Fiscal Note

Each piece of legislation that is financial in nature requires a fiscal note. The fiscal note should be drafted by department staff and should identify operating, capital, revenue, and FTE impacts of the legislation. After preparation by departmental staff, the Department of Finance (DOF) will review and make necessary revisions before transmittal to Council.

Department: Fleets and Facilities

Contact Person/Phone: Barbara Brannan 684.0414

DOF Analyst/Phone: Lee Belland 233.3778

Legislation Title:

AN ORDINANCE authorizing the Fleets and Facilities Director to execute a lease agreement between the City and Seattle Metropolitan Credit Union providing for the establishment of a retail Credit Union branch in the new City Hall.

Summary of the Legislation:

Passage of this ordinance by the City Council will authorize Fleets and Facilities to enter a lease agreement with an extension option for an additional five years beyond the standard five-year lease that Fleets and Facilities is authorized to execute.

Background:

The Seattle Metropolitan Credit Union (SMCU) desires to lease space in the new City Hall. The City has space available that is appropriate for the SMCU to lease. Because of the long-standing relationship of the parties and mutual benefits of co-location, both are agreeable to a five-year term with a five-year extension option.

Public Private Partnership Review Status: N/A

Is the legislation subject to public hearing requirements? No.

Fiscal Sustainability Issues (related to grant awards): N/A

Estimated Expenditure Impacts:

FUND (List # and/or Account)	2002	2003	2004
TOTAL

One-time $

On-going $

Note: No expenditures are anticipated by this legislation.

Estimated Revenue Impacts:

FUND (List # and/or Account)	2002	2003	2004
Fleets and Facilities Operating Fund		24,070	25,829
TOTAL		$24,070	$25,829

One-time $

On-going $

Estimated FTE Impacts:

FUND (List # and/or Account)	2002	2003	2004
TOTAL

# Full Time

# Part Time

# TES

No positions are created by this legislation.

Do positions sunset in the future? If yes, identify sunset date?

N/A.

Other Issues (including long-term implications of the legislation):

N/A.