11-08-2023 Council Packet - SpecialCITY OF
deral Way
Centered on Opportunity
CITY COUNCIL
SPECIAL MEETING AGENDA
City Hall - Council Chambers*
November 8, 2023 - 5:00 p.m.
1. CALL MEETING TO ORDER
2. PLEDGE OF ALLEGIANCE
3. STUDY SESSION — TOWN CENTER 3 (TC3) BRIEFING
a. TC-3 Development Agreement
• Keith Niven, Community Development Director
• Trent Mummery, One Trent Development
4. ADJOURNMENT
Special Meetings may be recorded and televised live on Government Access Channel 21 or FW YouTube. To view agenda
materials, public comment options and to watch meetings online please visit www.citvoffederalway.com.
*Remote attendance available via Zoom meeting code: 938 0263 0822 and passcode: 370773
https://cityoffederalway.zoom.us/j/93802630822?pwd=UEpHVGhPc1 BXQ1 UyRytxalNLQzFFQT09
Assisted listening devices are available, please contact the City Clerk prior to the meeting.
TC-3 Development
Agreement
8 NOVEMBER 2023
SPECIAL COUNCIL MEETING
High -Level View
of
Development
Agreement status
7f
City purchased TC-3: 2014
City initially sold property to hotel developer
City hired Via to develop land plan: May 2022
City issued RFP & received 6 development proposals: Feb 2023
City selected Trent Development and executed a Letter of
Intent to Award: April 2023
City & Trent started negotiating a development agreement
and land purchase: May 2023
Development Agreement to Council: ?
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Big Deal Points
Land Price: $10M±
Entitlement: 1600 units, 50k retail, 175k office, 170k entertainment, 175 room hotel.
30 years
Phasing Plan: 4 phases
Civic Plaza: $5M (City funded)
City Hall & Community space and Public Parking Garage: City has until 1/1/2028 to decide
Will consider a hotel for the property
Minimum of 38 for -sale residential units
City & Trent will enter into Maintenance & Operation Agreement for Civic Plaza
Code Departures
Perimeter uses
Affordable housing (FWRC 19.110.010)
Density & Intensity of Uses
Community Benefits
Trent will pay for the design & construction drawings for the Civic Plaza
Trent investment will catalyze other investment in the downtown
$55+million in local, state & federal tax generation
38 for -sale residences
Allow for PAEC parking to occur on property until needed for development
Privately -funded public art
Allow for the City to program interim, temporary uses on the property
Allow for Civic buildings to be incorporated into the block
Develop street furniture designs for the entire block
Will not use 12-year MFTE
Questions?