FISCAL
NOTE
|
Department: Office of
Economic Development |
Contact
Person/Phone: Ken
Takahashi 684-8378 |
CBO
Analyst/Phone: Janet Credo 684-8687 |
Legislation
Title:
AN ORDINANCE relating to the Community
Development Block Grant Float Loan Program; authorizing a short-term loan of up
to THREE MILLION ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($3,100,000) in Block
Grant funds to YouthCare, a Washington nonprofit corporation, to finance site
acquisition of 975 John Street in the South Lake Union neighborhood for the
Orion Center; authorizing amendments to the 2001-2004 Consolidated Plan and
2002 Action Plan to reflect such loan; appropriating funds for the loan and for
possible new advances after early repayments, and ratifying and confirming
prior acts.
Summary of the
Legislation:
This legislation authorizes the OED
Director to make a $3,100,000 CDBG float loan to YouthCare to finance site
acquisition costs related to its Orion Center project.
Thise
legislation also authorizes amendments to the City’s Consolidated Plan and
Action Plan to reflect the proposed loan.
Background
(Include justification for the legislation and funding history, if applicable):
YouthCare is a 501(c)(3) non-profit organization whose mission is to serve Seattle area youth who are experiencing the consequences of homelessness, conflict and disenfranchisement.
YouthCare has been providing services
to homeless youth since 1974. In 1983,
Youthcare opened the Orion Center, located at 1020 Virginia Street in the Denny
Triangle neighborhood, as a multi-service outreach center. Since that time, YouthCare’s operations
grown to the extent that its current facility does not adequately serve its
needs.
The goal of this project is to find a
new location for the Orion Center so that YouthCare will have adequate space
and amenities for current and enhanced services.
The proposed float loan will allow YouthCare to acquire a 41,400 square foot building located at 975 John Street in the South Lake Union neighborhood, for the relocation and expansion of the Orion Center.
Public Private
Partnership Review Status:
Is
the project referenced in the legislation subject to P4 review? If yes, identify P4 review to date.
No.
Is the
legislation subject to public hearing requirements? If yes, what public hearings have been held to date?
Yes. The public hearing will be held before
Council committee consideration of this legislation.
Fiscal
Sustainability Issues (related to grant awards):
N/A.
Estimated Expenditure Impacts:
|
FUND (List # and/or Account) |
2002 |
2003 |
2004 |
|
CDBG
(Float Loan) |
$3,100,000* |
|
|
|
|
|
|
|
|
TOTAL |
$3,100,000* |
|
|
One-time
$3,100,000 On-going
$____________
*Note: The expenditure authority authorized by this
legislation includes an additional amount of up to $3,100,000 for re-advances
when the City requests partial repayment of the loan in advance of the normal
payment schedule to meet temporary cash needs for other CDBG activities pending
the City’s receipt of its annual CDBG entitlement from the federal government. Any such re-advances are limited to the
principal amount repaid such that the principal balance outstanding on the
proposed loan will never exceed $3,100,000.
Estimated Revenue Impacts:
|
FUND (List # and/or Account) |
2002 |
2003 |
2004 |
|
CDBG
(Transaction Fee Returned to City) |
$31,000 |
|
|
|
|
|
|
|
|
TOTAL |
$31,000 |
|
|
One-time
$31,000 On-going
$____________
Estimated FTE Impacts:
|
FUND |
2002 |
2003 |
2004 |
|
N/A |
$0.00 |
|
|
|
|
|
|
|
|
TOTAL |
$0.00 |
|
|
# Full Time _______ # Part Time _______ # TES _______
Do positions
sunset in the future? If yes, identify
sunset date?
N/A
Other Issues
(including long-term implications of the legislation):
N/A