HomeMy WebLinkAbout07-20-2021 Sound TransitResolution to Declare Town
Center IV as Surplus Property
July 20, 2021 City Council Meeting
Presenting: Ryan Medlen, City Liaison to Sound Transit
CITY OF
Federal Way
Centered on Opportunity mVr'SouNDTRANsIT
Policy Question
Should the City Council declare the property identified in the
Federal Way Comprehensive Plan as Town Center IV to be surplus
and authorize the Mayor to execute an a purchase and sale
agreement to sell the property at fair market value to Sound
Transit?
CITY OF
. k Federal WaySouNDTRANsIT
Centered on Opportunity
Background
• In July 2007, the property was transferred to the City by Sound Transit after the
construction of the existing Federal Way Transit Center. The purpose of the transfer
was to provide for an opportunity for transit -oriented development.
• The property was used on an interim basis as a sculpture park and has remained
undeveloped. The last remaining sculpture has already been removed.
• An appraisal by Sound Transit and an appraisal review commissioned by the City
determined the fair market value of the property to be $723,000.
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CITY OF
Federal Way
Centered on Opportunity SouNDTRANsIT
Offer to Purchase
• If the property is declared surplus, the buyer is known to be Sound Transit who will
purchase the property at fair market value for public use.
• The offer is for a total acquisition. The property will be improved as a parking garage
extension in support of the Federal Way Link Extension.
CITY OF
Federal Way
Centered on Opportunity SouNDTRANsIT
Options
Option 1: Declare the property as surplus and authorize the Mayor
to execute a purchase and sale agreement with Sound Transit for
the property.
Option 2: Do not declare the property as surplus and provide
direction to staff.
The Mayor recommends Option 1.
CITY OF
. k Federal WaySouNDTRANsIT
Centered on Opportunity
QUESTIONS?
CITY OF
vz:k� Federal Way
Centered on Opportunity SouNDTRANsIT
