TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Kelley Cochran
425-556-2748
DEPARTMENT STAFF:
Finance
David Amble
Real Property Manager
TITLE:
title
Approval of Authorization for Acquisition of the Redmond Community Center at Marymoor Village
OVERVIEW STATEMENT:
recommendation
???The City of Redmond currently leases the Redmond Community Center at Marymoor Village from the Lake Washington Institute of Technology (LWIT). The community center is located on King County parcel 122505-9043, which is owned by LWIT and currently available for purchase.
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?The City's current lease provides an option of first refusal, giving the City the first rights to purchase the property from LWIT, if offered. LWIT has approached the City, and the City has negotiated a fair market price of $18.5 million, in an "As Is-Where Is" condition. A title report, site appraisals, and condition studies have been completed on the parcel. Prior identified environmental conditions were evaluated and mitigated by LWIT, and the City is desiring to move forward with acquiring the property.
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?The parcel is located in the south portion of the Marymoor Village neighborhood, just north of Marymoor Park. The parcel is approximately 142,000 square feet (sf) and includes the 100,000 sf community center and 42,000 sf of unimproved area. The City has an easement on the northeast corner of the lot for a lift station on the property. The parcel is zoned Commercial, and the City is interested in removing the risk of the property being acquired and redeveloped. The City would like to maintain a community service and municipal engagement facility in Marymoor Village.??
body
? Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
? Receive Information ? Provide Direction ? Approve
REQUEST RATIONALE:
* Relevant Plans/Policies:
Parks, Arts, Recreation, Culture, and Conservation Plan (PARCC) adopted 2022/2023 b...
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