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INFORMATIONAL MEMO <br /> Page 2 <br /> Staff reviewed the proposals in early November and coordinated with Leugar LLC, the owners <br /> of the adjacent parcel, since one of the key criteria is the ability of the buyer to purchase and <br /> develop both parcels concurrently. The following comparison is staff's opinion on how the <br /> proposals rank on the criteria. <br /> Comparison of Criteria <br /> Criteria Alliance Momentum Pulte <br /> Price Highest Lowest Middle <br /> Fit with City's Vision Good Good Good <br /> Tax Revenue/Cost of Good Good Good <br /> Service <br /> Sell with Adjacent To be determined To be determined Most likely <br /> Property Owner <br /> Over Half of Units Sold Yes Yes Yes <br /> or Rented at Market <br /> Rates <br /> Financial Capacity Strong Strong Strong <br /> Experience Strong Strong Strong <br /> Alliance offered $2,240,000, Pulte offered $2,030,000, and Momentum offered $1,600,000. <br /> When it adopted Resolution #1927, the Council established that the minimum price shall be its <br /> fair market value as established by an appraisal conducted by an appraiser certified by the <br /> State of Washington. The City contracted with Kidder Mathews to perform the appraisal. It <br /> concluded the market value of the City's parcel is $1,560,000. Each proposal exceeded the <br /> minimum price but Alliance ranked highest since it offered the highest price. Additional <br /> considerations on price are explained later in this memo. <br /> All of the proposals fit the City's vision for transit-oriented development adjacent to the <br /> commuter rail station. Because residential condominiums have not been recently built in <br /> Tukwila, Pulte's concept may be better for the City since it would offer a type of housing not <br /> currently available. Pulte's target market would be young and mobile professionals who live in <br /> downtown Seattle but are seeking lower housing costs. <br /> All of the proposals have been ranked as the same in terms of the amount of tax revenue they <br /> would generate for the City relative to the City's cost to provide service since they all include <br /> multi-family residential. It is likely there would be some differences as the concepts get more <br /> refined but at this time the concepts are so preliminary we don't have enough information to <br /> provide a more detailed comparison on this criteria. <br /> 14 <br />