On the rainiest day in June so far, Seattle Mayor Mike McGinn and City Council members Sally Clark and Nick Licata joined Capitol Hill Housing’s Chris Persons in a Wednesday afternoon press conference to announce details of the 12th Ave Arts development agreement reported by CHS this morning.
The mayor said the city will transfer ownership of the East Precinct parking lot on 12th near Pine to Capitol Hill Housing in a deal that is still being worked out with the non-profit housing developer that will include city ownership of new parking facilities in the planned mixed-use development.
McGinn called past barriers to the plan over the past 10 years a “log jam” that the City had now overcome due to a better financial opportunity to create the SPD parking facility and a “spirit of collaboration” exhibited by the various departments involved in the deal with CHH. No money from Seattle’s general fund will be spent on the project.
Rain drops drizzling down his back, Persons called Capitol Hill “an economic engine” of Seattle and said the $38 million project represents the economic, community and cultural needs of the neighborhood.
Persons said financing for the project must still be secured and said he hopes to have that plan in place by this time next year. The executive director said he expects a mix of sources to be put into play to pay for the development including tax credit, levy dollars, state programs and some commercial bank loans. He also announced that the 12th Ave Arts capital campaign has already received its first donation — $500,000 from an unnamed Seattle foundation.
Depending on how things go on the money side of things, groundbreaking could occur in late 2012.