[{"_1":2,"_87":-5,"_88":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6299079,"mediaKeyId","2498856-e3164113c8a29afbf02b9bb3e581685d","parentId",2498856,"title","Council adopts resolution to execute SCIP housing capital agreements; Kent project among funded developments","audioSeconds",616,"startMs",896000,"endMs",1512000,"viewUrl","/Search/View?dp=1&key=2498856-e3164113c8a29afbf02b9bb3e581685d&start=896&end=1512","thumbnailUrl","https://assets.pipeline.soar.com/2498856-e3164113c8a29afbf02b9bb3e581685d/thumbnail_896000.jpg","articleUrl","/articles/6299079/Kent/King-County/Washington/Council-adopts-resolution-to-execute-SCIP-housing-capital-agreements-Kent-project-among-funded-developments","mediaUrl","https://secure.pipeline.soar.com/6299079-c1cc5c18fc4f62ea8b416cb21b6db25e/orig.mp4?Expires=1770985898&Signature=hSrPfvkFcDrSXIrr6Lw7gTaTH4jPsvqGvYf~P0FCUg~KTe8UCt6zvi81zUGV6~fwUSyWt37kpuglksaVehVsKtNoSkmNy9WtR8RYP8AzsS3elm~UI1EQ7tMuqGCyVIfVz3EsS8yjJfDVUbqgExRoiB8~d8t4JqBMoDIY-r~zUiot1R7G5S95B7SniL3FyCqMSS6SAKXmfA06~3EWSbimwJFVjBaQvBs0ZHWY-3uav~aaaHZ-f3AbS6XX34xn~DnmmOd~CrSDvSww~CPSHEMT776RpxafL~6b30owH6dPAPekcqqmPOJ1xy-TLdqbCYX0FYuqGInfNS11QDR-2MRANQ__&Key-Pair-Id=KUT5TJCACFTXG","author","Kent City, WA","date","2025-02-19T02:15:06Z","article","The Kent City Council Committee of the Whole on March 4 adopted Resolution No. 2084 authorizing the administering agency for South King Housing and Homelessness Partners (SCIP) to execute agreements to fund affordable-housing projects in South King County.

Marina and Kristen (staffers from the Parks and Planning area) briefed the committee on SCIP's pooled Housing Capital Fund, which combines resources from the 2019 measure commonly referred to as 14-06 and the 2020 local sales-and-use tax measure 15-90. Staff said 11 member jurisdictions participate in the pooled fund.

Staff said the SCIP advisory board recommended funding four projects (of six total applications reviewed) and the executive board endorsed the advisory board's recommendations. The four projects received a combined allocation of about $4.1 million drawn from the pooled 14-06/15-90 funds and limited general fund contributions from SeaTac. Projects cited in the staff presentation included:

- Mercy Housing Northwest (Burien): a 91-unit project awarded $2,000,000.
- TWG multifamily project (Kent): a 251-unit development targeting households at 30% to 80% of area median income (AMI), with approximately 30 units targeted at 30% AMI; includes set-asides for families at risk of homelessness and on-site supportive services provided through a partnership with Vision House.
- Multi-Service Center White River Apartments (Auburn): a 24-unit rehabilitation project with a mix of affordability levels, including three units at up to 30% AMI.
- Habitat for Humanity project (Burien): a 40-unit affordable ownership project with 20 units targeted at 50% AMI and 20 at up to 80% AMI.

Staff explained Renton had a unique arrangement in which it retained its 15-90 revenues in-jurisdiction for two projects because Renton already operates a housing authority and had projects under its revitalization program; Renton is in conversations with SCIP about future pooling. SeaTac contributed $300,000 from its general fund to the pooled awards.

After the staff presentation, Councilmember Trappner asked about timing for the Kent TWG project. Staff said development review is underway but the developer has paused certain permitting steps while it resolves gap financing; staff said the schedule depends on the project closing final financing, but the current permitting and entitlement process could be completed this year with potential ground breaking next year if financing closes.

Councilmember Trappner moved to adopt Resolution No. 2084; the motion was seconded, council voted unanimously in favor and the resolution passed.

