File #: 2010-0366    Version: 1
Type: Ordinance Status: Passed
File created: 6/28/2010 In control: Government Accountability and Oversight Committee
On agenda: Final action: 7/19/2010
Enactment date: 7/20/2010 Enactment #: 16883
Title: AN ORDINANCE related to the Washington State Convention Center; creating a public facilities district to acquire, own and operate a convention and trade center transferred from the public nonprofit corporation that owns the Washington State Convention Center, as authorized by chapter 36.100 RCW; appointing the board of directors; requiring reports concerning the district's efforts regarding transfer of the Washington State Convention Center property to the public facilities district; and creating a new chapter in K.C.C. Title 2.
Sponsors: Jan Drago, Pete von Reichbauer, Larry Phillips, Bob Ferguson, Jane Hague, Kathy Lambert
Indexes: Washington, State of
Attachments: 1. 16883.pdf, 2. 2010-0366 Staff report with attachments pdf - Adobe Acrobat Professional
Staff: Wagner, Nick
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AN ORDINANCE related to the Washington State Convention Center; creating a public facilities district to acquire, own and operate a convention and trade center transferred from the public nonprofit corporation that owns the Washington State Convention Center, as authorized by chapter 36.100 RCW; appointing the board of directors; requiring reports concerning the district's efforts regarding transfer of the Washington State Convention Center property to the public facilities district; and creating a new chapter in K.C.C. Title 2.
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PREAMBLE:
In 1982, with the support of the Washington State legislature, a nonprofit corporation was established to design, construct, promote and operate the Washington State Convention Center. Since its first event on June 18, 1988, the Washington State Convention Center has operated for twenty-two years to provide economic and civic benefits to the people of the state of Washington. In 2010, the state Legislature enacted Substitute Senate Bill 6889, which authorized King County to create a public facilities district to acquire, own and operate a trade and convention center transferred from a public nonprofit corporation. In addition, the bill established requirements for the transfer of the property of the nonprofit organization Washington State Convention Center to a newly created public facilities district. One requirement is that any transfer of property must occur by June 30, 2011; another is that existing state debt issued for Convention Center purposes be refinanced and defeased with the debt of the new public facilities district.
By creating the public facilities district now, the newly created district will be able to begin the process of complying with the requirements established by the Washington state Legislature for the transfer of the Washington State Convention Center property to the public facilities district prior to June 30, 2011.
The Washington State Convention Center has targeted November 2010 for th...

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