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Proposed Section 108 Loan to Compass Center

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COMPASS CENTER
77 S. Washington and 210 Alaskan Way S., Seattle, Washington

The purpose of this Section 108 application is to assist with economic and community development activities in the City of Seattle. The proceeds will be drawn from the previously approved Seattle Economic and Community Development Loan Fund. The Compass Center will be the fourth loan within this fund. The previous three, 211 First Avenue, The Buttnick Building and City Loan Building totaled $8,016,000. This loan is for $1,300,000. The Compass Center will use the loan proceeds for site acquisition and related legal, closing and extension fees. The BEDI funds in the amount of $146,774 will be used for interest subsidy and a loan loss reserve.



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