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11-104758CITY OF �. Federal Way February 1, 2012 Mr. Jon Potter Federal Way Village LLC PO Box 73790 Puyallup, WA 98373 1__� FILE CITY HALL 33325 8th Avenue South Federal Way, WA 98003-6325 (253) 835-7000 www.cityoffederalway.com RE: File #11-104758-00-AD; CONDITIONAL APPROVAL Federal Way Village Extension Request, 33701 Pacific Hwy South, Federal Way Dear Mr. Potter: The Community and Economic Development Department has received your November 15, 2011, letter requesting a two year extension to the Process III land use approval for the Federal Way Village proposal; a 300,890 square feet development consisting of 156,290 square feet of commercial, 60,000 square feet of general office space, 70,500 square feet of multi -family residential, and 14,000 square feet of restaurant pads. The Federal Way Village was granted conditional approval for a two year extension, which is due to expire on January 28, 2012. The time extension request is hereby granted approval subject to the conditions listed below. This extension will expire on January 31, 2014 if no further action is taken. EXTENSION CRITERIA Pursuant to Federal Way Revised Code (FWRC) 19.15.110, "Lapse of Approval — Time Extension," the director may grant a two year extension to the land use decision, subject to criteria. Your request demonstrates that the applicant has made substantial progress to complete the project as the applicant has nearly completed significant improvements of the first phase of the Master Plan, including road frontage improvements to 336`h Street and 11,473 sf of right-of-way improvements. The City also agrees that the economic climate has changed significantly since the time of the original approval and as such the financial markets have not yet recovered, making it difficult to secure prospective tenants, which constitutes circumstances beyond the applicant's control. The wooded site has not been cleared or graded; there are no conditions that create a code violation or an attractive nuisance. The property is posted for no -trespassing and is regularly checked by the Federal Way Police Department. Physical conditions in the vicinity of the project have not been altered; however, as stated in the previous extension the City has adopted new codes and standards that would affect project layout, storm drainage design, impact fees, and concurrence capacity as discussed under FWRC 19.15.110(2)(d). Public Works staff has identified specific mitigation to address criteria (2)(d) of FWRC 19.15.110, which are still applicable to this approval letter. CONDITIONAL APPROVAL 1. Stormwater quality treatment will be required on site and shall meet the standards that are in place at the time a complete building permit is submitted. 2. In lieu of paying the SEPA pro-rata traffic mitigation of $1,048,700.00 for Phase I and Phase II improvements, and prior to the issuance of a building permit, the applicant shall pay a Traffic Impact Mr_ Potter February 1, 2012 Page 2 Fee (TIF) as adopted by the City and applicable at the time. For estimation purposes the current TIF fee for the shopping center (based on 230,400 sf) and the multi -family housing (based on 60 units) is approximately $1,275,000.00 (current fee schedule enclosed.) 3. Should there be any subsequent extension request prior to the issuance of all the Process III related building permits, the applicant may be required to submit for a concurrency permit as determined by the Public Works Director. CLOSING Please do not hesitate to contact me at 253-835-2643 or isaac.conlen@cityoffederalway.com should you have any questions about this letter. Sincerely, Isaac Conlen Planning Manager enc: TIF Handout and Fee Schedule c: Kcnnith George, Planning Intern Sarady Long, Senior Transportation Planning Engineer Ken Miller, Deputy Director 1 1-104758 Doc. f D 60220 W 1 �7I 1 RECEIVED BY �L� vOMMl1NITY DEVELOPMENT DEPARTMENT NOV 17 2011 Federal Way Village, LLC November 15, 2011 Patrick Doherty, Community and Economic Development Director Isaac Conlen, Planning Manager City of Federal Way 33325 8th Avenue South Federal Way, Washington 98003 HAND DELIVERED Re: Federal Way Village Master Plan Approval Extension Request File No. 09-104582-AD; Process III Approval 33701 Pacific Highway South Dear Patrick and Isaac: Please accept our request for an extension to the Master Plan approval. Greg Fewins indicated in his February 2, 2010 letter multiple two-year extensions may be granted, see attached letter. Our Master Plan expires January 28, 2012 unless an extension is granted. The financial markets have not recovered and as demonstrated in the City of Federal Way and throughout the Puget Sound region few new private sector construction projects have been funded. Because of the strong response we received from prospective tenants prior to the economic downturn and general good response from potential tenants at the ICSC conferences in Las Vegas and San Diego, we expect to see development on our site soon.- Significant progress has occurred since our last extension. Significant improvements of the first phase of the Master Plan are nearing completion. *Road frontage improvements to 336`" Street are nearly complete.: We dedicated 11,473 square feet to accommodate the right-of-way improvements. Improvements include the following: • Construction of curb cuts, intersections and signalization providing access from South 336th Street to the Federal Way Village townhome and commercial projects. • Constructed curb, gutter, sidewalk, landscaping and street lighting on South 336th Street ■ Stub out water mains from South 336th Street into the Federal Way Village property. • Construction of retaining wall to avoid impacting the on -site wetlands. In addition to the street and utility improvements, we have entered into negotiations with a prospective tenant who would serve as an anchor type tenant by generating internal traffic volumes necessary to attract other tenants to the project. We are on our third counteroffer with our prospective tenant. If you have an interest, we would be happy to schedule a meeting with you and our listing agent to answer any questions you may have regarding the prospective tenants we are in discussions with for the first phase development. As I mentioned above, project financing is very difficult to secure. Although we are working on lease agreements with potential tenants for our first phase, it is still a challenge to secure the 3611 2 9 1 h Avenue West Seattle, Washington 98199 phone: (206) 579-0088 email: potter.nwp@gmail.com necessary financing. The Local Revitalization Financing grant to reimburse the commercial road construction was a godsend; however, it complicates the lending approval because it will take approximately three years to receive the $1,200,000+ infrastructure cost reimbursement. That initial cost will have to be part of the construction loan necessitating a larger first phase development to offset the cost -side of our pro forma. In short, even with tenants in hand, it is still a challenge to work through the funding process during these difficult financial times. We are committed to push this project forward, but it will require your assistance to provide us with sufficient time to work through the process. Thank you for your consideration. Sincere , Jon Potter Attachments: Greg Fewins Letter of Febmary 2, 2010 3611 291h Avenue West Seattle, Washington 98199 phone: (206) 579-008 email: potter.nwp@gmail.com CITY OF FEDERAL WAY DEPARTMENT OF COMMUNITY DEVELOPMENT SERVICES DEVELOPMENT REVIEW COMMITTEE TRANSMITTAL DATE: December 6, 2011 TO: Ann Dower, Senior Engineering Plans Reviewer Sarady Long, Senior Traffic Engineer Scott Sproul, Plans Examiner Brian Asbury, Lakehaven Utility District Chris Ingham, South King Fire & Rescue FROM: George FOR DRC MTG. ON: December 15, 2011 FILE NUMBER (S): 11-104758-00-AD RELATED FILE NOS.: 09-104582-00-AD, 07-100345-00-UP PROJECT NAME: FEDERAL WAY VILLAGE EXTENSION REQUEST PROJECT ADDRESS: 33701 PACIFIC HWY S ZONING DISTRICT: CE PROJECT DESCRIPTION: Second request for extension of Process III Decision. PROJECT CONTACT: FEDERAL WAY VILLAGE LLC JON POTTER PO Box 73790 Seattle, WA 98199 (253) 848-0820 MATERIALS SUBMITTED: • Letter dated November 15, 2011 from Jon Potter requesting extension, along with the first letter granting Conditional Extension Approval. • List of criteria to approve an Extension Request from FWRC 19.15.1010 (2) .