Form revised January 17, 2003

Fiscal Note

Department:	Contact Person/Phone:	DOF Analyst/Phone:
Office of Housing	Rick Hooper, 4-0338	Janet Credo, 4-8687

Legislation Title:

AN ORDINANCE relating to the Holly Park redevelopment project; authorizing the Mayor to execute a Third Amended and Restated Memorandum of Agreement with the Housing Authority of the City of Seattle.

Summary of the Legislation:

This ordinance authorizes the Mayor to execute a third amendment to the Memorandum of Agreement between the Seattle Housing Authority and the City of Seattle regarding the Holly Park HOPE VI project in Southeast Seattle. The amended MOA states conditions for City capital contributions for Phase III of the redevelopment of Holly Park, includes new provisions pertaining to Phase III, and makes modifications to certain Annual Production Targets.

Appropriations: N/A

Fund Name and Number	Department	Budget Control Level	2003 Appropriation	2004 Anticipated Appropriation
N/A	N/A	N/A	N/A	N/A
TOTAL

Notes: Not applicable. Appropriation authority is provided in 2003 budgets for respective City departments.

Expenditures:

Fund Name and Number	Department	Budget Control Level*	2003 Expenditures	2004 Anticipated Expenditures
Drainage & Wastewater Fund, #44010	Seattle Public Utilities	Other Drainage (C335)	$576,000307,000	$0
Drainage & Wastewater Fund, #44010	Seattle Public Utilities	General Wastewater (C320)	$269,000	$0
Water Fund, #43000	Seattle Public Utilities	Other Agencies (C120)	$240,000	$0
Light Fund, #41000	Seattle City Light	Distribution (SXCL300)	$117,329	$0
Low Income Housing Fund, #16400	Office of Housing	HOME Programs (XZ490)	$1,800,000	$266,671
TOTAL			$2,733,329	$266,671

* This is line of business for operating budgets, and program or project for capital improvementsNotes: Appropriations for these expenditures were included in the 2003 budgets for the departments listed above.

Anticipated Revenue/Reimbursement: N/A

Fund Name and Number	Department	Revenue Source	2003 Revenue	2004 Revenue
N/A	N/A	N/A	N/A	N/A
TOTAL

Notes:

Total Permanent Positions Created Or Abrogated Through Legislation, Including FTE Impact; Estimated FTE Impact for Temporary Positions: N/A

Fund Name and Number	Department	Position Title	2003 FTE	2004 FTE
N/A	N/A	N/A	N/A	N/A
TOTAL

Do positions sunset in the future?

N/A

Background

Legislation adopts third amended and restated memorandum of agreement between the Seattle Housing Authority and the City of Seattle with regard to the Holly Park HOPE VI redevelopmentIn 1996X, SHA received a $47 million HOPE VI Revitalization Demonstration Project Implementation Grant from HUD to partially fund the redevelopment of the 102 acre public housing community known as Holly Park in Southeast Seattle into a mixed-income community in partnership with the current residents of Holly Park and private and public entities. The project entailed removal of 871 units of aging, dilapidated housing and new construction of a mix of low-income, moderate-income and market-rate housing. All 871 units of low-income housing are being replaced both on- and off-site. When complete, Holly Park will have approximately 1,300 housing units. The project includes X types of units (or whatever) The total project cost is approximately $275 million?????. The City has been a partner in this development since 1996 when the City first committed to provide funding for Phase I. The City is making an overall contribution of $15X million to the project, $6.3M for Phase I, $5.7M for Phase II and $3M for Phase III. This legislation amends the MOA to incorporate the City’s final contribution to final Phase of this project. In Phase III, the City is providing funding for utilitypublic infrastructure and construction of rental housing for households with incomes at or below 50% of median?????. The utilities have planned for these expenditures in their 2003-2008 CIPs and 2003 budget and have incorporated these projects in their revenue requirements. OH is funding this projectPhase III with HOME dollars budgeted for preservation and development of rental units.from ????Assumed level of LEED and other sustainable design elements:

NewHolly is not attempting to be certified under the LEED program. Phase I and II were completed before LEED certification became available. The following is a list of sustainability items that were or will be in practice at NewHolly:

In Phase III, there is a bio-swale in the Central Park for treatment of locally generated storm water runoff.

NewHolly demolition was 90% recycled.

Recycled crushed concrete is being used for most of NewHolly’s select structural imported fill.

Existing significant trees are being saved where possible.

Mostly wet-sprayed cellulose insulation, made from recycled kraft paper, is being used.

Building construction waste is being recycled.

Compact fluorescent lighting is being used where feasible to lower electrical consumption.

An efficient gas-fired hydronic heating system is being u

Past legislative and funding history:

§ Resolution 294379 11/12/96—affirming City’s intent to make capital contributions to Phase I

§ Resolution 29579 6/2/97—approving financial contribution plan not to exceed $6.3 million for Phase I

§ Resolution 29578 6/2/97—accepting Replacement Housing Plan

§ Ordinance 118687 8/11/97—authorizing Mayor to execute MOA

Past legislative and funding history (continued):

§ Ordinance 118836 12/8/97—authorizing Mayor to execute 1^st amendment to MOA

§ Resolution 29811 8/31/98—affirming City’s intent to make capital contributions to Phase II

§ Ordinance 119689 10/4/99—authorizing Mayor to execute MOA incorporating 1^st amendment and requirements for Phase II; $5.7 million capital contribution

§ Ordinance 119924 4/24/00—authorizing Mayor to execute 2^nd amended and restated MOA

§ Resolution 30521 10/7/02—affirming City’s intent to make capital contributions to Phase III

Project Name:	Project Location:	Start Date:	End Date:
Holly Park Phase III	MLK @ Holly urban village	2003	2006

Spending Plan and Future Appropriations

Spending Plan and Budget	2003	2004	2005	2006	2007	2008	Total
Spending Plan	$2,733,329	$266,671					$3,000,000
Current Year Appropriation	$2,733,329	$266,671					$3,000,000
Future Appropriations

Key Assumptions:

Funding source

Funding Source	2003	2004	2005	2006	2007	2008	Total
Drainage & Wastewater Fund, #44010	$576,000						$509,000
Water Fund, #43000	$240,000						$307,000
Light Fund, #41000	$117,329						$117,329
Low Income Housing Fund, #16400	$1,800,000	$266,671					2,066,671
TOTAL	$2,733,329						$3,000,000