AN ORDINANCE relating to the Pacific Place Garage; authorizing the loan of funds from the City's Consolidated (Residual) Cash Pool, or its participating funds, to the Downtown Parking Garage Fund; and providing for repayment.

WHEREAS, the City of Seattle acquired the Pacific Place Garage through agreements authorized by Ordinance 118011 for the purpose of encouraging short-term parking in, and contributing to the revitalization of, the downtown retail core; and

WHEREAS, revenues from the operation of the Pacific Place Garage pay only costs of the Garage, including the cost of debt service on the financing of the Garage; and

WHEREAS, all revenues and costs related to the Pacific Place Garage are recorded in the Downtown Parking Garage Fund; and

WHEREAS, net proceeds from the operation of the Garage have been historically sufficient to pay all costs of its operations, support a positive cash balance in the Downtown Parking Garage Fund, and maintain the Garage's parking rates below prevailing market levels in accordance with the objective of revitalizing the downtown retail core; and

WHEREAS, due to recent economic conditions and other factors, Garage revenues are not sufficient to meet all operating cost obligations of the Pacific Place Garage and maintain a consistently positive cash balance in the Downtown Parking Garage Fund; and

WHEREAS, in the normal course of business the City may temporarily lend cash between funds to maintain required balances; and

WHEREAS, the City Council and Mayor approved a short-term loan of not more than $4 million to the Downtown Parking Garage Fund from the City's Consolidated (Residual) Cash Pool with the enactment of Ordinance 123694 on September 12, 2011; and

WHEREAS, the short-term loan expired on December 31, 2012; and

WHEREAS, the City's Finance Director is authorized to extend short-term cash pool loans for up to 90 days past their expiration date, at which time legislation must be passed by the City Council in order to extend the loan for an additional period of time; NOW, THEREFORE,

BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:

Section 1. A loan of not more than $5 million of principal and interest outstanding at any one time is hereby authorized to be made from the City's Consolidated (Residual) Cash Pool, or its participating funds, to the Downtown Parking Garage Fund (46010). The loan expires December 31, 2014, with interest on the loan at the rate of return of the City's Consolidated (Residual) Cash Pool.

Section 2. The entire principal and interest amount of the loan authorized by Section 1 owed by Downtown Parking Garage Fund to the City's Consolidated (Residual) Cash Pool, or its participating funds, shall be repaid with the revenues from operating the Pacific Place Garage or the General Fund.

Section 3. The Director of Finance may effectuate the loan authorized in Section 1 by transferring cash from one or more of the funds participating in the City's Consolidated (Residual) Cash Pool to the Downtown Parking Garage Fund, or by carrying the Downtown Parking Garage Fund in a negative cash position in an amount not to exceed $5 million through December 31, 2014.

Section 4. This ordinance shall take effect and be in force 30 days after its approval by the Mayor, but if not approved and returned by the Mayor within ten days after presentation, it shall take effect as provided by Seattle Municipal Code Section 1.04.020.

Passed by the City Council the ____ day of ________________________, 2013, and signed by me in open session in authentication of its passage this

_____ day of ___________________, 2013.

_________________________________

President __________of the City Council

Approved by me this ____ day of _____________________, 2013.

_________________________________

Michael McGinn, Mayor

Filed by me this ____ day of __________________________, 2013.

____________________________________

Monica Martinez Simmons, City Clerk

(Seal)

Mark Ellerbrook FAS Pacific Place Garage 2013 Loan ORD January 15, 2013 Version 3