File #: 2006-0282    Version:
Type: Ordinance Status: Passed
File created: 6/19/2006 In control: Committee of the Whole
On agenda: Final action: 8/21/2006
Enactment date: 8/31/2006 Enactment #: 15569
Title: AN ORDINANCE modifying the procedure for the sale of financial investment properties owned by King County; and amending Ordinance 12045, Section 6, as amended, and K.C.C. 4.56.075.
Sponsors: Larry Phillips
Indexes: Finance, Property
Attachments: 1. 15569.pdf, 2. 15569.pdf, 3. 2006-0282 Fiscal Note.doc, 4. 2006-0282 Rev Staff Report.doc, 5. 2006-0282 Staff Report.doc, 6. 2006-0282 Transmittal Letter.doc
Title
AN ORDINANCE modifying the procedure for the sale of financial investment properties owned by King County; and amending Ordinance 12045, Section 6, as amended, and K.C.C. 4.56.075.
Body
STATEMENT OF FACTS:
1. The council has enacted Ordinance _____, submitting to the voters of King County a ballot proposition authorizing the sale of real property owned by King County and purchased with the proceeds of the Harbor Bonds passed by the voters in 1910.
2. The Harbor Bond properties have been classified as financial investment properties and have been developed and improved for commercial and industrial uses under long term leases.
3. The procedure for the sale of financial investment properties established in K.C.C. 4.56.075 does not provide the necessary flexibility or safeguards to maximize the financial return to King County resulting from the sale of such properties.
4. The council finds that providing such flexibility and safeguards would better serve the interests of the citizens of King County.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Ordinance 12045, section 6 and K.C.C. 4.56.075, as amended, are each hereby amended as follows:
A. The facilities management division shall determine which real properties within the inventory of county-owned properties are defined by this section. These properties are currently not needed for county use but are held to provide a financial return to the county. It is the ultimate objective of the county to dispose of this type of property. Disposal should not occur until optimal market conditions exist for maximizing financial return to the county.
B. All properties within this category shall have an initial value established by an appraisal or, in lieu of this appraisal, a value shall be established by the facilities management division.
C. Except as provided in subsection E of this section, all properties with values of less than five hundred thousand dollars shall be revalued ...

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