interlocal Cooperation Agreement, as revised from the form attached to Ordinance 124948, with King County, Pierce County, Snohomish County, and the cities of Bellevue, Issaquah, Kenmore, Kirkland, Mercer Island, Redmond, and Woodinville to create and operate a Regional Equitable Development Initiative Fund (REDI Fund) for the Puget Sound Region.
Next is report of the full council. Please read the report. The report its full council agenda item one council bill 118 698 relating to affordable housing authorizing the director of the Office of Housing to enter into and administer an Interlocal Cooperation Agreement as revised from the form attached to ordinance 124 948 with King County, Pierce County, Snohomish County and cities of Bellevue, Kenmore, Kirkland, Mercer Island, Redmond and Woodinville to create and operate a regional Equitable Development Initiative fund for the Puget Sound region. Introduced May 31st, 2016. Councilmember O'Brien. Thank you. This is legislation we discussed earlier today at the briefing, and I'll just give a quick overview of it. It relates to the Ready Fund, which is an equitable, tiered fund for transitory in development. This was originally addressed in an ordinance passed in December of 2015. The at the time, we thought that the mesh would bring this fine up to a total of $18 million. In the interim, what we've seen is an additional $3 million came to the came to this fund. And so this legislation would go back and change that amount to acknowledge the additional $3,003 million, bringing the total fund to $21 million. Additionally, this is an agreement this would authorize authorize the department, the director of the Office of Housing to enter into a Interlocal Cooperative Agreement for this fund with King County, Pierce County, Snohomish County, the cities of Bellevue, Issaquah, Kenmore, Kirkland, Mercer Island, Redmond and Woodinville. The portion of this funding that would be dedicated to projects in Seattle will go up from 6.8 million to 7.9 million with this additional size of the fund. The legislation before us today also makes some technical changes that were made by when the when the, you know, local agreement came through King County Council. So this will get us in sync with them in addition to adding the additional funds. Great. Thank you. I moved to pass a council bill 1186 98 seconds. Are there any comments? Will the clerk please call the roll? O'Brian. Hi. Sergeant Bagshaw. Burgess Hi. Gonzales, I. Johnson Whereas I. President Herbold I in favor and unopposed. The bill passes and the chair will sign it. Next report is a report of the Parks, Seattle Center, Libraries and Waterfront Committee. Please read the report.