Drafter
Clerk 02/10/2010
Title
AN ORDINANCE relating to transit-oriented development of a portion of the county-owned park-and-ride lot in the city of Burien; approving a ground lease of the site from the county to Alliance Wasatch I, LLC, and a lease by Alliance Wasatch I, LLC, back to the county of a parking garage to be constructed on the site; authorizing the county executive to execute final forms of the ground lease and project lease; and approving certain other provisions of the lease-leaseback transaction.
Body
PREAMBLE:
By its request for proposals issued in December 2007, the county has sought to promote transit-oriented development on a portion of a site in downtown Burien currently used as a Metro park-and-ride surface lot. The county has constructed a new transit center on the remaining portion of the site. In accordance with the request for proposals, the county accepted the proposal of Alliance Wasatch I, LLC ("Alliance") to develop mixed income housing and to expand the park-and-ride facility by building a parking garage that the county would lease back upon completion pursuant to a project lease with an option to purchase the garage. Current market conditions have delayed Alliance's plans for the mixed income housing project, but provide an attractive bid climate for Alliance to build the parking garage for lease-back by the county. Alliance has committed to a maximum construction price of $20,518,000, which would be payable as rent over a long-term lease commencing upon satisfactory completion of the parking garage. The county has agreements with Sound Transit, the Federal Transit Authority and the United States Department of Energy to provide design and construction costs of the parking garage, including internal county staff time and consultants, totaling $20,826,386, including a county grant match of $55,942 from the transit capital account.
To permit timely completion of the project in accordance with goals set forth in the county's ...
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