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6a - Larson Property PurchaseCIT Federal Wa Larson -Justice Property Acquisition CIT Federal Wa Larson -Justice Property Acquisition • POLICY QUESTION: Should the Council authorize the Mayor to purchase the Larson -Justice property, consisting of a single two acre parcel, in the amount of $80,000.00 plus appropriate closing costs? 2 Public Works: 1.�',deral Streets • Traffic • Development Services Solid Waste • Surface Water Management Subject ProperLy CIT Federal Wa Larson -Justice Property Acquisition Property Details •2- Acre Parcel •215' of Hylebos Creek Frontage • Approx. 0.4 Acres Wetlands • Approx. 0.4 Acres Forested uplands -Surrounded on 3-sides by City Conservation Property (Enticknap & Bridges) -Excellent Restoration/Planting Opportunities -Expands opportunities for Future Hylebos Trail system -Phase 1 ESA — complete -Appraisal — complete -Wetland Delineation — complete r , 4 L 1 p sun)ea Property wetland e000dery — streams T.z Par la --Wetland 200-4 Bulfer Bu6ding Outllnea Hlsledral ....Orchards '_...._.._....._--___._. . Black and whke roprod.c lan of this color anginal may reduce h eRactivene:: and lead to incomes lawrpmtedon. 0 80 160 CIT Federal Wa Larson -Justice Property Acquisition Acquisition Cost Overview — Property (Appraised value) i:l 111 11 — Closing Costs (Est) $1,500.00 Total $81,500.00* 'Grant funding from King County Conservation Futures will be pursued in 2016. The grant would cover 50% of the all costs associated with the purchase of the property. Funding - SWM Utility(CIP #271 w xylebos Property Acquisition) $280,000.00 Total Available $28000.00 E CIT Federal Wa Larson -Justice Property Acquisition MAYORS RECOMMENDATION: Authorize the Mayor to purchase the Larson - Justice property, consisting of a single two acre parcel, in the amount of $80,000.00 plus appropriate closing costs. on Public Works: i T Streets • Traffic • Development Services Solid Waste • Surface Water Management CIT Federal Wa Larson -Justice Property Acquisition Project 12: West Hylebos Watershed Trail (2018-2019) Project Category: Education and Outreach Land Acquisition: Required Protect Benefits Stormwater education and outreach Preservation/restoration of valuable habitat Creation of a new wildlife and outdoor activity destination for City residents. Protect Facts The project would create nearly three miles of nature trail in vibrant wetland settings Four possible trailhead locations would provide nearly unrestricted access to the trail system The trail system is an opportunity to display the City's restoration and conservation efforts in the West Hylebos Watershed Project Location I J# Legend Proposed Trail Head Location Proposed Trail System - Existing Trails. Parcels Property & EasmentAquisitions Streams & Open Corweyanu Lakes Wetlands (I Na City Survey) ImperviousSurfaces MapDate:Apd12012 Vicinity Map City of Federal Way 333258thAMeS Federal WayWAR003 FEdE AA[ ((25w.33 WET (W tyoifedeede j wxw.drahray.00m ❑ CITY OF Federal Way CIT Federal Wa Ultimate Acquisition Cost • Acquisition Cost Overview — Property $ 805000.00 — Phase 1/Wetland Rpt (complete) $ 55663.00 — Appraisal (complete) $ 35500.00 — Structure Demolition (Est) $ 205000.00 — ClosingCosts osts (Est) $ 1,500.00 — Total $ 11063.00 SWM Responsibility Conservation Futures Funds $55,331.50 $55,331.50 Grant funding from King County Conservation Futures will be pursued in 2016. The grant will cover 50% of the total acquisition costs. I