Drafter
Clerk 04/30/2025
Title
AN ORDINANCE relating to the sale of the property, the Village at Overlake Station, located at 2578 152nd Ave NE, Redmond, Washington, in council district six.
Body
STATEMENT OF FACTS:
1. The property located at 2578 152nd Ave NE, Redmond, Washington, located within council district six, is one of two county-owned parcels that comprise a transit-oriented development referred to as the Village at Overlake Station, operated by King County Housing Authority ("the eastern parcel"), and the Overlake Park and Ride, operated by the Metro transit department ("the western parcel").
2. In 2000, the county and King County Housing Authority ("KCHA") entered a seventy-five-year ground lease requiring KCHA to construct and operate affordable housing apartment buildings above a parking garage on the eastern parcel, replacing an existing surface parking lot. The parking garage contains public commuter parking to complement the bus loop and commuter loading area on the western parcel.
3. Because KCHA does not own the real property in fee, it pays significant financing costs related to the development and is unable to refinance to a more favorable interest rate.
4. The Metro transit department and KCHA negotiated a purchase and sale agreement whereby:
a. the county sells the eastern parcel to KCHA at the appraised market value and terminates the ground lease;
b. KCHA grants an easement to the county to preserve in perpetuity at no cost the commuter parking spaces in the garage along with a bus operator comfort station;
c. the county grants an easement to KCHA for ingress, egress, and utilities across the western parcel; and
d. the county and KCHA enter an agreement for the continued operations and maintenance of the public commuter facilities contained on both parcels.
5. The facilities management division completed the surplus property, affordable housing, and public notice requirements.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. The executive is authorized to convey the Village at Overlake Station property to King County Housing Authority consistent with a purchase and sale
agreement substantially in the form of Attachment A to this ordinance and to take all actions necessary to implement the terms of the purchase and sale agreement.