City Council March 3 to consider senior center request for building construction loan

Among the items on the Tuesday, March 3 Edmonds City Council business meeting agenda is a request by the Edmonds Senior Center for a loan of up to $2 million to complete construction of the new Edmonds Waterfront Center, which will serve as the center’s new home at 220 Railroad Ave.

In addition to providing programming for seniors during the day, the center will be used by the city for multigenerational programming and will also be available for private rentals such as weddings and other events. The city has a land lease with the senior center for the property on which the new center is being constructed.

According to the council agenda memo, the senior center is requesting the loan for two reasons:

First, the State of Washington awarded $4 million in funding for the new $16.35 million Waterfront Center project. However, state funding is contingent on the senior center being able to show that it has received funding commitments to finish building the project. The senior center has raised $14 million but has a $2.3 million gap to close for funding construction, so the state won’t release any of the $4 million.

Second, the senior center has received $1,037,278 in pledges that come due between now and the end of 2025. Since the construction is scheduled to be completed in late September to early October 2020, the senior center will have to borrow funds until the pledges are paid.

Other items on the agenda include:

– 2019 Public Defender’s Office annual report

– Presentation from the Mayors’ Climate Protection Committee

– A resolution adopting Council Rules of Procedure and updating the Council Code of Conduct

– An ordinance amending the Edmonds Community Development Code to add “Hotel” as a permitted use in the commercial waterfront zone.

The business meeting will begin at 7 p.m. Prior to that meeting, at 6:45 p.m., the council will interview a candidate for the Edmonds Sister City Commission.

You can see the complete business meeting agenda here.

One Reply to “City Council March 3 to consider senior center request for building construction loan”

  1. The potential City loan should charge an interest rate that reflects the risk of the investment and promised payment based on pledges due in 2025 is very risky. There is a reason the senior center is going to the City for this money and not a bank.

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