HomeMy WebLinkAboutCAP 2007-03-27 Item 2A - Update - Interurban Court ProjectDATE: 3/27/07
TO: MAYOR'S OFFICE, COMMUNITY AND PARKS
CC:
L2
FROM: EN. lh BOYKAN, HUMAN SERVICES
RE: UPDAIE ON INTERURBAN COURT
M E M O R A N D U M
Early in 2007 Community and Parks learned of a proposed effort to purchase the Towne and
Country extended stay motel for the purpose of housing homeless vets and other homeless mentally
ill adults.
This project has fallen through due to a conflict between the price that the property owner
wanted for the property and the appraised price. The attached letter explains what happened..
It appears there is no need to bring this to full Council.
March 14, 2007
John deChadenedes, Program Coordinator
King County Housing and Community
Development Program
Exchange Bldg.
821 Second Ave. 5th Floor
Seattle, WA 98104
Re: Interurban
Dear John,
LIHI very much appreciates King County's support for the Interurban project.
As with all projects, LIHI ordered an appraisal of the property. The appraisal showed the
property to be worth less than our purchase price. LIHI shared the appraisal with the
owner, and offered to have him do an appraisal to show a number closer to the purchase
price. The plan was that we would then have the two appraisers discuss and settle on a
purchase price. The owner had agreed, and we executed an extension to the purchase
agreement to accommodate this. The owner then could not find an appraiser who thought
that they could appraise the property for the price the owner wanted. The owner has
refused to lower the price to the appraised value, and we therefore can't go forward. I
have executed a termination agreement on the property.
We very much appreciate the support of King County for this project, and we do have our
broker looking for other hotel/motel property in Tukwila. Mayor Steven Mullet and staff
members at the City of Tukwila were very supportive in the development of this proposal
and we hope to work with them again. We would still like to find a site which meets the
Jump Start criteria. Thanks for your support and help.
Sincerely yours,
+n t,e
Executive Director
cc: Tukwila Mayor Steven Mullet
Rhonda Berry
Evelyn Boykan
Derek Speck
LOW INCOME
HOUSING
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INSTITUTE
2407 1st Avenue, Suite 200
Seattle, WA 981 21 -1 31 1
(206) 443 -9935 Phone
(206) 443 -9851 Fax
(800) 833 -6388 TTY
URL: vn.tiv.lihi.org