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HomeMy WebLinkAboutCommittee of the Whole - 09 Feb 2026 - Agenda • O � � • CITYOFRENTON AGENDA - Committee of the Whole 6:00 p.m. -Monday, February 9,2026 7th Floor Council Chambers/Videoconference 1. RENTON MARKET/PAVILLION & PIAZZA UPDATE If you would like to attend this week's meeting remotely,you can do so by going to https://us02web.zoom.us/I/$6753290028?pwd=M2pOc09HWWNrY05uVnIIWnpGS1E4UT09 Zoom Meeting ID: 867 5329 0028, Passcode: 881839 You can call through Zoom at(253) 215-8782 and use the Meeting ID. • � • � � M '� k;fi, �� � � 1 . '� � ro, �,..; �' x _ ;i, `�'�. �i . c� w . . ;� } h�' ��� � � r�� . "^''�e�",-,r_ r �.�. �- .� ,� ,. — ... ' . +���. . .�`,� �5 ��� � ° .i _ T_. r t . _ �, , '. �, ' .., , � . _. . r r _ r . , , t . � .-r ;,� ..:_-' . T• . .r�7Oi '� �"��� �''': �'' ��r� ' �M'!1 I } _ , � ■ ■ � `.. ' '��' .�,�`'�.�.y��,� _ Y 1i� �.. � • / � , • '� Sl�ya�.��� .k[ik 1 � \� �. `"a 7 � 4Y. �'Y �-7 �'�. '' f Y � I ,,•' ' � ,� '{i p` � ''�_�_ .,;� `'�� � f ^'� ; �� �• .����„�; ��� �„ �;,,,� � � ,'� 1' �► ��.�� . � � � , .. �������, - �I��� � � � � � � '� �`' t' a � r � ""—+�� �-I u,. � ��� - �I�• �' Cp,,y �,. �� ��1 . . 7 � � , . . ! �„-� ....,`.��-'�,. I • ��� t - � ' • � � � • _- _ --- ` �� �� '�-: �_� _,��?��a�".'.'- --�' ' ��� � � � .. _ � �„�;,��;,,,� �� ; > � • _ ,. _ /" r -; � � ' � i • • • ' . • � • • � • • � l `l � ' • `�� ���� � . � . � _-�'►-� _�_ -. �"����"`�` - . .�/- .�- - . i � Schedule � , 1 � ' � ��s�� Budget E���� ' - • . . • ' . . ,!����.., Design � � � Construction Progress � , � Operator and Activation G�j Y �� t ' ♦ �FNTO� BudgetProject Budget Expenditures Balance Upd ate Rncludes 1r500,000 SBA Grant $8�000,000 $2,500,042 $5,499,958 Piazza $1,690,450 $698,733 $991,717 B a l a n c e s a n d Includes $1,440,150 DOC Grant Expenditures Grand Totals $9,690,450 $3,198,775 $6,491,675 Expenditures include both hard and soft cost. Small Business Adminstration funding reimbursement will occur once the project is complete. WA Dept of Commerce funding reimbursement will be requested during the construction phase. G�'C Y O.o � ♦ ' ♦ �FNTO? Schedule • Market concept briefed at COW -April 2019 • Request for Proposal(RFP) posted - May 2019 • City staff presented the Pavilion market concept and recommended tenant to COW-August 2019 • Concept Approved - December 2021 • Concept Completed -January 2022 • Design Phase and Negotiation with Tenant-September 2019- May 2025 • Bid Opening-June 10, 2025 • Notice to Proceed -July 2025 • Construction-July 2025 through May 2026 • Closeout-June/July 2026 F lo o r P �a n COR Parking Garage North :.'.ti. t�.�n ::us C�) "",l �' 4 � I uu-�ra , seticu �..w.cc ��Y1 -� ��' ci:u�.ia � ,.J�u� w.ava., , L� �u� ��n. - aar. r� rxM (i�- (':� �.:" ::C•� _��t.�t C.i7 'r""�'. o m m m m m ��L""' ��"'J ` :�Mtt � ` �.:nu:. �iun � � � � � � � � � � � � � � � � � .r. � , , � � , , � � � � � i � � ' ° ` ' to 3 Ki skg ' � ,1 to 3 Ki ' sYc — `�' '�� ` : . , . , , � , , , , , , , � � ������������������� ��������1 � i L�������J��������� ��������� � i � � � � ������������������ � � � � �J � � ' � � -'---- ----' --'-- , � •""--'--•""""-�'-----"• -� �'t�'w'� � �u�rK .�.��'! �� r� � � , � � � � � , � � � � � � . � � � � � � r--i � � 'CII ' ' ' ' ' ' ' ;�.:��� . , , , , , , , , , , , , , , ; ; ; ; ; ; ; ; ,� � � . � e � � . , ,.,: _.� ..,. 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' /s�1 �:�� i,� � . ���y � , ��i ,s` ��},�-��� -�� . � . . � ' rr+%.: .. .S �.Y ��,KNr�]li.�:.M�.��.i!I���TS�'�..y�. .. �.� . c � ..3 en on ar e ease G�T Y O.t� ♦ � ♦ �FNTO� Renton Market Overview City of Renton Business Plan � Providing a safe, • Long-term public market • Activates a year-round public healthy, vibrant lease supporting market in Downtown Renton community downtown vitality � Creates community gathering • Promoting economic • City-owned facilitywith space vitality and strategic leased private operator � Supports City goals for future positioning • Designed for small economic development • Supporting planned incubator spaces, local growth and food, artisans, and sustainability community programming • Combines indoor market, outdoor extensions, and Piazza programming G�'t Y O.t � + ' + �FNTO? Premises & spaces included • Market Building: 11 ,783 SF indoor market space • Outdoor Extension Area: 1 ,766 SF • Piazza: Licensed separately for events/programming � Parking: 30 assigned leased stalls in City Center Garage • Storage: Dedicated leased garage storage areas � Loading Area: North side for deliveries and waste Lease Terms & Key Phases � Initial Term: 10 years April 1 , 2026 — • Phase 3 — FMV & Escalation March 30, 2036 (April 1 , 2032): � Two (2) additional 5-year extensions By • Annual 3% lease escalations mutual agreement City retains • Market-rate alignment Fair termination discretion at extension Market Value reassessment with advance notice • Tenant funds kiosks, • Phase 1 — Joint Possession (April 1 , furnishing, equipment, and 2026): build out of the 2 large • Tenant improvements (Tenant funds vendor stalls kiosks, furnishing, equipment, and • Termination Clause build out of the 2 large vendor stalls) � No base rent • Utilities, insurance, and LET still apply � Phase 2 — Market Exclusive Possession ( Oct 1 , 2026)- Base rent Years 1 -5 Step-Up rent Beyond base Annual base rent structure rent snapshot • Years 1-2: $5.00 / SQFT • Parking: $14,357 • Years 1-2: �$58,915 • Years 3-4: $10.00 / SQFT annually annually • Year 5: $15.00 / SQFT • Storage $100 Month • Years 3-4: N$117,830 • Year 6+: Prior year + 3% annually annually • Year 5: N$176,745 annually • Designed to support • Year 6+: Escalated annually startup stability while protecting long-term City goals Schedule • Agenda to City Council for consideration: March 2026 • Upon approval Joint occupancy: April 2026 • Substantial completion: May 2026 • Vendor full occupancy: June 2026 I a n ou . � . G�T Y O.t� ♦ � ♦ �FNTO