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HomeMy WebLinkAboutORD 5481CITY OF RENTON,WASHINGTON ORDINANCE NO.5481 AN ORDINANCE OF THE CITY OF RENTON,WASHINGTON,DESIGNATING THE SOUTH LAKE WASHINGTON AREA OF THE CITY OF RENTON AS A REVITALIZATION AREA AND SPECIFYING PROPOSED PUBLIC IMPROVEMENTS TO BE MADE WITH LOCAL REVITALIZATION FINANCING. WHEREAS,the Washington State Legislature recently passed second substitute Senate Bill 5045,which provides limited amounts of state funding to help finance the cost of public infrastructure improvements through the Local Revitalization Financing ("LRF")program;and WHEREAS,the City of Renton ("City")concurs with the State legislature's position that investment in public infrastructure promotes community and economic development in that it stimulates business activity and the redevelopment of brownfields and blighted areas,creates jobs and promotes efficient land use;and WHEREAS,the City concurs with the State legislature that there is a public interest in investing in these projects;and WHEREAS,the City of Renton ("City")anticipates that the LRF program will both improve the viability of existing businesses within the designated Revitalization Area and attract new businesses to the designated Revitalization Area;and WHEREAS,development in the designated Revitalization Area would not likely occur without the assistance of the LRF program;and WHEREAS,the improvement projects proposed through the LRF program,listed below, will increase employment opportunities and private investment within the Revitalization Area, and generate sufficient local revenues that will equal or exceed state and local contributions; and 1 ORDINANCE NO.5481 WHEREAS,the City does not intend to use the LRF program for the purpose of relocating an in-state business from outside the Revitalization Area;and WHEREAS,the City will consider dedicating a portion of its excise tax and property tax allocation revenues needed,together with other resources,for a period not to exceed twenty- five (25)years to match the amount of LRF funding awarded from the State to finance the listed public improvements;and WHEREAS,the City desires to submit an application under the LRF program to seek state funding for certain public infrastructure improvements within certain areas in the City and has accordingly taken all the requisite steps in pursuit of this effort;and WHEREAS,requisite notice was given to all taxing districts and local governments with geographic boundaries within the South Lake Washington area of the City of Renton,which has been identified as a specific area to be designated as a Revitalization Area;and WHEREAS,said notice identified the South Lake Washington area as an intended Revitalization Area and provided information regarding the date for a public hearing and the anticipated date of action to adopt the proposed revitalization area along with contact information of the City of Renton;and WHEREAS,a public hearing was duly noticed and held on August 10,2009,and all parties having been heard appearing in support or in opposition to the proposed action;and WHEREAS,this matter was duly referred to the Committee of the Whole for investigation and study; NOW,THEREFORE,THE CITY COUNCIL OF THE CITY OF RENTON,WASHINGTON,DOES ORDAIN AS FOLLOWS: 2 SECTION I. ORDINANCE NO.5481 All the recitals set forth above and all attachments to this Ordinance are hereby incorporated by reference as if fully set forth. SECTION II.The proposed improvement projects and their respective estimated costs are: •extension of Park Avenue North from The Landing to the Southport development [approximately Five Million Dollars ($5,000,000)]; •channelization and other roadway improvements on Garden Avenue South at Park Avenue [approximately Three Million Dollars ($3,000,000)]; •Highlands to The Landing Trail [approximately Two Million Dollars ($2,000,000)]; •Lake Washington Boulevard corridor improvements [approximately Five Million Dollars ($5,000,000)]; •water and sewer system upgrades [approximately Two Million Five Hundred Thousand Dollars ($2,500,000)];and •Bus Rapid Transit facilities and 700-stall transit-related parking garage [approximately Thirty-five Million Dollars ($35,000,000)]. SECTION III.The following described area of South Lake Washington in the City of Renton as depicted in "Attachment A"is hereby designated as a Revitalization Area. [Said property,is generally located between the southern boundary of Gene Coulon Memorial Beach Park to the northeast,Lake Washington to the north, Logan Avenue North to the west,North 6th and North i h Streets to the south and Garden Avenue North to the east.] SECTION IV.Approximately twenty-five percent (25%)of the listed public improvements costs is anticipated to be financed by the LRF program,if awarded by the State, with the remainder to be funded by project developers,together with potential grants and other public/private funding sources. SECTION V.The estimated time during which local excise tax allocation revenues, local property tax allocation revenues,and other revenues from local public sources are to be 3 ORDINANCE NO.5481 used as part of local revitalization financing for the South Lake Washington Revitalization Areas is approximately twenty-five (25)years. SECTION VI.The estimated time when the use of local property tax allocation revenues will commence is the second calendar year following the creation of South Lake Washington Revitalization Area. SECTION VII.The City has met all of the requirements in Section 103 of second substitute Senate Bill 5045. SECTION VIII.The anticipated rate of sales and use tax if awarded a LRF state contribution would be .00030. SECTION IX.The anticipated date that the sales and use tax will be imposed will be July 1,2013;and the anticipated year in which the criteria for the sales and use tax in section 601 of second substitute Senate Bill 5045 will be met is 2012. SECTION X.The Chief Administrative Officer and/or designee shall be authorized to carry out the necessary and appropriate steps to effectuate and implement the terms of this ordinance and to pursue the LRF program. SECTION XI.This ordinance shall be effective upon passage,approval and thirty (30) days after publication. PASSED BY THE CITY COUNCIL this 17th day of_--=A:.::..;u::..;9"-'U=S::...:t=---__,2009. Bonnie I.Walton,City Clerk 4 ORDINANCE NO.5481 APPROVED BY THE MAYOR this 17th day of __A_u;...,g~u:....;.s:....;.t=--,2009. Denis Law,Mayor Approved as to form: ("....~~_..CXIl4_-'~~ Lawrence J.Warren,City Attorney Date of Publication:8/21/2009 (summary) ORD:1580:8/5/09:scr 5 1:8,000 July 15,2009 ~o 500 1,000____-=======~IFeet N Fiie Name:H:\CEDPjanning;GJSiG!S_pro/sctsl econcmc_dev&opmsr.1I,m-3rketing_:iieteJ'iaNnxdsi rei."fafiz5~on_area_SO<1t!1_1a~e_w8sf?ir:gfo,,,;_8&W_8:<1 (jtt/yOS.n!J..d Community &Economic Development Alex Pietsch,Administrator DatoIGIS Analysis Scnices AdrianaA.Jobn",n,PatrickRoduin Map produced by the City of Renton (e),the City of Renton aU rights reserved. No warranUes of any 60rt,including but not llmiledto accuracy-. fitness or merchant.'lbmty,SceompaAy this product. South Lake Washington Revitalization Area ~South Lake Washington Revitalization Area [::1 City Limits III Parks