File #: 2022-0281    Version:
Type: Ordinance Status: Passed
File created: 7/19/2022 In control: Budget and Fiscal Management Committee
On agenda: Final action: 9/27/2022
Enactment date: 10/12/2022 Enactment #: 19508
Title: AN ORDINANCE related to financial investment properties; and amending Ordinance 10245, Section 6, as amended, and K.C.C. 4.56.075, and Ordinance 12045, Section 17, as amended, and K.C.C. 4.56.180.
Sponsors: Joe McDermott
Indexes: Finance, Property
Code sections: 4.56.075 -
Attachments: 1. Ordinance 19508, 2. 2022-0281 transmittal letter, 3. 2022-0281 fiscal note, 4. 2022-0281 Legislative Review Form, 5. 2022-0280_0281_SR_Ardagh_Glass_Lease_08.24.2022, 6. 2022-0281.1 ATT9 AMD S1, 7. 2022-0281.1 ATT10 AMD T1, 8. 2022-0280_0281_RevisedSR_Ardagh_Glass_Lease_09.14.2022
Related files: 2022-0280
Drafter
Clerk 09/16/2022
Title
AN ORDINANCE related to financial investment properties; and amending Ordinance 10245, Section 6, as amended, and K.C.C. 4.56.075, and Ordinance 12045, Section 17, as amended, and K.C.C. 4.56.180.
Body
STATEMENT OF FACTS:
1. Ardagh Glass Inc. is the current tenant of the county-owned financial investment properties located at 5409 Ohio Avenue S (Tax Parcel 1924049051), 5427 Ohio Avenue S (Tax Parcel 1924049043) and 5801 E Marginal Way S (Tax Parcel 1924049002), Seattle, Washington.
2. The current lease is set to expire on February 1, 2023.
3. The facilities management division successfully negotiated a new lease for the county-owned financial investment properties with Ardagh Glass Inc. and Ordinance xxxxx (Proposed Ordinance 2022-0280) would authorize the executive to enter into the lease agreement.
4. The new lease term would provide an option to extend the lease beyond ten years. However, current exceptions in K.C.C. 4.56.180.A. that permit the county to enter into a lease agreement beyond ten years for county-owned properties are not applicable to the terms of the new lease with Ardagh Glass Inc.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Ordinance 10245, Section 6, as amended, and K.C.C. 4.56.075 are hereby amended to read as follows:
A. The facilities management division shall determine which real properties within the inventory of county-owned properties shall be considered "financial investment properties," including those properties classified as such in Ordinance 15570. All financial investment properties shall be inventoried at least every three years to coincide with the appraisal valuations required 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 fina...

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