AN ORDINANCE relating to the Holly Park redevelopment project; and authorizing the Mayor to execute an amendment to the Memorandum of Agreement with the Housing Authority of the City of Seattle concerning Holly Park.

WHEREAS, Ordinance 118687 authorized the Mayor to execute a Memorandum of Agreement, substantially in the form attached to that ordinance, with the Housing Authority of the City of Seattle in connection with partial funding for Phase I of the redevelopment of the 102-acre public housing community in southeast Seattle known as Holly Park; and

WHEREAS, Internal Revenue Service regulations require a change in the use of certain City funds as set forth in the Memorandum of Agreement; and

WHEREAS, the Memorandum of Agreement provides that amendments must be approved by the City Council by ordinance; NOW THEREFORE,

BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:

Section The Mayor is hereby authorized to execute, for and on behalf of The City of Seattle, a First Amendment to Memorandum of Agreement ("First Amendment"), substantially in the form attached hereto as Exhibit A, with the Housing Authority of the City of Seattle concerning the Holly Park redevelopment project.

Section 2. Any act consistent with the authority and prior to the effective date of this ordinance, including, without limitation, execution of the First Amendment and execution of loan documents consistent with the First Amendment, is hereby ratified and confirmed.

Section 3. This ordinance shall take effect and be in force thirty (30) days from and after its

approval by the Mayor, but if not approved and returned by the Mayor within ten (10) days after presentation, it shall take effect as provided by Municipal Code Section 1.04.020.

Passed by the City Council the _____ day of ____________, 1997, and signed by me in open session in authentication of its passage this _____ day of _________________, 1997.

___________________________________________

President _______ of the City Council

Approved by me this _____ day of _________________, 1997.

___________________________________________

Mayor

Filed by me this _____ day of ____________________, 1997.

___________________________________________

City Clerk

(Seal)

November 20, 1997 SHAMOA2.Ord (Ver. 1)