HomeMy WebLinkAboutCommittee of the Whole - 01 Jul 2019 - Agenda - PdfCITY OF RENTON
AGENDA Committee of the Whole Meeting
5:30 PM - Monday, July 1, 2019
Conferencing Center, 7th Floor, City Hall —1055 S. Grady Way
1. 200 Mill Project
a) Presentation
2. Drug Info Show & Tell
3. Emerging Issues
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Committee of the Whole
July 1, 2019
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BACKGROUND
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CITY OBJECTIVES
Return an underutilized site to private use that consistent with the goals of the
adopted Civic Core Plan
Provide enhanced access, visibility, and connections to surrounding civic,
natural, and cultural amenities and Downtown business District
Achieve superior 360-degree building and site design that does not turn its rn
back on surrounding uses p
CITY OBJECTIVES
Maximize site's appeal, bringing more
energy to the area
Retain parking for public library
intensive round-the-clock activity and
Provide public benefits & amenities that enhance the nature and character of n
site and surrounding uses and exceeds the City's minimum standards
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Provide fair market return to the city in the disposition of its property n
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COSMOS DEVELOPMENT
PROPOSED PROJECT
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PROJECT DESIGN
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PROJECT DESIGN
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PROJECT DESIGN
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PURCHASE OFFER
Total Investment: $7,300,000
$2,000,000 to the City for the purchase of the New Mixed Use Parcel
$500,000 released to the City at closing (8/ I /2022)
$500,000 held for potential overage on demo/abatement costs
$1,000,000 held until completion of required municipal improvements
$5,300,000 investment by Cosmos for the demolition of the existing office building
and construction of public plaza on New River Front Parcel in pursuit of their own m
interests and in consideration for the City providing an easement to do so. �
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PROJECT SCHEDULE
August 15, 2019
City and Cosmos execute Real Estate Disposition and Development Agreement
July 31, 2020
Cosmos submits all phases of project to City for land use entitlement
July 31, 2021
Final master plans approved
PROJECT SCHEDULE
January 4, 2022
Phase I and 2 construction documents submitted to City
Phase 3 TBD
July 3 I , 2022
Permits issued for construction
August 1, 2022
construction begins
BENEFITS TO THE CITY
JOB IMPACT/JOBS ADDED
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BENEFITS TO THE CITY
EARNINGS IMPACT
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BENEFITS TO THE CITY
TAX IMPACT
Short -Term
$1 M Loca 1
Taxes
Long Term
>$0.7M
LocalTaxes
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RECOMMENDED NEXT STEPS
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MOVING FORWARD
Staff recommends Committee of the Whole refer this item to the August 5th
Regular Council Meeting for deliberation.
Further, staff recommends Council approve the terms of the Real Estate
Disposition and Development Agreement for 200 Mill Avenue and authorize
Mayor Law to sign the agreement.
Upon execution of the agreement, the City will work with the Library and
rooftop tenants to coordinate interests with a goal of resolution in 90 days. n
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