File #: 2004-0431    Version: 1
Type: Ordinance Status: Passed
File created: 9/7/2004 In control: Budget and Fiscal Management Committee
On agenda: Final action: 9/27/2004
Enactment date: 9/30/2004 Enactment #: 15022
Title: AN ORDINANCE relating to interim use of the community development block grant fund to provide a short-term loan to the King County Housing Authority for the development of infrastructure related to the Greenbridge HOPE VI project, providing for the forgiveness of the loan and its repayment through other county fund sources, and authorizing the King County executive to enter into loan agreements necessary to effect the project.
Sponsors: Larry Gossett
Indexes: Budget, Community Development Block Grant, Housing, Housing Authority
Attachments: 1. Ordinance 15022.pdf, 2. 2004-0431 Fiscal Note - Fund 2460 - $1,750,000.doc, 3. 2004-0431 Fiscal Note - Fund 2460 - $4,000,000.doc, 4. 2004-0431 Revised Staff Report 09-27-04, 5. 2004-0431 Staff Report 09-23-04, 6. 2004-0431 Transmittal Letter.doc
Drafter
Clerk 09/02/2004
title
AN ORDINANCE relating to interim use of the community development block grant fund to provide a short-term loan to the King County Housing Authority for the development of infrastructure related to the Greenbridge HOPE VI project, providing for the forgiveness of the loan and its repayment through other county fund sources, and authorizing the King County executive to enter into loan agreements necessary to effect the project.
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BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Definitions. The definitions in this section apply throughout this ordinance unless the context clearly requires otherwise.
A. "Community development block grant funds" or "CDGB funds" means those entitlement moneys King County receives through the United States Department of Housing and Urban Development and are dedicated to the community development block grant fund.
B. "Community development interim loan" or "CDIL" means the making of short-term financing loans to assist the development of community-development-block-grant-eligible projects.
C. "Council" means the metropolitan King County council.
D. "County" means King County, Washington.
SECTION 2. The council finds and determines to be necessary and appropriate and in the best interests of the county to make a CDIL in the amount of up to one million seven hundred fifty thousand dollars. The loan proceeds will be used to partially fund the costs of new infrastructure in the King County Housing Authority's Greenbridge HOPE VI project located in the unincorporated area of White Center. The project will redevelop the existing Park Lake Homes I housing development and create a mixed-income community with housing, services and community facilities, amenities and infrastructure. Approximately one thousand twenty-five units of housing will be constructed of which six hundred fifty-three will be rental units available to those families with less than sixty percent of the ...

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