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
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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
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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