Drafter
Clerk 09/29/2026
Title
AN ORDINANCE related to an affordable housing development at 701 South Jackson Street, Seattle, Washington; authorizing the county executive to execute a master lease by 701 Essential Housing to the county, subject to ratification and confirmation by motion of the council; approving certain provisions of the development and financing plan of 701 Essential Housing, including the county's pledge of taxation and credit to pay rent as required by the master lease; agreeing to take unencumbered title to the facilities when bonds issued by 701 Essential Housing are discharged; and approving certain other provisions of the lease financing transaction.
Body
STATEMENT OF FACTS:
1. King County lacks sufficient availability of permanently rent-restricted homes available to all, including low-income households. The county has a particular need for affordable housing that is either reasonably close to regional and subregional job centers or easily accessible by public transportation, or both.
2. Increasing the availability of housing supply in the county relieves pressure on the larger housing market and improves housing affordability, while preventing displacement of essential workers from neighborhoods close to jobs and accessible by public transportation. Furthermore, affordable housing reduces traffic congestion on county roads and adverse climate impacts by increasing walkability and the use of public transit.
3. 701 South Jackson Street is a parcel within the city of Seattle that has been identified as suitable for the development of affordable housing. The site is located in the Chinatown-International District, in walking distance to the ID/Chinatown Link Light Rail Station and other transit options, the Pike Pine Retail Core, the historic Pioneer Square District, the Seattle Waterfront, and various medical care facilities. The site previously served as an automobile service and gas station from the 1940s through 2008, but has...
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