HomeMy WebLinkAboutReg 2016-08-01 Item 7B - Powerpoint Presentation Shown at Meeting - Tukwila Village Land Sale Phase I�r
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TUKWILA VILLAGE
City Council Meeting
August 1, 2016
THE SAMARA
APARTMENTS
NORMANDY COURT
APARTMENTS
BUILDING B
PHASE 3
PHASE 1: TEMPORARY AC PAVED
PARKING
PHASE 3: FINAL CONCRETE PAVED
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RIVERTON
TERRACE
LEGEND:
PHASE1
• BUILQINGC
▪ PLAZA
• BUILDINGS B &E
PHASE 2
• BUILDINGA
PHASE 3
• BUILDING E
PHASE BOUNDARY, TYP.
BUILDING E
PLAZA
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City of Tukwila
oapanmant of Community Development
5300 Soathcenier Boulevard, Tukwila, WA 98166
Telephone (206) 431.3070 FAX (2O6) 431 -3603
Etaail: planninotitt akwIlawA.a v
LOT CONSOLIDATION NO. L13 -021
NEW LOT CONFIGURATION
& EASEMENTS
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City of TUkwila
Deportment of Community Development
6300 Southconter Boulevard, Tukwila, WA 98188
Telephone (2■6) 431 -3670 FAX (2661 4214665
f -mail: plann_lggtekvritaWA.gav,
LOT CONSOLIDATION NO. L16 -0031
NEW LOT CONFIGURATION
PARCEL C
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Context
• The Disposition and Development
Agreement approved by Council in 2012
sets basic terms for the land sale
• Main changes
— i-nasing pan
— Building A senior housing
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TUKWILA t VILLAGE -
Price
• Residual Land Value Analysis model
• The minimum price for Phase 1 is
$2,230,000 or else City may choose to
not sell.
Note: The minimum estimated price for phases 2 and
3 is $2.3 million for a total of at least $4.5 million from
TVDA.
104. 0114,4,
TUKWILA t VILLAGE
Other Pre - Conditions
• Evidence of available funds
Washington State Housing i- inance Commission, lenders, equity
investors
• Construction contract
• Conditions, Covenants, and Restrictions
(CC &Rs)
• Lease for plaza and commons
• Term sheet for Police Resource Center
TUKWILA VILLAGE
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Next Steps
• Complete Pre - Conditions
• Council Actions
- Approval of deal terms for police resource center
— Approval of lease for community room and plaza
• Closing estimated October 2016
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TUKWILA t VILLAGE -
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Recommendation
Authorize Mayor to execute a purchase and sale
agreement to sell Parcel C of Lot Consolidation L13-
031 and Parcel A of Lot Consolidation L16 -031 to
Tukwila Village Development Associates, LLC for a
price of not less than $2,230,000.
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TUKWILA t VILLAGE -
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Contact
For a copy of this presentation, or sign up for the
email notification list, email Derek Speck at
aereK.specK(gitukwi awa.gov.
For more information on Tukwila Village, visit
www.tukwilawa.gov /tukwilavillage.
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