AN ORDINANCE relating to the financing of King Street Station third-floor tenant improvements; authorizing the loan of funds in the amount of $2.8 million from the Municipal Arts Fund to the 2018 Multipurpose LTGO Bond Fund for bridge financing for design and construction of improvements.
The Report of the Civil Rights, Utilities, Economic Development and Arts Committee Agenda Item six Council 1190 35 relating to the Financing King Street Station 30 for tenant improvements authorizing a loan of funds in the amount of 2.8 million from the Municipal Arts Fund to the 2018 Multipurpose Alto Bond Fund for Bridge Financing for Design and Construction of Improvements. Committee recommends the bill pass. We're Herbold. Thank you. Council authorized $1.8 million in bond financing in the 2017 budget, and START has a $1.8 million appropriation authority based on an anticipated $1.8 million bond sale. That bond sale is not happening this year. So the council has requested another method to pay for the $1 million in spending during 2017, along with a proposed reduction of 800,000 in 2017. Appropriation authority included in the second quarter supplemental budget being considered in the Affordable Housing Neighborhoods and Finance Committee. As a heads up. For. The 2018 budget deliberations, Council should be aware that the Council, the executive, plans to request a significant additional appropriation for for this project, an initial appropriation in 3.4 million. But it's important to note that the bond financing is proposed to be funded through the admissions tax revenue, which beginning in 2018 will be 100% dedicated to arts funding . So the funding increase will be covered by a funding source specifically dedicated to arts in the Seattle Municipal Code. The cash balance of the Municipal Arts Fund is $9.8 million, and so funding is clearly available, but we'll be taking that up in the budget process. Very good. Thank you. Any further comments? Please call the rule on the passage of the bill. Johnson Marez the warrant. Bagshaw. Burgess Hi, Gonzales. Herbold Hi, President. Harrell. Hi. Eight in favor and unopposed. Bill passed share with Senate please read agenda item number seven. Agenda Item seven appointment 743 appointment. And Sir Rothman is members Seattle Commission for People with Disabilities four Term two October 31st, 2017. The committee recommends the appointment be confirmed soon.