TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Planning and Community Development
Carol Helland
425-556-2107
Parks
Loreen Hamilton
425-556-2336
DEPARTMENT STAFF:
Planning and Community Development
Seraphie Allen
Deputy Director
Parks
David Tuchek
Deputy Director
Planning and Community Development
Philly Marsh
Economic Development Manager
Finance
David Amble
Real Property Manager
TITLE:
title
Approval of a Memorandum of Understanding with Bellwether Housing For Acquisition of Commercial Property
OVERVIEW STATEMENT:
recommendation
The City of Redmond is seeking to enter into a memorandum of understanding (MOU) with Bellwether Housing for the acquisition of a commercial property on the ground floor of the Prisma affordable housing project. This project is located adjacent to the Overlake light rail station and will contain two additional commercial spaces and 328 affordable housing units. Funds for the purchase have been identified within the City's Capital Improvement Program and City staff have applied for federal and state grants to support the acquisition and tenant improvements.
Parcel 644895-0020 is a 2.4 acre property situated south and adjacent to the Sound Transit's 2 Line Overlake Village Station. It is currently owned by Sound Transit, but in the process of being sold to Bellwether Housing. The development of the site includes commercially lease or owned space on the ground floor. Bellwether Housing and the City of Redmond Planning & Community Development and Parks Departments have engaged in discussions about the sale of a 1,600 sf unit in the building to the City, for the purposes of establishing a Small Business Support Center and City-Hall annex, where business and residents can receive services in the Overlake Neighborhood.
body
? Additional Background Information/Description of Proposal Attached
ATTACHMENT A includes the draft MOU and an exhibit showing the location of the unit that is propo...
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