COUNCIL PASSES SEATTLE CENTER PROPERTY SALE “This is a win-win for the Gates Foundation and the people of Seattle.” Today, the City Council approved the sale of 12.3 acres of property (Lot 2) adjacent to the Seattle Center to the Bill and Melinda Gates Foundation for their worldwide headquarters. “We are pleased with this addition to Seattle’s gathering place at the Seattle Center,” said Council President Jan Drago, co-chair of the Committee of the Whole, “and we believe it’s the best use for the property and a great fit for the Seattle Center, its surrounding community, and the entire region. This is a win-win for the Seattle Center and the Gates Foundation and, most importantly, for the people of Seattle.” “We exercised decisive leadership based on due diligence,” said Councilmember David Della, co-chair of the Committee of the Whole, “and a thorough review of the proposed sale. The world’s leading charitable foundation is committed to maintain and expand its headquarters in Seattle, and this is a wonderful gift and legacy,” he added. As a result of this sale, Seattle Center will pay off debt of around $10 million owed to the City; build a new, 1,000 stall parking garage; issue a $4 million challenge grant to help retire the construction debt for McCaw Hall (this matching fund would complete the capital funding of McCaw Hall) and have $8 million in reserve for major maintenance. The Seattle Center will benefit from environmental remediation of this property, receive a revenue stream from the new parking garage and have opportunities to rent out facilities to the Gates Foundation.