September 2, 2014
Bothell, WA- The City of Bothell will mark the construction of its new City Hall at a official groundbreaking ceremony Wednesday September 3 at 10am on the project site. Located at 18305 101st Ave North East, the project will play in integral role in the revitalization efforts downtown.
“It is Bothell’s prudent fiscal policies and smart investments that have made it possible to move forward with the city hall project,” explained John Finke, senior program manager at National Development Council. “We’re proud to be a partner in this exciting project.” Working with the National Development Council, the City of Bothell is facilitating the City Hall development financing through a lease/leaseback financing structure using 63-20 Bonds, a form of tax exempt bonds. Upon substantial completion of the project the facilitating non-profit, National Development Council, will leaseback the City Hall project to the City of Bothell. Ownership of the City Hall will transfer to the City at no additional cost when the lease (debt) payments are fully paid.
Located in the heart of Bothell’s downtown, the city hall and multi-use campus is a key element of the City’s downtown revitalization plan that has already attracted over $200 million in private investment and is expected to stimulate an additional $450 million in private investment over the coming years.