05-07-2019 Sound TransitLight Rail/TOD
Temporary Opportunities
Federal Way
1
Light Rail/TOD Temporary Opportunities
Federal Way
OPPORTUNITY STATEMENT
Examine Temporary Use Opportunities Created by Pre-Construction Phase of FDLE Light Rail Station Development
2
Light Rail/TOD Temporary Opportunities
Federal Way
BACKGROUND
11.6 Acres
Relocation of 6 Property
Owners
Relocation of 25 Businesses
Loss of 300 full and part-time jobs
Short Term Revenue Loss
Long Term Revenue Gain
Sales Tax
REET
Property Tax
Jobs
3
Light Rail/TOD Temporary Opportunities
Federal Way
BUT FIRST
DIRECTION OF CONSTRUCTION OF FWLE
Start in Federal Way:
WHY?
Greater Viability for Sound Transit and City to attract Quality Investors/Developers Interested in Surplus Property along with Stronger Tenant Mix of Businesses that could take full
advantage of Opportunity Zone Financing & New Market Tax Credits.
Should this Happen, Temporary Use
Opportunities Are Irrelevant
4
Light Rail/TOD Temporary Opportunities
Federal Way
Temporary Use Until Construction Could Yield:
Avoidance of Negative Externalities
Blight
Increase in Unlawful Activities
Increase Economic and Financial Impacts
Tax Base, direct and indirect
Jobs, direct and indirect
Reduced Costs of Maintenance of Empty Property
Low Risk, Low Cost
Enhanced Community Engagement
5
Light Rail/TOD Temporary Opportunities
Federal Way
6
Light Rail/TOD Temporary Opportunities
Federal Way
7
Light Rail/TOD Temporary Opportunities
Federal Way
DECISION FACTORS TO CONSIDER
Location of Property
Structure of Buildings and Condition of Property
Market Demand for Temporary Use
Architectural or Historical Significance of the Property and Improvements
Importance of Site to Community
Environmental Issues Related to Temporary Use
Cost to Sound Transit for Temporary Use
8
Light Rail/TOD Temporary Opportunities
Federal Way
GUIDELINES FOR TEMPORARY USE
No New Construction
No Major Renovations
No Code Changes
Follow City Ordinances and Codes
Use of Parking Lots and Existing Building Space
9
Light Rail/TOD Temporary Opportunities
Federal Way
OPTIONS FOR TEMPORARY USE
Continued Leasing to Remaining Existing Tenants
Sales Lease Backs to Existing Property Owners/ Businesses
If not being Used, Request Demolition
10
Light Rail/TOD Temporary Opportunities
Federal Way
EXAMPLES OF TEMPORARY USES
Parking for Transit Station
Rental Car Facilities
Paid Parking Lot for Airport Users of Transit
Pop Up Retailers
Education/Office
11
Light Rail/TOD Temporary Opportunities
Federal Way
RECOMMENDATIONS
Authorize Mayor to Draft Letter for Mayor and Council to Sound Transit CEO Rogoff and Board
Reinforce the Values of Future Development
Illustrate Temporary Use Opportunities
Identify Reasons
Request Meeting with Rogoff and Board to Respond to Temporary Opportunities
12
Light Rail/TOD Temporary Opportunities
Federal Way
QUESTIONS, COMMENTS, DIRECTIONS
13
14