File #: 2025-0260    Version: 1
Type: Ordinance Status: To Be Introduced
File created: 9/9/2025 In control: Budget and Fiscal Management Committee
On agenda: Final action:
Enactment date: Enactment #:
Title: AN ORDINANCE revising the loan agreement between King County and the Pacific Science Center Foundation.
Sponsors: Jorge L. Barón
Indexes: King County, loan, Pacific Science Center
Attachments: 1. A. Second Amendment to Loan Agreement by and between King County and Pacific Science Center Foundation, 2. 2025-0260 transmittal letter, 3. 2025-0260 Fiscal Note, 4. Attachment A. SECOND AMENDMENT TO LOAN AGREEMENT by and between KING COUNTY and PACIFIC SCIENCE CENTER FOUNDATION, 5. Second Amendment EXHIBIT A 8-1-25, 6. 2025-0260 Legislative Review Form, 7. 2025-0260_PacScienceCenter_SR
Staff: Sanders, April
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Drafter

Clerk 08/21/2025

Title

AN ORDINANCE revising the loan agreement between King County and the Pacific Science Center Foundation.

Body

STATEMENT OF FACTS:

1.  Ordinance 19218 authorized a loan by King County to the Pacific Science Center Foundation based on the policy considerations included in that ordinance.

2.  The loan was to be repaid over eight years from deferred sales taxes on construction of Climate Pledge Arena to be received by the Pacific Science Center Foundation from the Washington state Department of Revenue.

3.  The first four loan repayments have been received as expected.

4.  At the time of the original loan agreement, the amount of deferred sales taxes provided annually by the Washington state Department of Revenue for the benefit of the Pacific Science Center Foundation was not known with certainty.

5.  Since that time, four years of payments have been received, starting with $2,241,327.70 in 2022, $2,278,227.84 in 2023, $2,356,874.95 in 2024, and $2,447,850.69 in 2025, all of which are significantly higher than originally assumed.

6.  The Pacific Science Center Foundation has requested an increase in the loan amount authorized in the original loan agreement by $2,400,000, based on the higher revenue.

7.  King County supports this request to help the Pacific Science Center achieve the benefits discussed in Ordinance 19218.

                     BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:

                     SECTION 1.  The executive is hereby authorized to execute the second

amendment to the loan agreement between King County and the Pacific Science Center Foundation, substantially in the same form as Attachment A to this ordinance.