HomeMy WebLinkAboutRes 1841 - Financing Plan for Urban Renewal Tukwila International Boulevard (TIB) Redevelopment
Washington
Resolution No. 1841
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUKWILA, WASHINGTON, ADOPTING A FINANCING PLAN
FOR THE URBAN RENEWAL TUKWILA INTERNATIONAL
BOULEVARD (TIB) REDEVELOPMENT PROJECT.
WHEREAS, the City of Tukwila plans to, and has, acquired certain improved
property on Tukwila International Boulevard for the purpose of redevelopment; and
WHEREAS, as part of the redevelopment plan, the City will demolish the
improvements and offer the vacant land for sale, subject to certain development
conditions; and
WHEREAS, it is estimated that the property acquisitions will cost approximately
$6,100,000; and
WHEREAS, the City estimates it may take up to three years to sell the property,
which is estimated to produce proceeds of $2,250,000; and
WHEREAS, while the City expects the redevelopment to provide long term strategic
benefit to the City, the transactions are expected to result in a net cost to the City of
$3,850,000; and
WHEREAS, the City wishes to finance the cost of the acquisition of property in
order to amortize the cost over a period of 20 years; and
WHEREAS, the City would like to have the ability to use proceeds from the sale of
properties to redeem or prepay debt in order to reduce overall interest cost;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, HEREBY RESOLVES AS FOLLOWS:
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The City Council hereby adopts a financing plan for the Urban Renewal Tukwila
International Boulevard (TIB) Redevelopment Project whereby the City of Tukwila will
secure a 3- to 5 -year $2,250,000 taxable line of credit to finance acquisition costs
estimated to be recoverable through future property sales, and whereby a 20 -year
$3,850,000 taxable bond will be issued for the estimated net acquisition cost to the City.
PASSED BY THE CITY COUNCIL 91F THE CITY OF TUKWILA, WASHINGTON, at
a Regular Meeting thereof this L,. day of Co p1-42/„,,b07. , 2014.
ATTEST /AUTHENTICATED:
y, MMC, City Clerk
APPROVED AS TO FORM BY:
Rachel Turpin, City Attorney
De'Sean Quinn, Council President
Filed with the City Clerk: e -4(
Passed by the City Council:
Resolution Number: a1(
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