Title
AN ORDINANCE relating to the Building for Culture Program, amending the list of approved projects authorized by Ordinance 18181.
Body
STATEMENT OF FACTS:
1. Motion 14406 approved a partnership between King County and 4Culture to establish an arts, cultural, heritage and preservation capital funding program referred to as the building for culture program.
2. Ordinance 18179 approved supplemental appropriations of $28,000,000 to the cultural development authority and $500,000 to the historic preservation program to implement the building for culture program.
3. Ordinance 18180 authorized the issuance of and public sale of one or more series of limited tax general obligation bonds of the county in an aggregate original principal amount not to exceed $29,000,000 to provide financing for the building for culture program and to pay costs of issuing the bonds.
4. Ordinance 18181 authorized the executive to enter into an agreement for implementation of the building for culture program by and between King County and 4Culture and included a list of approved projects for funding through the building for culture program as Exhibit A to the agreement. The agreement was fully executed on December 4, 2015.
5. The agreement required 4Culture to advise King County within twenty-four months following the date of issuance of the bonds, if an approved project with which 4Culture had executed a grant agreement would not be able to expend all of its funds within thirty-six months following the date of issuance of the bonds.
6. On March 30, 2018, twenty-four months after the date of issuance of the bonds, 4Culture transmitted a report to King County stating that it was 4Culture's assessment that four projects funded by the building for culture program would not be able to expend or fully expend their awards, for a total amount unable to be expended of one million three hundred fifty-six thousand three hundred dollars.
7. Ordinance 18181 states that implementation or com...

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