File #: 2002-0431    Version:
Type: Ordinance Status: Passed
File created: 9/3/2002 In control: Budget and Fiscal Management Committee
On agenda: 9/16/2002 Final action: 10/7/2002
Enactment date: 10/14/2002 Enactment #: 14497
Title: AN ORDINANCE approving a lease by the county of approximately one hundred fifty-six thousand eight hundred square feet of office space and related parking in a building at 401 Broadway in Seattle to be used by Harborview Medical Center, authorizing the county executive to execute the lease, and approving certain provisions of the plan to be used by the owner to finance construction of the 401 Broadway building.
Sponsors: Larry Phillips
Indexes: Harborview, Lease, Property, Property Services Division, TEFRA
Attachments: 1. Ordinance 14497.pdf, 2. 2002-0431 Hearing Notice.doc, 3. 2002-0431 Revised Staff Report 10-02.doc, 4. 2002-0431 Transmittal Letter.doc, 5. A. Lease Agreement between Broadway Office Properties, a Washington non-profit corporation, as Landlord and King County, a political subdivision of the State of Washington, as Tenant, 6. A. Lease Agreement between Broadway Office Properties, a Washington non-profit corporation, as Landlord and King County, a political subdivision of the State of Washington, as Tenant, dated 9/30/02, 7. Finance/Legal/Non-Profit/Consulting Worksheet.doc, 8. Fixed Price Budget.xls, 9. Leasing Comparison Matrix.doc, 10. Outline of Development Agreement.doc, 11. Project Cost Comparison-Design Bid Build.xls, 12. Project Organization Summary.doc, 13. Project Professional Fees Cost Comparison-King Street Center.xls, 14. Summary of the Lease.doc
drafter
Clerk 08/29/2002
title
AN ORDINANCE approving a lease by the county of approximately one hundred fifty-six thousand eight hundred square feet of office space and related parking in a building at 401 Broadway in Seattle to be used by Harborview Medical Center, authorizing the county executive to execute the lease, and approving certain provisions of the plan to be used by the owner to finance construction of the 401 Broadway building.
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PREAMBLE:
The county owns Harborview Medical Center ("HMC") as a county hospital, as authorized in chapter 36.62 RCW. In accordance with K.C.C. chapter 2.42, the HMC board of trustees (the "HMC Board") maintains control over the use of all physical facilities of HMC, and the county executive and county council, in accordance with their charter-assigned responsibilities, must approve the acceptance of any real property for HMC's use.
HMC staff, in consultation with representatives of the county's asset management division, have determined that a building proposed for development at 401 Broadway in Seattle ("401 Broadway") will best meet HMC's long-term need for additional office space in the vicinity of the HMC campus and can also serve the short-term need for overflow office space during the pending seismic retrofitting of HMC facilities. Broadway Office Properties, which is a nonprofit corporation and a qualified 501(c)(3) organization that includes among its purposes lessening the burdens of government, and Opus Northwest, LLC ("Opus") intend to develop 401 Broadway. The development plan includes a financing component that involves leasing all space in the building to the county and issuing tax-exempt bonds to pay costs of construction, as further described herein. On September 16, 2002, the county council held an open public hearing regarding the issuance of such bonds, pursuant to notice published in The Seattle Times on September 2, 2002.
The county council wishes to approve the terms of a lease for a...

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