CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to the sale and redevelopment of City-owned property located at 318 Fairview Avenue North; authorizing the execution of a Purchase and Sale Agreement and other documents necessary to implement the sale and redevelopment of such property; exempting the sale of such property from the requirements of Resolution 29799, as amended by Resolution 30862; and authorizing the Director of the Department of Transportation to acquire, accept, and record on behalf of The City of Seattle a bargain and sale deed for a condominium unit to be constructed on the property.
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WHEREAS, the City acquired the property located at 318 Fairview Avenue North ("Property") pursuant to Ordinance 122044 in 2006, and has used it continuously since that time as a streetcar operations and maintenance facility ("Facility"); and
WHEREAS, as part of the Center City Connector Streetcar Project, the City intends to expand the Facility upon the at-grade portion of the Property; and
WHEREAS, in July of 2017 the City received an unsolicited letter of interest from SCD Acquisitions West LLC ("Skanska") to purchase the residual development rights associated with the Property to use the available portions above and below the expanded Facility as part of a planned office project adjacent to the Facility; and
WHEREAS, Skanska is negotiating for the purchase of two other properties on the same half-block as the Property, which puts Skanska in a unique position to fully develop the underutilized half-block; and
WHEREAS, the proposal contemplates that, after conveyance of the Property, Skanska will create a two-unit condominium comprising a Facility Unit and an Office Unit, and will thereafter immediately convey the Facility Unit to the City at no cost; and
WHEREAS, the City and Skanska have determined through engineering analysis that Skanska's development can be constructed and operated in a manner that ...
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