CB 121122 — Version 1 https://webapi.legistar.com/v1/seattle/Matters/16676/Texts/18007 CITY OF SEATTLE ORDINANCE __________________ COUNCIL BILL __________________ ..title AN ORDINANCE relating to City finances; creating a fund for depositing General Fund proceeds related to preservation and revitalization of Seattle's Central District and Southeast Seattle community. ..body WHEREAS, the Central District and Southeast Seattle neighborhoods have experienced significant displacement, gentrification, and cultural erosion over the past several decades; and WHEREAS, preserving the physical character, cultural heritage, and social fabric of these communities is vital to honoring the legacy and contributions of their historic residents; and WHEREAS, The City of Seattle recognizes the importance of place-based investment to ensure that historically rooted communities can thrive in the face of ongoing economic and demographic change; and WHEREAS, equitable development strategies are essential to preventing further displacement and to fostering inclusive growth that benefits all residents; and WHEREAS, cultural spaces, small businesses, and community institutions are critical to maintaining the identity and resilience of neighborhoods like the Central District's and Southeast Seattle's neighborhoods; and WHEREAS, the City has a responsibility to support community-driven efforts that reflect the values, history, and aspirations of residents with deep ties to the neighborhood; and WHEREAS, the establishment of a dedicated fund will provide a sustainable mechanism for channeling public and private resources into initiatives that strengthen the Central District's and Southeast Seattle's future while honoring their past; and WHEREAS, this ordinance aligns with the City's broader goals of racial equity, social justice, and inclusive economic opportunity; and WHEREAS, community members, organizations, and stakeholders have called for dedicated resources to support cultural preservation, economic development, and community-led revitalization in the Central District and Southeast Seattle; and WHEREAS, The City of Seattle seeks to establish a mechanism to receive and allocate public and private funds to support these efforts; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS: Section 1. A new Central District and Southeast Seattle Reinvestment Fund is created in the City Treasury, effective January 1, 2026, to which revenues may be deposited and from which associated expenditures may be paid, including but not limited to City administration costs for the purposes described in Section 2 of this ordinance. Section 2. The purpose of the Central District and Southeast Seattle Reinvestment Fund is to support future programs and projects that promote equitable development, cultural preservation, and community-led revitalization in the Central District and Southeast Seattle. The Fund is intended to serve as a dedicated source of investment for historically impacted communities. Appropriations from the Fund shall be authorized through future Council legislation, following the development of appropriate policy frameworks and distribution mechanisms. Programs and projects to be supported by the Fund will be identified through a subsequent ordinance informed by City-led studies, community engagement, and Council deliberation. Section 3. The Central District and Southeast Seattle Reinvestment Fund shall receive revenues in the form of donations, gifts, and grants, and from transfers from other City funds, including the General Fund, as approved by the City Council. The Fund shall receive earnings on its positive balances and pay interest on its negative balances. Section 4. The Director of the Department of Neighborhoods, or another department designated by the Mayor, shall have responsibility for administering the Central District and Southeast Seattle Reinvestment Fund. The Director of Finance is authorized to create other accounts and subaccounts as may be needed to implement the Fund's purpose and intent as established by this ordinance. Section 5. This ordinance shall take effect as provided by Seattle Municipal Code Sections 1.04.020 and 1.04.070. Passed by the City Council the ________ day of _________________________, 2025, and signed by me in open session in authentication of its passage this ________ day of _________________________, 2025. ____________________________________ President ____________ of the City Council Approved / returned unsigned / vetoed this ____day of _______________, 2025. ____________________________________ Bruce A. Harrell, Mayor Filed by me this ________ day of _________________________, 2025. ____________________________________ Scheereen Dedman, City Clerk (Seal) Edin Sisic LEG Central District and Southeast Seattle Reinvestment Fund Creation ORD D1 2 Template last revised February 19, 2025 2 Version No. 1