FEDRAC MINS 08-09-2005 A-1
City of Federal Way
City Council
Finance/Economic Development/Regional Affairs Committee
Tuesday, August 9, 2005
5:30 p.m.
City Hall
Hylebos Conference Room
MINUTES
Committee Members in Attendance: Chair Eric Faison, Member Jeanne Burbidge, and Member Jim Ferrell.
City Council Members in Attendance: Mayor Dean McColgan, Deputy Mayor Linda Kochmar, Councilmember
Mike Park.
Staff Members in Attendance: David Moseley, City Manager; Iwen Wang, Management Services Director; Pat
Richardson, City Attorney; Patrick Doherty, Director of Economic Development; Jordan Wheeler, Management
Intern.
Others in Attendance: Robert Hitchcock, Federal Way Chamber of Commerce Chairman; Dini Duclos, Planning
Commission member; Marie Sciacqua, Parks Commission member; Erica Hall, Federal Way Mirror.
1. CALL TO ORDER
Chair Eric Faison called the meeting to order at 5:45 p.m.
2. PUBLIC COMMENT
None.
3. COMMITTEE BUSINESS
a) Approval of the July 12, 2005 meeting minutes
Motion to approve the July 12, 2005 meeting minutes. Motion seconded and carried.
b) Tours of Lifestyle Centers
Presented by Patrick Doherty
Mr. Doherty presented to the committee three areas with Lifestyle centers that the Councilmembers
may consider touring for the purpose of familiarizing themselves with the lifestyle, mixed-use
development that is being considered for the Federal Way City Center.
Mr. Doherty described the tour possibilities in the Seattle area, Portland area, and San Jose,
California area, giving a brief description of the lifestyle centers and their amenities.
Deputy Mayor Linda Kochmar commented on the Bridgeport Village complex in the Portland, OR
area and recommended the website, www.bridgeport-village.com, for more information.
Committee members discussed including Federal Way Chamber of Commerce members, planning
commission members, and local business leaders in the tours of the Seattle and Portland areas.
All three tours would be one-day trips.
K:\FEDRAC\2005\0809\080905 Minutes.doc A-2
Motion to approve options 1 and 2 and have staff organize time and dates for the Seattle and
Portland area lifestyle center tours. Motion seconded and carried.
c) Economic Development Financing Options
Presented by Iwen Wang
Ms. Wang reviewed the background for the City’s efforts and strategies towards encouraging
redevelopment in the downtown core. Ms. Wang mentioned the recent presentation of the Leland
Group’s Market Study, the results of which determined that there is a reasonable market demand to
support the comprehensive plan vision of a mid-rise, mixed-use, pedestrian friendly City Center.
Ms. Wang discussed the committee’s interest in looking into establishing a downtown
redevelopment fund that could assist qualified developments to construct public improvement
features and achieve the city’s share of the desired private investments in the City Center. Ms.
Wang identified policy issues and questions that the committee may want to consider in the
discussion, particularly the goal for the city to accomplish, the timeline, what the city is willing to
do to achieve the goal, and how the city would finance it.
Several possible sources for financing the economic fund were presented to the committee. First,
Ms. Wang identified a one-time source that could come from an unexpected surplus of building
permit fees and Real Estate Excise Tax (REET) revenues. A second option is the redirecting of
current on-going capital sources from Utility and REET taxes that are designated for certain
purposes or projects. A third possible source of revenue for consideration is the incremental on-
going sources from new development. Finally, Ms. Wang cited City-funded revolving accounts
and private latecomers agreements as other possible sources to consider.
The committee discussed the policy issues and questions of the downtown redevelopment fund
including the possible sources of funding and, in particular, they discussed the policy question of
what the city is willing to invest in order to achieve the Council’s vision of a downtown core. The
committee also discussed the implications of creating a downtown redevelopment fund such as the
message it would send to private developers interested in the city center.
The Committee considered including input from Chamber of Commerce members, local business
owners, and other members of the community during future discussions on downtown
redevelopment and public-private strategies for downtown. The committee agreed to direct staff to
research the creation of a downtown redevelopment advisory committee.
4. OTHER
None.
5. FUTURE AGENDA ITEMS
6. NEXT SCHEDULED MEETING
September 13, 2005 at 5:30 p.m. in the Hylebos Conference Room.
7. ADJOURN
Chair Eric Faison adjourned the meeting at 7:05 pm.
Recorded by Jordan Wheeler