File #: 2012-0270    Version:
Type: Ordinance Status: Passed
File created: 7/30/2012 In control: Budget and Fiscal Management Committee
On agenda: Final action: 9/4/2012
Enactment date: Enactment #: 17402
Title: AN ORDINANCE relating to the development of regional civic or cultural facilities; providing for municipalities in the county to enter into joint development arrangements with the county for the purpose of developing and constructing civic or cultural facilities with region-wide benefit; authorizing the office of performance, strategy and budget to review joint financing proposals; establishing eligibility criteria for the review of proposals for the issuance of county bonds in support of regional civic or cultural development projects; and adding a new section to K.C.C . chapter 2.10.
Sponsors: Jane Hague, Larry Phillips
Attachments: 1. Ordinance 17402.pdf, 2. 2012-0270 Joint Financing Proposal Policies, 3. 2012-0270 Striking Amendment 08-21-12, 4. 2012-0270 Title Amendment 08-21-12
Staff: Hamacher, Patrick
Title
AN ORDINANCE relating to the development of regional civic or cultural facilities; providing for municipalities in the county to enter into joint development arrangements with the county for the purpose of developing and constructing civic or cultural facilities with region-wide benefit; authorizing the office of performance, strategy and budget to review joint financing proposals; establishing eligibility criteria for the review of proposals for the issuance of county bonds in support of regional civic or cultural development projects; and adding a new section to K.C.C . chapter 2.10.
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PREAMBLE:
This ordinance would provide a mechanism for the county to review regional project proposals that could, if certain funding and other criteria are satisfied, allow for the county and municipality to enter into cooperative, mutually beneficial agreements for the purpose of the development and construction of new civic or cultural facilities with region-wide benefit, such as the proposed Tateuchi Center in Bellevue.
Given its current taxing authorities and revenues, it is unlikely the county would ever utilize an amount approaching its substantial debt capacity. By entering into joint development agreements with a municipality to utilize the county's unused debt capacity, regional projects could be developed that would generate significant economic, civic and cultural benefits for the county.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
NEW SECTION. SECTION 1. There is hereby added to K.C.C. chapter 2.10 a new section to read as follows:
A. The county's office of performance, strategy and budget shall review municipal proposals for intergovernmental financing partnerships that, if the eligibility criteria in subsection B. of this section are satisfied, would support the development of an interlocal agreement for the county to issue bonds in support of municipally-sponsored development and construction of civic or cultural facilities with regional benefit...

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