8a - TC-3 Development AgreementIn '
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Should the City enter into a
development Agreement with
Trent Development Inc. for the
acquisition and development
of the City -owned TC-3
properties?
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S. 314th Street
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PHASE IV
NORTHWEST BLOCK
Developer to submit
building permit on or
before January 1st, 2042
- Road IB - 4-
PAEC
I PHASE 11 -_
w NORTH BLOCK PHASE III
Q ' Developer to submit building permit on P a NORTHEAST BLOCK
6 or before January 1st, 2032 v f1 Developer to submit
I,l building permit on or
-47r ALTERNATIVE PHASE I
_ {includes Road A & Civic Plaza) before January 1st,
F Developer to submit building permit on or before ' 2037
January 1st, 2027 _
Road A
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46
I PMM. Plaza PHASE
a SOUTHEAST BLOCK & CIVIC PLAZA
Developer to submit building permit on or before
•� 474' January 1st, 2027
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Event Pavilion ALTERNATIVE PHASE II
(Civic Plaza and Road A already completed)
_ developer to submit building permit on or before January 1st, 2032
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. 31 Sth Street
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Will the City receive
fair value for the
property?
Is there public
benefit provided by
entering into this
Agreement?
Are the proposed
deviations from
code acceptable?
Value set by City -funded
CBRE appraisal:
$12.8M - $13.8M
Trent to pay $12.9M
aior,
- Civic Plaza Design: $350k
- Public art: $750k (by Phase)
- Downtown street furniture design: $200k
- Enhanced Road: $480k
- Access to parking: $1M
- Public elevator: $125k
SIGNIFICANT PRIVATE
INVESTMENT IN
DOWNTOWN
JOB CREATION
RESIDENTIAL
OWNERSHIP
OPPORTUNITIES
CITY -SPONSORED
INTERIM USES ON
THE PROPERTY
OPPORTUNITY FOR NO 12-YEAR MFTE
CIVIC BUIDINGS
Road A
Inclusionary
Requirement
Open space
Ground floor
housing
Building
length
(2) ADEQUACY OF AND
(1) COMPATIBILITY WITH IMPACT ON
AND IMPACT ON COMMUNITY FACILITIES
ADJACENT LAND USES INCLUDING UTILITIES,
AND SURROUNDING ROADS, PUBLIC
TRANSPORTATION,
NEIGHBORHOODS; PARKS, RECREATION,
AND SCHOOLS;
(3) POTENTIAL BENEFITS' (4) EFFECT UPON THE
OF THE PROPOSAL TO COMPREHENSIVE PLAN.
THE COMMUNITY; AN
Developer shall incorporate public art into the Project at Developer's expense, and in
an amount no lower than $750/000/ at least half of which will be expended during
Phases I and 11.
Park impact fees are not tied to the Civic Plaza.
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PAEC
North Dlc>ck
--7
Civic I SlE Plaza
Event Pavilion
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Sound Transit __
Parking Garage
1. Adopt the proposed ordinance.
2. Do not adopt the proposed
ordinance and provide direction to staff.
Mayor's Recommendation:
Adopt the proposed ordinance.
i
QUESTIONS?