File #: 2012-0214    Version:
Type: Ordinance Status: Passed
File created: 6/4/2012 In control: Budget and Fiscal Management Committee
On agenda: Final action: 7/9/2012
Enactment date: Enactment #: 17371
Title: AN ORDINANCE relating to transit oriented development of a portion of the county-owned park-and-ride lot located partially in Kirkland and partially in Bellevue, approving two ground leases of the site to Kirkland Park & Ride, LLC, and two project leases from Kirkland Park & Ride, LLC, back to the county of a new transit facility and a commuter parking garage to be constructed on the site; conveying a surplus portion of the site to Kirkland Park & Ride, LLC, and authorizing the county executive to execute final forms of the ground leases and project leases, and approving certain other provisions of the lease, lease-back transaction; and declaring an emergency.
Sponsors: Jane Hague, Bob Ferguson
Indexes: Kirkland, City of, Lease, Park and Ride, transit
Attachments: 1. Ordinance 17371.pdf, 2. A. Lease Agreement (With Option to Purchase - Parking Garage), 3. B. Lease Agreement (With Option to Purchase - Transit Center), 4. C. Garage Ground Lease Agreement, 5. D. Transit Center Ground Lease Agreement, 6. 2012-0214 transmittal letter.doc, 7. 2012-0214 fiscal note.xls, 8. A. Lease Agreement (With Option to Purchase-Parking Garage)-6/26/12, 9. B. Lease Agreement (With Option to Purchase-Transit Center)-6/27/12, 10. C. Garage Ground Lease Agreement-6/27/12, 11. D. Transit Center Ground Lease Agreement-6/27/12, 12. E. Housing Covenant & Regulatory Agreement (South Kirkland TOD-Market Rate Housing Project)-6/27/12, 13. F. Housing Covenant & Regulatory Agreement (South Kirkland TOD-Affordable Housing Project)-6/27/12, 14. 2012-0214 REVISED Staff Report - South Kirkland.doc, 15. A. Lease Agreement (With Option to Purchase-Parking Garage)-6/26/12, 16. B. Lease Agreement (With Option to Purchase-Transit Center)-6/27/12, 17. C. Garage Ground Lease Agreement-6/27/12, 18. D. Transit Center Ground Lease Agreement-6/27/12, 19. E. Housing Covenant & Regulatory Agreement (South Kirkland TOD-Market Rate Housing Project)-6/27/12, 20. F. Housing Covenant & Regulatory Agreement (South Kirkland TOD-Affordable Housing Project)-6/27/12, 21. 2012-0214 Attachment A.pdf, 22. 2014-0214 Staff Report (6-28-12).pdf
Staff: Carlson, Paul
Drafter
Clerk 07/09/2012
title
AN ORDINANCE relating to transit oriented development of a portion of the county-owned park-and-ride lot located partially in Kirkland and partially in Bellevue, approving two ground leases of the site to Kirkland Park & Ride, LLC, and two project leases from Kirkland Park & Ride, LLC, back to the county of a new transit facility and a commuter parking garage to be constructed on the site; conveying a surplus portion of the site to Kirkland Park & Ride, LLC, and authorizing the county executive to execute final forms of the ground leases and project leases, and approving certain other provisions of the lease, lease-back transaction; and declaring an emergency.
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PREAMBLE:
By its request for proposals issued in August 2011, the county has sought to promote transit oriented development on a portion of a site located in both Bellevue and Kirkland currently used as a Metro park-and-ride surface lot. The site is comprised of a single lot, bisected by the cities of Bellevue and Kirkland, and shall be subdivided into three legal lots for purposes of development as provided herein. In accordance with the request for proposals, the county accepted the proposal of Polygon Northwest, LLC and Imagine Housing, LLC ("Kirkland Park & Ride, LLC") to construct a new transit center and expand the park-and-ride facility by building a parking garage. The county would then lease back both the new transit center and the parking garage facility upon completion pursuant to two project leases, each providing the county an option to purchase the Lease Agreement (With Option to Purchase - Transit Center) and the Lease Agreement (With Option to Purchase - Parking Garage) ("the project leases"). Both project leases would commit the county to make monthly rent payments over a long-term lease commencing upon satisfactory completion of the transit center and parking garage. The county has grant agreements with the Federal Transit Administration and Wa...

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