Form revised: December 6, 2011

 

 

 

FISCAL NOTE FOR NON-CAPITAL PROJECTS

 

Department:

Contact Person/Phone:

CBO Analyst/Phone:

Seattle Department of Transportation

Angela Steel/684-5967

Rebecca Guerra/684-5339

 

Legislation Title:

AN ORDINANCE granting Fred Hutchinson Cancer Research Center permission to construct, maintain, and operate a service tunnel under and across Eastlake Avenue East, north of Aloha Street, for a ten-year term, renewable for two successive ten-year terms; specifying the conditions under which this permit is granted; and providing for the acceptance of the permit and conditions.

 

Summary of the Legislation:

This legislation will allow Fred Hutchinson Cancer Research Center (FHCRC) to construct, maintain, and operate a service tunnel under and across Eastlake Avenue East, north of Aloha Street.  An area map is attached for reference.

 

This tunnel permit is for a term of ten years with two successive ten-year renewal options. The legislation specifies the conditions under which authorization is granted and provides for acceptance of the permit and conditions.

 

The FHCRC is to pay the City of Seattle an annual fee of $3,264 commencing on the effective date of the ordinance, and annually thereafter.  Adjustments to the annual fee may be made every year and if so made shall be calculated in accordance with a term permit fee schedule adopted by the City Council by Ordinance 123485. An Annual Fee Appraisal Summary is attached for reference.

 
 
 


Background:  

By Resolution 31355, the City granted conceptual approval of the new service tunnel to the FHCRC.

 

Please check one of the following:

 

_X___ This legislation has financial implications.  

 

Appropriations:  N/A

 

Anticipated Revenue/Reimbursement Resulting from this Legislation:

 

Fund Name and Number

Department

Revenue Source

2012

Revenue

2013

Revenue

Transportation Operating Fund 10310

Seattle Department of Transportation

Annual Fee –

 

$3,264

TBD

TOTAL

 

 

$3,264

TBD

 

Revenue/Reimbursement Notes:  N/A

 

Total Regular Positions Created, Modified, or Abrogated through this Legislation, Including FTE Impact:  N/A

 

Spending/Cash Flow:  N/A

 

Other Implications: 

 

a)      Does the legislation have indirect financial implications, or long-term implications?

No

 

b)     What is the financial cost of not implementing the legislation? 

If the legislation is not enacted by the City Council, the City of Seattle will not receive the annual fee of $3,264. As previously stated, the City of Seattle has the option to adjust the fee amount on an annual basis.  The tunnel, as conceptually approved under Resolution 31355, will not be permitted.

 

c)      Does this legislation affect any departments besides the originating department? 

No

 

d)     What are the possible alternatives to the legislation that could achieve the same or similar objectives?  None

 

e)      Is a public hearing required for this legislation? 

No

 

f)       Is publication of notice with The Daily Journal of Commerce and/or The Seattle Times required for this legislation?

No

 

g)      Does this legislation affect a piece of property?

An area map is attached for reference.

 

h)     Other Issues:  N/A

 

List attachments to the fiscal note below:

Attachment A –Fred Hutchinson Cancer Research Center Tunnel Area Map

 

 

 

 

Parking Garage
 
 

 

 

 

 

 


Map is for informational purposes only and is not intended to modify or supplement the legal description(s) in the Ordinance.

 

Attachment B - Annual Fee Assessment Summary

 

Attachment B - Annual Fee Assessment Summary

 

 

STREET USE ANNUAL FEE ASSESSMENT

 

Summary:

Land Value:  $160/SF

First Year Permit Fee:

$3,264
 
Date:            5/23/12

 

 

 

 

 

I.                                Property Description:

This annual fee assessment is for a new service tunnel under and across Eastlake Avenue East, north of Aloha Street. The tunnel will provide a private utility and service personnel connection between the FHCRC Weintraub Building and 1100 Eastlake Avenue East Building.  Adjacent tax parcels are listed below. The tunnel is 850 square feet.

 

Applicant:

Fred Hutchinson Cancer Research Center

 

Abutting Parcels, Property Size, Assessed Value:

 

1.      Parcel 216390-1105; 42,054 square feet

 

Tax year 2012 Appraised Land Value $6,728,600

Assessed at $160/SF

 

2.      Parcel 198420-0455; 177,682 SF

 

Tax year 2012 Appraised Land Value $28,429,100

Assessed at $160/SF

 

 

Average 2012 tax assessed land value: $160/SF

 

II.                  Annual Fee Assessment:

The 2012 permit fee is calculated as follows:  ($160/SF) X (850 SF) X (30%) X (8%) = $3,264, where 30% is the degree of alienation for an utility tunnel and 8% is estimated annual rate of return. 

 

Fee methodology authorized under Ordinance 123485.