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Building 11 Lease Amendment – Magnuson Park

building 11

Substitution Version A (otherwise known as Version 10A) of the Building 11 Lease Amendment was first presented at the Parks and Seattle Center Committee meeting on Thursday, July 21st. At the subsequent meeting on Thursday, August 4th, Substitution Version A passed out of Committee by a vote of 3-0, along with an amended Exhibit G regarding the allowable offsets for public benefits. Councilmembers Bagshaw, Rasmussen and Licata voted in favor of the amended legislation.

Substitution Version A (Version 10A) went before Full Council on August 8, 2011. After many thoughtful comments were made by my Council colleagues, Council Bill 117196 passed 8-1, with the lone vote in opposition cast by Councilmember Burgess. On-demand video of the Full Council meeting can be watched via the Seattle Channel.

Lease Versions:

  • The original lease agreement between the City of Seattle and Building 11 LLC was passed by Full Council on September 29th, 2008, and is currently still in effect.
    (Ordinance 122814)
  • The initial lease amendment (also known as Version 4) was introduced to the Parks & Seattle Center Committee on June 6th, 2011. It was reviewed and discussed at committee meetings on June 16th and July 7th, 2011.
    (Council Bill 117196)
  • Substitution Version A (also known as Version 10A) includes a series of changes to the proposed lease amendment; the changes were made at the direction of the members of the Parks & Seattle Center Committee and were formally presented at the committee meeting on July 21st, 2011. Version A passed out of committee on August 4th and Full Council approved it on August 8th.
    (Substitution Version A)
  • Substitution Version C (also known as Version 17) includes a series of changes to Version A and adds another set of amendments based upon further discussions between the stakeholders. This version was not presented to the Parks and Seattle Center Committee on August 4th, as the LLC indicated they would not agree to sign either version of the amended lease.
    (Substitution Version C)

 

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