File #: 2005-0263    Version:
Type: Ordinance Status: Passed
File created: 6/6/2005 In control: Growth Management and Unincorporated Areas Committee
On agenda: Final action: 6/27/2005
Enactment date: 7/6/2005 Enactment #: 15222
Title: AN ORDINANCE relating to affordable housing in unincorporated south King County, authorizing the King County executive to execute a contract for a six-million-eight-hundred-fifty-thousand-dollar Section 108 loan guarantee with the United States Department of Housing and Urban Development; authorizing the executive to execute a loan agreement with the King County Housing Authority to finance the construction of the supporting infrastructure at the Greenbridge project; providing revenues for the principal and interest of the Department of Housing and Urban Development Section 108 loan, establishing a fund for the payment of the Department of Housing and Urban Development Section 108 loan; pledging future Community Development Block Grant funds for the principal and interest of the Department of Housing and Urban Development; and pledging to provide for the annual levy of taxes to pay the principal and interest thereon.
Sponsors: Dow Constantine, Carolyn Edmonds
Indexes: Budget, Contracts, Housing, Housing Authority
Attachments: 1. Ordinance 15222.pdf, 2. 2005-0263 Fiscal Note.xls, 3. 2005-0263 Transmittal Letter.doc, 4. A. HUD Section 108 Loan Guarantee Assistance contract, 5. A. HUD Section 108 Loan Guarantee Assistance contract, 6. B. HUD promissory note, 7. B. HUD promissory note, 8. C. Greenbridge loan agreement, 9. C. Greenbridge loan agreement, dated June 27, 2005, 10. Revised Staff Report, 11. Staff Report 6-21-05
Title
AN ORDINANCE relating to affordable housing in unincorporated south King County, authorizing the King County executive to execute a contract for a six-million-eight-hundred-fifty-thousand-dollar Section 108 loan guarantee with the United States Department of Housing and Urban Development; authorizing the executive to execute a loan agreement with the King County Housing Authority to finance the construction of the supporting infrastructure at the Greenbridge project; providing revenues for the principal and interest of the Department of Housing and Urban Development Section 108 loan, establishing a fund for the payment of the Department of Housing and Urban Development Section 108 loan; pledging future Community Development Block Grant funds for the principal and interest of the Department of Housing and Urban Development; and pledging to provide for the annual levy of taxes to pay the principal and interest thereon.
Body
STATEMENT OF FACTS:
1. The metropolitan King County council in Motion 11990 authorized the executive to initiate the application process for a Housing and Urban Development ("HUD") Section 108 loan guarantee, negotiate with HUD the terms and conditions of the loan, and to transmit to council for approval the loan documents at the earliest possible date.
2. The executive submitted an application to HUD for a HUD Section 108 loan guarantee for up to six million eight hundred fifty thousand dollars for infrastructure improvements at the King County Housing Authority's redevelopment project at Greenbridge in unincorporated King County.
3. The executive has received notice of HUD's approval of King County's application for a six-million-eight-hundred-fifty-thousand-dollar HUD 108 loan and has negotiated terms and conditions for the loan.
4. The metropolitan King County council requested that the loan application for council approval include a capital budget detail depicting which county departments shall be responsible for contribut...

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