TO: Committee of the Whole - Planning and Public Works
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
Finance
David Amble
Real Property Manager
Parks
David Tuchek
Deputy Director
TITLE:
title
Bellwether Housing (Prisma) Purchase and Sale Agreement
OVERVIEW STATEMENT:
recommendation
The City of Redmond is seeking to enter into a purchase and sale agreement 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. The City was successful in receiving a state grant earmark.
Prisma will be constructed on King County Parcel 644895-0020 (Parcel A), a 2.4-acre property situated south, and adjacent to Sound Transit's 2 Line Overlake Village Station. Sound Transit and Bellwether Housing are negotiating the sale and transfer of the Parcel. The Prisma includes three commercially leased or owned units on the ground floor. Bellwether Housing and the City of Redmond Planning & Community Development and Parks Departments have discussed the sale of a 1,600 sf unit in the building to the City, intended for a Small Business Support Center and City-Hall annex, where businesses and residents can receive services in the Overlake Neighborhood.
As part of the development conditions for the Prisma, the City will be deeded by dedication King County Parcel 644895-0030 (Parcel B), a 16,300+ sf parcel. After the dedication of Parcel B, Bellwether will be granted a te...
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