The proposal includes a one-time 1.4M one-time construction grant of 400K and a 1.2M four-year extension of the existing 1.5M loan. The loan fund is to be used to fund the construction of the project with 100K in the first year, 500K, 750K, 1.2 million in the second year and then the full 1.5 million in the third and fourth years. The extension is due to expire when the project is complete in 2023. OED will also have the option to renew the program with subsequent five-year extension of the existing 1,000,000 loan. The maximum permitted loan is 1.1 million. The loan is not subject to interest, fees, penalty fees, contingency or any other cost. The loan fund is to be secured by: • The property on which the project is to be constructed and • The title to a mortgage on the property. This loan is not subject to the public financing rules, and it is an incentive loan and not an ordinary city or state tax levy or charge. The loan funds are expected to be used for the construction of the project at the time the loan is approved. This loan is expected to be on outstanding balance within five (5) years from the date of the first loan payment, subject to extension. The loan will also serve as repayment of the federal loan program of the same name (Section 809 Program) to which the OED has authority. The loan is expected to be repaid by the City from the tax levy generated for the project. The loan is secured by the property title to the property in any event in the event that the project is terminated before 1.5M in loan funds are collected. OED is also authorized to enter into a separate five-year extension of the existing 1,000,000 loan and a separate four-year extension of the existing 500,000 loan. The three loan programs were implemented to ensure that a portion of property tax revenue, if any, collected for a tax development project is returned to the City when the property taxes are due for payment. OED's participation is a necessary and important step towards the development of a permanent, sustainable property tax base to support City spending for the greater public good and the city's obligations under HUD's Section 8 program. The City's involvement in the Section 108 Loan program was established in 2008.
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City of Seattle Office of Economic Development Memo Date To From Re June 21 2011 Regional Development and Sustainability Committee Steve Johnson and Ken Takahashi Ordinance Approval of INSCAPE Project for HUD Section 108 Loan Fund At City Council s Regional Development and Sustainability RDS Committee meeting on June 21st OED will make a presentation regarding a proposed ordinance to authorize OED to enter into agreements with HUD to establish...
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