Staff materials supplied project charts showing jurisdictional funding sources, allocations by 14-06 versus 15-90 funds and carryover amounts; those charts are on file with the city.","mediaType","Video","parentTitle","City of Kent Committee of the Whole & Workshop - March 4, 2025","oneSentenceSummary","The council approved Resolution 2084 authorizing agreements with South King Housing and Homelessness Partners to fund four affordable-housing projects through the SCIP pooled housing capital fund; Kent's TWG multifamily project was among those funded.","taxTitle","Kent, King County, Washington","taxId",2557,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6299084,"City finance staff report Q4 2024 investment portfolio yields, reserves and allocation",418,411000,829000,"/Search/View?dp=1&key=2498856-e3164113c8a29afbf02b9bb3e581685d&start=411&end=829","https://assets.pipeline.soar.com/2498856-e3164113c8a29afbf02b9bb3e581685d/thumbnail_411000.jpg","/articles/6299084/Kent/King-County/Washington/City-finance-staff-report-Q4-2024-investment-portfolio-yields-reserves-and-allocation","https://secure.pipeline.soar.com/6299084-245e983273ef454f9db2e95a0cc5c7b3/orig.mp4?Expires=1770985898&Signature=dlLb7jy2bJbP3~iPJXqg1XWmD~0biKyTAZj521akJNdX8BbR3OS87~K9hSaMH-XLFNIElTUnWF8RGaWrUEUKLJCX9Hg61OUhtcj6j~LB4FTFDdGcpFjWPcdlwyPVldzaVvIEhdO2R~4ZYpnRzZ21Ff6QDpDiqdF7VPtJaMrDfunXetFvmkoMcNDumTtJSil6wiLBWrlKCZAeAZ9M9ShxLD0YVeFqu9pIovAOJOsmNcv~d0G94mWbPBvZxO~ycZlz9luPyReytt7B8N~YS5A3Zi7XA9p4GgNs2HJgFaMF7scZnK0jZBBuLxl7ElD7bfNhUrUeAO7JYDYvKgrO8NX0Vg__&Key-Pair-Id=KUT5TJCACFTXG","Joe Bartleme, the city's cash and investment officer, presented the fourth-quarter 2024 investment report to the Kent City Council Committee of the Whole on March 4, saying the city maintained a conservative portfolio and captured higher yields by lengthening maturities.

Bartleme said the city had $6.6 million in cash in the bank earning a 4.75% earnings credit that offsets bank fees and a short-term local government investment pool balance of about $114.4 million earning roughly 4.6% with overnight liquidity. The city's long-term portfolio had an average yield of about 3.21%, an average maturity near five years, a market value near $255.2 million and a book (investment) value of roughly $258.8 million.

The report showed the long-term portfolio is heavily weighted to U.S. Treasuries, while roughly a third of invested assets were in the local government investment pool. Bartleme said the city has incrementally increased the long-term portion of the portfolio over the past two years to lock in higher yields for maturities out to about five years, while drawing down fund balances to pay for large projects such as the KeyHawk project, the Administrative Services Building and ARPA-funded work.

Council members asked whether the city's bond and cash balances tracked the S&P 500; Bartleme clarified the portfolios are bond funds, not stock portfolios. The presentation also included multi-year charts showing cash flows by type, year-over-year totals and interest-earnings trends by quarter.

Bartleme said investment types and allocations were within the city's investment policy guidelines. He added the allocation across city funds could change slightly as 2024's annual closing continues but the total portfolio should remain consistent.

The Committee did not take an action on the report; members offered no objections and had no further questions.

The finance presentation and charts are on file with the city's finance department.","Finance staff presented the city's fourth-quarter 2024 investment report, saying the long-term portfolio is heavily weighted to U.S. Treasuries and the city kept minimal cash on deposit to offset bank fees. Total invested balances and yield drivers were reviewed.","actionData","errors"]

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Council adopts resolution to execute SCIP housing capital agreements; Kent project among funded developments

City finance staff report Q4 2024 investment portfolio yields, reserves and allocation